New Trade Deals Another Instance of 'Chaotic' Tariff Rollout: Boushey
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Both sides can claim victory in US-EU tariff deal, but devil may be in detail
After weeks of tense negotiations between their top trade officials, the EU and US have finally struck a deal - and it comes on the eve of America's latest round of tariff talks with China. Ultimately it took leaders from Washington and Brussels to sit down face to face to reach Sunday's agreement. That's something we've also seen with the other deals that President Donald Trump has struck - his personal involvement is what has pushed them over the line – even when the prospects of a breakthrough did not seem bright. This matters to both sides because so many businesses and jobs depend on what the EU calls "the world's largest bilateral trade and investment relationship". Both President Trump and European Commission President Ursula von der Leyen can paint this as something of a victory. For the EU, the tariffs could have been worse at 15%, rather than the 30% that had been threatened – although it's not as good as the UK's 10% rate. For the US that equates to the expectation of roughly $90bn (£67bn) of tariff revenue for government coffers – based on last year's trade figures - plus there's $600bn of investment now due to come into the country. A lot of other big numbers have been thrown around in terms of how much the EU will invest in the US, but the devil will be in the detail. Questions like exactly when those investments will be made, and in what areas, are for now, unanswered. This deal is being sold as a landmark moment in relations between the US and the EU. It has not been easy getting to this point. Washington and the 27-nation bloc have both played hardball and neither was ready to give in easily, which is why these talks went down to the wire. But neither side wanted these negotiations to drag on beyond the 1 August deadline. For years, the US president has railed against what he regards as Europe's unfair trade practices. The first part of that is the deficit. Last year that meant the US bought $236bn of goods more from the EU than it sold to the bloc. Trump takes the somewhat simplified view that this is American wealth needlessly leaving the country. The reality is that international trade is a more complex affair. The other complaint has been that the EU's strict regulations on everything from cars to chickens make it harder for American companies to sell their products in the EU than the other way round. When we get more details of this deal, we may know how much has been done to address that. But European Commission President Ursula von der Leyen seemed to acknowledge the need to tackle the deficit. In announcing the agreement, she said: "We have to rebalance it. We have an excellent trade relation. "It's a huge volume of trade that we have together. So we will make it more sustainable." This deal shows how serious President Trump is about renegotiating how the US, the world's biggest economy, does business with everyone else. Given the EU consists of 27 very different countries, it has seemed one of the trickier trade agreements to pull off. It comes days after the US struck another major agreement with Japan - there have also been deals with the UK, Vietnam and Indonesia. The other big ones still on the table are with the three biggest US trade partners - Mexico, Canada and China. And with the US president in a deal-making mood, there could be more positive news for the global economy over the next 48 hours. For the third time in as many months, the US and China are holding their next trade talks in Stockholm, Sweden, on Monday and Tuesday There is some expectation that higher tariffs could be suspended for another 90 days. A few days ago Trump said the US was "getting along with China very well" and implied that the major sticking point of rare earth metals exports had been overcome. With the broad outlines of an EU agreement in the hold, Washington's trade negotiators have the wind in their sails going into talks with Beijing. But China has so far taken a more uncompromising approach than other US trade partners. And if talks between the world's two biggest economies falter, global trade could still be heading for choppy waters in the months ahead. EU and US agree trade deal, with 15% tariffs for European exports to America Trump says US may not reach trade deal with Canada Philippines goods to face 19% tariff, Trump says
Yahoo
15 minutes ago
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Boeing's fighter jet workers in the St. Louis area reject a contract offer
Boeing Co. expects more than 3,200 union workers at three St. Louis-area plants that produce U.S. fighter jets to strike after they rejected a proposed contract Sunday that included a 20% wage increase over four years. The International Machinists and Aerospace Workers union said the vote by District 837 members was overwhelmingly against the proposed contract. The existing contract was to expire at 11:59 p.m. Central time Sunday, but the union said a 'cooling off' period would keep a strike from beginning for another week, until Aug. 4. Union leaders had recommended approving the offer, calling it a 'landmark' agreement when it was announced last week. Organizers said then that the offer would improve medical, pension and overtime benefits in addition to pay. The vote came two days before Boeing planned to announce its second quarter earnings, after saying earlier this month that it had delivered 150 commercial airliners and 36 military aircraft and helicopters during the quarter, up from 130 and 26 during the first quarter. Its stock closed Friday at $233.06 a share, up $1.79. The union did not say specifically why members rejected the contract, only that it 'fell short of addressing the priorities and sacrifices' of the union's workers. Last fall, Boeing offered a general wage increase of 38% over four years to end a 53-day strike by 33,000 aircraft workers producing passenger aircraft. 'Our members are standing together to demand a contract that respects their work and ensures a secure future,' the union said in a statement. Dan Gillan, general manager and senior Boeing executive in St. Louis, said in a statement that the company is 'focused on preparing for a strike.' He described the proposal as 'the richest contract offer' ever presented to the St. Louis union. 'No talks are scheduled with the union,' said Gillan, who is also vice president for Boeing Air Dominance, the division for the production of several military jets, including the U.S. Navy's Super Hornet, as well as the Air Force's Red Hawk training aircraft. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15 minutes ago
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Rough deal: Social media roasts Trump's golf game after clip appears to show alleged cheating in Scotland
Social media users pounced on a clip that appears to show Donald Trump cheating on the golf course during his ongoing trip to Scotland, the latest in a long line of accusations that the president cheats on the fairway. In the video circulated by liberal commentators, a caddy appears to walk ahead of the golf-loving president in his golf cart and drop a ball behind him as the president approaches. 'Trump working hard to bring down grocery prices,' the caption says, making a satirical reference to the president's campaign promises to tackle inflation and costs 'For the morons that think Trump doesn't cheat at golf and wins all those club championships fair and square….watch his caddie here,' another account wrote. The phrase 'commander in cheat' was soon trending on the social media site. 'The video of Trump's caddy doing an Oddjob Slazenger drop isn't a big deal; cheating at golf isn't nearly the worst thing about Trump,' wrote The Atlantic's Tom Nichols. 'But watching the cult of personality try to explain it away is really some creepy North Korean level stuff.' The Independent has requested comment from the White House. The president has faced a long list of accusations that he doesn't play fair from figures ranging from actor Samuel Jackson to LPGA player Suzann Pettersen. Trump's alleged cheating, which has always denied, is even the subject of a book: Rick Reilly's Commander in Cheat. 'At Winged Foot, where Trump is a member, the caddies got so used to seeing him kick his ball back onto the fairway they came up with a nickname for him: Pele,' Reilly writes in the book. Controversy has always followed Trump, an avid golfer and developer of golf resorts, when he hits the 18 holes. The president has golfed at least 45 days out of his 189 days in office this year, or roughly 24 percent of his second term thus far. In April, the president faced criticism for attending an event from Saudi Arabia-backed LIV Golf while missing the return ceremony for the remains of four dead American soldiers. Others have criticized the president's promotion of his business interests on his own properties. During the Scotland trip, Trump met with European Commission President Ursula von der Leyen at his Turnberry golf course to announce an EU trade deal, and the president plans to attend a ribbon-cutting ceremony on Tuesday for a new course in Aberdeenshire. The White House described the Scotland tour as a 'working trip' while touting that Trump 'has built the best and most beautiful world-class golf courses anywhere in the world, which is why they continue to be used for prestigious tournaments and by the most elite players in the sport.' The president's Mar-a-Lago club and estate in Florida, near one his golf courses, has also emerged as a key hub for lobbying and fundraising, home to visits from tech billionaires and $1-million-per-head fundraising dinners. In the Middle East, meanwhile, the president's family company, the Trump Organization, recently struck a deal to build a golf resort in Qatar, weeks before the nation announced the gift of a $400 million Boeing 747 plane to be used for the new Air Force One. Despite the administration's insistence on cutting government spending, the president has also reportedly drained taxpayers of over $10 million in costs related to his many golf trips, while the Secret Service has spent hundreds of thousands of dollars for the use of golf carts and port-a-potties at Trump's New Jersey golf club. Since retaking office, Trump and his family businesses have taken in hundreds of millions of dollars on business ventures including cryptocurrency, real estate, and branded merchandise. 'He is president and is supposed to be working in the public's interest,' James Thurber, an emeritus professor at American University, told The Associated Press last month. 'Instead, he is helping his own personal interest to grow his wealth. It's totally not normal.'
