logo
EU to stockpile critical minerals amid geopolitical risks, FT says

EU to stockpile critical minerals amid geopolitical risks, FT says

Yahooa day ago
(Reuters) -The European Union plans to stockpile critical minerals as a precaution against potential supply disruptions due to geopolitical tension, the Financial Times reported on Saturday, citing a draft document by the European Commission.
"The EU faces an increasingly complex and deteriorating risk landscape marked by rising geopolitical tensions, including conflict, the mounting impacts of climate change, environmental degradation, and hybrid and cyber threats," the newspaper quoted the draft as saying.
The document warns that the higher-risk environment was driven by "increased activity from hacktivists, cybercriminals and state-sponsored groups", the FT said.
The European Commission did not immediately respond to a Reuters request for comment.
The draft document, due to be published next week and still subject to change, says there is "limited common understanding of which essential goods are needed for crisis preparedness against the backdrop of a rapidly evolving risk landscape", the newspaper reported.
In March, the European Commission unveiled its EU Preparedness Union Strategy, urging member states to strengthen stockpiles of critical equipment and encouraging citizens to keep at least 72 hours' worth of essential supplies in case of emergencies.
The strategy was designed to prepare the bloc for risks such as natural disasters, cyberattacks and geopolitical crises, including the possibility of armed aggression against EU countries.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

X suspends Reuters account in India after 'legal demand', government denies making request
X suspends Reuters account in India after 'legal demand', government denies making request

Yahoo

time32 minutes ago

  • Yahoo

X suspends Reuters account in India after 'legal demand', government denies making request

NEW DELHI (Reuters) -The Reuters News account on X has been inaccessible to users in India since Saturday, when the social media platform suspended it in response to what it described as a "legal demand". A spokesperson for the Indian government's Press Information Bureau, however, told Reuters there was no requirement from any agency in the government of India to "withhold the Reuters handle. We are continuously working with X to resolve the problem". Reuters could not immediately determine what specific content the demand referred to, why its removal was sought or the entity that had lodged the complaint. Representatives for X did not immediately respond to requests for comment. A Reuters spokesperson said in a statement, "We are working with X to resolve this matter and get Reuters account reinstated in India as soon as possible." Reuters World, another X account operated by the news agency, has also been blocked in India. The main Reuters account, followed by more than 25 million users globally, has been blocked in India since Saturday night. A note tells X users that "@Reuters has been withheld in IN (India) in response to a legal demand". In an email to the Reuters social media team on May 16, X said: "It is our policy to notify account holders if we receive a legal request from an authorized entity (such as law enforcement or a government agency) to remove content from their account." "In order to comply with X obligations under India's local laws, we have withheld your X account in India under the country's Information Technology Act, 2000; the content remains available elsewhere". Reuters could not ascertain if the May 16 email was linked to Saturday's account suspension. While the email did not specify which entity had made the request or what content they sought to remove, it said X had been advised that in a case of this sort, a user could contact the secretary of India's Information and Broadcasting Ministry. The secretary, Sanjay Jaju, did not immediately respond to requests seeking comment. The 2000 law allows designated government officials to demand takedown of content from social media platforms they deem to violate local laws, including on the grounds of national security or if a post threatens public order. X has long been at odds with India's government over content-removal requests. The company sued the federal government in March over a new government website the company says expands takedown powers to "countless" government officials. The case is continuing. India has said X wrongly labelled an official website a "censorship portal", as the website only allows tech companies to be notified about harmful online content. 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

Trump Tariff Update As 90 Day Deadline Looms
Trump Tariff Update As 90 Day Deadline Looms

Newsweek

time37 minutes ago

  • Newsweek

Trump Tariff Update As 90 Day Deadline Looms

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Treasury Secretary Scott Bessent has delivered an update on tariff negotiations with U.S. trade partners as a 90-day reprieve deadline creeps closer. Why It Matters President Donald Trump enacted sweeping tariff measures on the vast majority of U.S. trade partners earlier this year, with a 10 percent baseline on virtually all imports, plus country-specific surcharges. The White House paused these specified tariffs for many countries for 90 days starting April 9, retaining only the 10 percent baseline, with the intention of negotiating bilateral deals. Earlier this week, Trump confirmed he would be sending letters to trade partners regarding heightened tariff rates if deals were not struck by the deadline. On Friday he said he had signed 12 letters, with a "take it or leave it" offers on the table. The president has said that he was not planning to extend the 90-day pause and his administration would be notifying countries about the tariffs that will take effect unless deals are in place. What To Know Speaking with CNN's State of the Union host Dana Bash, Bessent said Trump would be "sending letters to some of our trading partners saying that if you don't move things along, then on August 1 you will boomerang back to your April 2 tariff level." With Trump's 90-day tariff pause set to end on Wednesday, @SecScottBessent tells @DanaBashCNN, "President Trump's going to be sending letters to some of our trading partners saying that if you don't move things along, then on August 1st, you will boomerang back to your April 2nd... — State of the Union (@CNNSOTU) July 6, 2025 Major trade partners, including the European Union (EU), which accounts for around 30 percent of all global goods trading according to the European Council, have not yet announced any deals. The EU could be hit by levies of up to 50 percent on goods coming into the U.S. on August 1 if no deal is reached. Retaliatory measures from the bloc on a wide range of American goods would be likely to follow shortly after. Large economies that are also among those seeking deals include South Korea, Japan and India. "I think we're going to see a lot of deals very quickly," Bessent said, saying that "probably 100 letters" would be sent out to small countries "where we don't have very much trade." Bessent also denied that August 1 was a new set deadline for deals to be struck. "We are saying this is when it's happening. If you want to speed things up, have at it. If you want to go back to the old rate, that's your choice," he said. Bessent said the Trump administration was concentrating on 18 key trading partners responsible for 95 percent of the U.S. trade deficit, and said there had been "a lot of foot-dragging" by countries in finalizing deals. However, he admitted that some deals are close, and that "several big announcements" are expected "over the next couple of days." President Donald Trump speaks to reporters on the South Lawn before boarding Marine One and departing the White House in Washington, D.C., on July 1, 2025. President Donald Trump speaks to reporters on the South Lawn before boarding Marine One and departing the White House in Washington, D.C., on July 1, 2025. Anna Moneymaker/GETTY What People Are Saying President Donald Trump, speaking to reporters from Joint Base Andrews in Maryland on Friday: "They'll [tariffs] range in value, maybe 60 to 70 percent tariffs to 10 and 20 percent tariffs. We've done the final form, and it's basically going to explain what the countries are going to be paying in tariffs. And it's important, it's a lot of money for the countries but we're giving them a bargain." European Commission President Ursula von der Leyen said earlier this week: "What we are aiming at is an agreement in principle, because [with] such a volume, in 90 days, an agreement in detail, it's impossible. And as far as I'm informed, there are only two countries so far worldwide that have concluded with an agreement in principle." Piyush Goyal, India's trade minister told reporters on Friday: "Free trade agreements are only possible when it's win-win for both nations." What Happens Next The deadline for deals is Wednesday, July 9, with tariff rates set to be implemented on August 1. It remains to be seen which countries reach an agreement with the Trump administration before Wednesday, or whether any deadlines may be extended.

US tariffs on European goods threaten to shake up the world's largest trade relationship
US tariffs on European goods threaten to shake up the world's largest trade relationship

Chicago Tribune

timean hour ago

  • Chicago Tribune

US tariffs on European goods threaten to shake up the world's largest trade relationship

FRANKFURT, Germany — The European Union expects to find out on Monday whether President Donald Trump will impose punishing tariffs on America's largest trade partner in a move economists have warned would have repercussions for companies and consumers on both sides of the Atlantic. Trump imposed a 20% import tax on all EU-made products in early April as part of a set of tariffs targeting countries with which the United States has a trade imbalance. Hours after the nation-specific duties took effect, he put them on hold until July 9 at a standard rate of 10% to quiet financial markets and allow time for negotiations. Expressing displeasure the EU's stance in trade talks, however, Trump said he would increase the tariff rate for European exports to 50%, which could make everything — from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals — much more expensive in the U.S. The EU's executive commission, which handles trade issues for the bloc's 27-member nations, said its leaders hope to strike a deal with the Trump administration. Without one, the EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes. U.S. Treasury Secretary Scott Bessent told CNN's 'State of the Union' program on Sunday that 'the EU was very slow in coming to the table' but that talks were now making 'very good progress.' Here are important things to know about trade between the United States and the European Union. The EU's executive commission describes the trade between the U.S. and the EU as 'the most important commercial relationship in the world.' The value of EU-U.S. trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat. The biggest U.S. export to Europe is crude oil, followed by pharmaceuticals, aircraft, automobiles, and medical and diagnostic equipment. Europe's biggest exports to the U.S. are pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. Trump has complained about the EU's 198 billion-euro trade surplus in goods, which shows Americans buy more stuff from European businesses than the other way around. However, American companies fill some of the gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. The U.S. services surplus took the nation's trade deficit with the EU down to 50 billion euros ($59 billion), which represents less than 3% of overall U.S.-EU trade. Before Trump returned to office, the U.S. and the EU maintained a generally cooperative trade relationship and low tariff levels on both sides. The U.S. rate averaged 1.47% for European goods, while the EU's averaged 1.35% for American products. But the White House has taken a much less friendly posture toward the longstanding U.S. ally since February. Along with the fluctuating tariff rate on European goods Trump has floated, the EU has been subject to his administration's 50% tariff on steel and aluminum and a 25% tax on imported automobiles and parts. Trump administration officials have raised a slew of issues they want to see addressed, including agricultural barriers such as EU health regulations that include bans on chlorine-washed chicken and hormone-treated beef. Trump has also criticized Europe's value-added taxes, which EU countries levy at the point of sale this year at rates of 17% to 27%. But many economists see VAT as trade-neutral since they apply to domestic goods and services as well as imported ones. Because national governments set the taxes through legislation, the EU has said they aren't on the table during trade negotiations. 'On the thorny issues of regulations, consumer standards and taxes, the EU and its member states cannot give much ground,' Holger Schmieding, chief economist at Germany's Berenberg bank, said. 'They cannot change the way they run the EU's vast internal market according to U.S. demands, which are often rooted in a faulty understanding of how the EU works.' Economists and companies say higher tariffs will mean higher prices for U.S. consumers on imported goods. Importers must decide how much of the extra tax costs to absorb through lower profits and how much to pass on to customers. Mercedes-Benz dealers in the U.S. have said they are holding the line on 2025 model year prices 'until further notice.' The German automaker has a partial tariff shield because it makes 35% of the Mercedes-Benz vehicles sold in the U.S. in Tuscaloosa, Alabama, but the company said it expects prices to undergo 'significant increases' in coming years. Simon Hunt, CEO of Italian wine and spirits producer Campari Group, told investment analysts that prices could increase for some products or stay the same depending what rival companies do. If competitors raise prices, the company might decide to hold its prices on Skyy vodka or Aperol aperitif to gain market share, Hunt said. Trump has argued that making it more difficult for foreign companies to sell in the U.S. is a way to stimulate a revival of American manufacturing. Many companies have dismissed the idea or said it would take years to yield positive economic benefits. However, some corporations have proved willing to shift some production stateside. France-based luxury group LVMH, whose brands include Tiffany & Co., Luis Vuitton, Christian Dior and Moet & Chandon, could move some production to the United States, billionaire CEO Bernaud Arnault said at the company's annual meeting in April. Arnault, who attended Trump's inauguration, has urged Europe to reach a deal based on reciprocal concessions. 'If we end up with high tariffs, … we will be forced to increase our U.S.-based production to avoid tariffs,' Arnault said. 'And if Europe fails to negotiate intelligently, that will be the consequence for many companies. … It will be the fault of Brussels, if it comes to that.' Some forecasts indicate the U.S. economy would be more at risk if the negotiations fail. Without a deal, the EU would lose 0.3% of its gross domestic product and U.S. GDP would fall 0.7%, if Trump slaps imported goods from Europe with tariffs of 10% to 25%, according to a research review by Bruegel, a think tank in Brussels. Given the complexity of some of the issues, the two sides may arrive only at a framework deal before Wednesday's deadline. That would likely leave a 10% base tariff, as well as the auto, steel and aluminum tariffs in place until details of a formal trade agreement are ironed out. The most likely outcome of the trade talks is that 'the U.S. will agree to deals in which it takes back its worst threats of 'retaliatory' tariffs well beyond 10%,' Schmieding said. 'However, the road to get there could be rocky.' The U.S. offering exemptions for some goods might smooth the path to a deal. The EU could offer to ease some regulations that the White House views as trade barriers. 'While Trump might be able to sell such an outcome as a 'win' for him, the ultimate victims of his protectionism would, of course, be mostly the U.S. consumers,' Schmieding said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store