Italy PM Meloni says it's a 'positive' trade deal was reached but needs to see details
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Italy's Prime Minister Giorgia Meloni said on Sunday it is "positive" a trade deal has been reached between the European Union and the United States, adding, however, that she needs to see the details.Washington struck a framework trade deal with the EU imposing a 15% import tariff on most EU goods."I consider it positive that there is an agreement, but if I don't see the details I am not able to judge it in the best way," Meloni told journalists on the sidelines of a meeting in Addis Ababa.Italy is one of the biggest European exporters to the U.S., with a trade surplus of more than 40 billion euros.The Italian government, led by a nationalist coalition, had urged its European partners to avoid a direct clash between the two sides of the Atlantic.In a statement, Meloni said that the agreement "ensures stability", adding that the 15% "is sustainable, especially if this percentage is not added to previous duties, as was originally planned.""We are ready to activate support measures at the national level, but we ask that they also be activated at the European level for sectors that will be particularly affected by US tariff measures," she added.The statement was also signed by the leaders of the other two coalition parties: Antonio Tajani of Forza Italia and Matteo Salvini of the League.
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Time of India
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While India is among the top importers of Russia and China, the country is among the top exporters to the US. India remains a substantial exporter of refined petroleum products and other mineral fuels. "The primary destinations for these exports include the Netherlands, the United Arab Emirates, and the United States," Niti Aayog's report said. The USA is among the top importers of Indian goods, accounting for almost 33% of the total merchandise exports, according to NITI Aayog's report. It showed that the USA is India's top export destination in these categories: Minerals fuels & products, Natural or Cultured pearls, Electrical machinery & Equipment, Nuclear reactors, Pharmaceuticals products. NITI Aayog's April-June (q1 FY2025) report This contradicts Trump's 'little business with India' claim. The report also revealed that 'there is significant potential for Indian service exporters to expand their presence in major export markets such as the USA.' Tariffs are taxes imposed by a government (the US government in this case) on goods and services imported from other countries. They are simply an extra cost added to foreign products when they enter the country. Foreign goods get relatively more expensive, possibly driving up demand for domestic products. "Tariffs give a price advantage to locally produced goods over similar goods that are imported, and they raise revenues for governments," according to the World Trade Organization (WTO). However, some domestic industries may rely on imported materials and parts. In this case, the rise in prices of imported materials and parts would lead to face higher costs of production (by domestic producers). "If the domestic producers pass higher costs of production onto consumers, it will also push up prices of domestically produced goods," Oxford Economics explains. There's a possibility of lower export demand in the country (India) where the tariffs are imposed, since their goods have become relatively more expensive in the importing country (US).
