EU trade deal will take a toll on German economy, finance minister says
German Finance Minister, Lars Klingbeil said he wished for a different outcome.
BERLIN - German Finance Minister Lars Klingbeil is dissatisfied with the European Union's (EU) trade deal with the United States, as he thinks it will take a toll on Germany's economic growth, he said on July 30.
'I have no illusions about it, it is rather growth-weakening,' Mr Klingbeil said in the presentation of the 2026 draft budget, lamenting that the EU was 'too weak' in the negotiations.
The US struck a framework trade agreement with the EU on July 27,
imposing a 15 per cent import tariff on most EU goods.
'I would have wished for a different outcome,' Mr Klingbeil said. 'Still, all in all, it is good that there is an agreement with the US, that there are no further escalations.' REUTERS
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
AsiaOne
5 minutes ago
- AsiaOne
France starts airdrops of humanitarian aid into Gaza, World News
PARIS - France on Friday (Aug 1) started to air-drop 40 tonnes of humanitarian aid to Gaza as it urged Israel to allow full access to the area which it said was slipping into famine. "Faced with the absolute urgency, we have just conducted a food airdrop operation in Gaza. Thank you to our Jordanian, Emirati, and German partners for their support, and to our military personnel for their commitment," President Emmanuel Macron wrote on social media platform X. "Airdrops are not enough. Israel must open full humanitarian access to address the risk of famine," he added. Foreign Minister Jean-Noel Barrot earlier in the day had told broadcaster franceinfo that France was sending four flights carrying 10 tonnes of humanitarian aid each to Gaza from Jordan. A global hunger monitor said on Tuesday that a famine scenario was unfolding in the Gaza Strip, with malnutrition soaring, children under five dying of hunger-related causes and humanitarian access severely restricted. France participated six times in the European humanitarian airlift set up in mid-October 2023 by the European Union to Jordan and Egypt to deliver humanitarian aid to Gaza, Macron's office said. The European airlift enabled the organisation of more than 60 flights carrying over 3,350 tons of humanitarian cargo, with most of the donations in-kind transiting through Egypt and Jordan, according to Macron's office. Part of this aid has still not entered Gaza due to a lack of agreement from the Israeli authorities, the president's office said. [[nid:720862]]
Straits Times
5 minutes ago
- Straits Times
US President Trump reserves harshest tariff rates for Laos, Myanmar and Syria
Sign up now: Get ST's newsletters delivered to your inbox US President Donald Trump's revised global tariff plan unveiled on Aug 1 hit Laos and Myanmar hard with a 40 per cent import duty – the second-highest rate in the world behind only Syria at 41 per cent. The White House has not explained its rationale, and US trade with all three is small compared with its other partners. Myanmar remains under US sanctions following its 2021 coup, and Laos has drawn US scrutiny for deepening ties with China. Syria, meanwhile, had been penalised for human rights abuses under former President Bashar Al-Assad, but the US has sought to ease those restrictions since his overthrow last year. In Myanmar's case, trade with the US totalled US$734 million (S$947 million) last year – yet the penalty will deepen an economic collapse that began when Min Aung Hlaing seized power in a coup more than four years ago. Washington has imposed sanctions for what it sees as the junta's use of violence against civilians and suppression of democracy activists. The tariff announcement came just a day after Myanmar's junta lifted emergency rule, paving the way for elections later this year. The US and other governments have criticised the vote as being neither free nor fair. Myanmar's junta chief praised Mr Trump in a rare letter last month and compared his military's coup to the US president's baseless claims of election fraud, suggesting both leaders were victims of rigged votes. Mr Min Aung Hlaing also requested a reduced tariff rate and offered to send a high-level trade delegation to Washington. Deputy Commerce Minister Min Min said by phone the government was unaware of the development and declined to comment. As for Laos, US exports to the South-east Asian nation totalled US$40.4 million last year, while imports reached US$803.3 million. The US has raised concern over its economic dependence on China and mounting debt tied to Chinese infrastructure projects. Mr Trump recently signed an executive order easing sanctions on Syria to help rebuild the war-torn country and support its new government. Observers say there may be a simple reason for the high levies. 'Rather than pick on these three nations, I suspect limited bandwidth in DC led officials to focus on bigger fry,' said Simon Evenett, founder of the St. Gallen Endowment for Prosperity Through Trade, a group based in Switzerland that tracks trade policies. BLOOMBERG
Straits Times
34 minutes ago
- Straits Times
Columbia University to aid Trump policing of foreign students under deal
Sign up now: Get ST's newsletters delivered to your inbox Columbia confirmed it will report arrest information to the Student and Exchange Visitor Information System. Beyond the US$221 million that Columbia University will pay as part of its settlement with the White House, the school also accepted new requirements that threaten to sour its relationship with a crucial source of talent and revenue: foreign students. Under the terms of last week's agreement, the university will take on new duties to help the government police international students, said a university official with knowledge of the deal's repercussions. That includes reporting even minor offenses such as trespassing – a common charge for student protesters – that previously were resolved without involving federal authorities. The changes highlight the stepped-up scrutiny foreign students will face, as well as the increased administrative burden the Ivy League school has shouldered to reclaim its federal funding. The university also agreed to take steps to reduce its financial dependence on foreign students, share more information on its student-visa holders and review its international admissions process. International students are already uncertain about their future, with worries spurred by immigration detentions on campus and US officials' attempts to revoke student visas – a campaign that began at Columbia and spread nationwide. The new measures are poised to bring more potentially unsettling changes to a school where almost 40 per cent of students are from outside the US. 'That's one of the most significant changes in this,' said professor at Boston College's Center for International Higher Education Chris Glass, referring to Columbia's settlement. 'It puts the university in an unprecedented and precarious position of being an institution that guards intellectual freedom but also has obligated itself to fulfill reporting responsibilities to the federal government.' In a statement on Aug 1, Columbia confirmed it will report arrest information to the Student and Exchange Visitor Information System (SEVIS) which all colleges that enroll foreign students must participate in. 'As part of the university's longstanding obligations as a participant in SEVIS, certain student information is required to be provided to the program, including disciplinary actions that result in expulsions or suspensions,' the university said. 'In addition to those longstanding requirements, Columbia will now also notify the program if it is made aware of arrest information.' Top stories Swipe. Select. Stay informed. World Trump deploys nuclear submarines in row with Russia World 'Optimistic' Bessent says US has makings of a deal with China Asia Asia-Pacific economies welcome new US tariff rates, but concerns over extent of full impact remain Singapore Man in SAF custody after allegedly vaping on bus while in army uniform Asia 'Like me? Approach me directly, okay?': Inside a matchmaking event for China's wealthy Opinion America is tearing down another great public institution Opinion Quiet zones in public spaces can help people recharge in the city Singapore Man arrested for allegedly shoplifting twice at Changi Airport Reportable offenses will include infractions such as trespassing, the charge on which 78 students were arrested in May after they occupied a university library in a pro-Palestinian demonstration. 'This is all in the context of the pro-Palestine protests,' Mr Glass said. 'This is a new role the government wants universities to play.' The stepped-up scrutiny is eliciting outside warnings about Columbia's ability to continue enticing foreign applicants. 'International students and their parents were already hesitant about studying at US colleges, and we're not the only game in town anymore. The UK, Australia – there are many alternatives,' said Mr William Brustein, a veteran international-student officer who's worked at large research universities. 'This just adds more fuel to that fire.' Ms Fanta Aw, executive director of NAFSA, an association of international student officers and recruiters, said the arrest and disciplinary reporting requirement was something typically 'outside of the jurisdiction of universities.' The Columbia deal 'sets a precedent that all institutions should be aware of,' she said. Acting President Claire Shipman said in a letter to Columbia students and staff last week that a key reason she was eager to reach an agreement with President Donald Trump was 'the potential revocation of visa status of thousands of international students.' She also said Columbia didn't agree to report any information to which the federal government isn't already legally entitled. Arrest records are already accessible to Immigration and Customs Enforcement officials, and US agents used criminal records in their efforts to revoke student visas earlier this year. But Columbia hasn't typically been required to keep track of those records. Nor has it been obliged to report infractions to the government unless they result in a suspension or expulsion that affects students' enrollment requirements, and in turn, their visa status. The New York City-based school currently enrolls more international students than all but two other universities in the US, according to data from the Institute of International Education. Since many of them pay full tuition, they're a pillar of Columbia's revenue. Its graduate programs are particularly dependent on applicants from overseas. Other Ivy League schools are similarly reliant on international students to fill their graduate programs, especially in research fields focused on science, technology, engineering and math. While Ms Shipman said the agreement would have no direct bearing on Columbia's admissions process, the concessions echo steps taken by the Trump administration to heighten scrutiny of international applicants, including a new State Department policy for reviewing visa applicants' social media. In May, Secretary of State Marco Rubio said the administration would 'aggressively revoke' Chinese students' visas over national security concerns. In July, the Department of Justice opened an investigation into the University of Chicago's admissions policies for international students. Last week, the State Department launched a probe into Harvard's compliance with federal regulations around a program for foreign researchers and visitors, months after Mr Trump tried to ban foreign students and scholars from the school. It's not clear whether other schools in settlement talks with the administration will agree to the same measures on international students that Columbia did. Brown University reached a deal with the Trump administration on July 30 that didn't include such provisions. But policies on foreign students are almost certainly on the table in those talks. Mr Stephen Yale-Loehr, a former immigration law professor recently retired from Cornell University, said that for Columbia and other schools entertaining such concessions, 'the devil is in the implementation details.' But 'no matter how this is implemented,' he said, 'it shows international students that Columbia – and other universities that accept similar language – will be less welcoming.' BLOOMBERG
