Trump's AI Plan to Boost Asia Data Center Projects, DayOne Says
The plan's increased clarity on chip shipment restrictions should help data center businesses in the region, said Jamie Khoo, chief executive officer of DayOne Data Centers Singapore Pte. That's a change from earlier in the year, when the US's intentions around export curbs created fear and discomfort in the industry, the head of the data-center operator said.
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Yahoo
6 minutes ago
- Yahoo
What we know so far about the EU-US trade deal
EU chief Ursula von der Leyen clinched an agreement Sunday with US President Donald Trump to avoid crippling tariffs from hitting the bloc, with both leaders hailing a "good deal". The stakes were high with a looming August 1 deadline and $1.9 trillion transatlantic trading relationship on the line. Many European businesses will breathe a sigh of relief after the leaders agreed the 27-country bloc will face a baseline levy of 15 percent instead of a threatened 30 percent -- but the deal will not satisfy everyone. Here is what we know so far: - What did EU, US agree? - Both sides confirmed there will be a 15-percent across-the-board rate on a majority of EU goods -- the same level secured by Japan this month -- with bilateral tariff exemptions on some products. The deal will bring relief for the bloc's auto sector, employing around 13 million people -- and hit by Trump with 25-percent tariffs, on top of a pre-existing 2.5 percent. "Obviously, it is good news for the car industry. So Germany will be happy. And all the EU members with auto supply chains, they go from 27.5 to 15 percent," said Jacob Funk Kirkegaard of the Peterson Institute For International Economics. A 15-percent levy will remain "costly" for German automakers, "but it is manageable", said trade geopolitics expert Elvire Fabry at the Jacques Delors Institute. While 15 percent is much higher than pre-existing US tariffs on European goods -- averaging 4.8 percent -- it mirrors the status quo, with companies currently facing an additional flat rate of 10 percent imposed by Trump since April. The EU also committed to buy $750 billion of liquefied natural gas, oil and nuclear fuels from the United States -- split equally over three years -- to replace Russian energy sources. And it will pour $600 billion more in additional investments in the United States. Trump said EU countries -- which recently pledged to ramp up their defence spending within NATO -- would be purchasing "hundreds of billions of dollars' worth of military equipment". - Are there exemptions? - Von der Leyen said the 15-percent rate applied across most sectors, including semiconductors and pharmaceuticals -- a critical export for Ireland, which the bloc has sought to protect. Trump in April launched probes that could lead to significantly steeper tariffs on the two key sectors, warning this month he could slap 200-percent levies on drugs. Brussels and Washington agreed a bilateral tariff exemption for key goods including aircraft, certain chemicals, semiconductor equipment, certain agricultural products and critical raw materials, von der Leyen said. The EU currently faces 50-percent tariffs on its steel exports to the United States, but von der Leyen said a compromise on the metal had been reached with Trump. "Between us, tariffs will be cut and a quota system will be put in place," she said. It is understood that European steel would be hit with 50-percent levies only after a certain amount of the metal arrived in the United States, but no details were initially provided on the mechanism. - What happens next? - The deal needs to be approved by EU member states, whose ambassadors will meet first thing Monday morning for a debrief from the European Commission. And there are still technical talks to come, since the agreement needs to be fully fleshed out. Von der Leyen described the deal as a "framework" agreement. "Details have to be sorted out, and that will happen over the next weeks," she said. In particular, she said there has yet to be a final decision on alcohol, critical since France and The Netherlands have been pushing for carve-outs for wine and beer respectively. "This is something which has to be sorted out in the next days," von der Leyen said. bur-raz/ec/jj Sign in to access your portfolio
Yahoo
6 minutes ago
- Yahoo
EU, US Differ on Pharma Tariffs, Complicating Trump's Trade Deal
(Bloomberg) -- The European Union and the US appear to differ on some fundamental details in their new trade agreement, underscoring the difficulty they'll have in turning this deal into a reality. The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Trump Administration Sues NYC Over Sanctuary City Policy The EU said it would accept a 15% tariff on nearly all its exports to the US. President Donald Trump told reporters that the bloc also agreed to open up its 'countries to trade at zero tariff.' After he met with European Commission President Ursula von der Leyen Sunday, Trump said that the deal would not include pharmaceuticals, a contentious point in the negotiations, seeming to imply they would be subject to a higher tariff. In a separate news conference, von der Leyen said, 'The EU agreed we have 15% for pharmaceuticals.' But she added, 'Whatever decisions later – by the president of the US – that's on a different sheet of paper.' The US has initiated investigations into whether the import of certain products, such as pharmaceuticals and semiconductors, poses a national security threat to the country. This could lead to separate tariffs on those sectors. Trade accords typically require years of negotiations and can run thousands of pages long. Talks on the preliminary agreement clinched on Sunday began in April and concrete details appear scant. The EU and US also diverged on another controversial sector, with Trump saying that the 50% tariff on steel and aluminum 'stays the way it is.' Von der Leyen said that metal 'tariffs will be cut and a quota system will be put in place.' Von der Leyen argued that she won certainty and stability for companies on both sides of the Atlantic. But it's far from clear that the EU and US will be able to iron out all their differences on the many contentious issues yet to deal with. 'The focus will now turn to interpretation and implementation risk, posing a mix of political and technical questions,' Carsten Nickel, deputy director of research at Teneo, wrote in a note. 'Given the nature of the deal, major uncertainties are likely to persist.' Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P. 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
Bloomberg
8 minutes ago
- Bloomberg
Trump's Tariffs Are Already Stunting World Growth While Markets Shrug
As Donald Trump barrels toward his latest tariff deadline, the damage to the global economy from American protectionism is becoming increasingly evident, even if financial markets seem to have decided they can live with it. The US president has announced preliminary agreements with the European Union, Japan and a handful of others that raise tariff rates, and he's promising to impose even higher duties on Aug. 1 for countries that haven't cut deals. It all amounts to another step change in the trade barrier that Trump has erected around America, which is starting to reshape trade and investment patterns worldwide.
