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First Post
3 days ago
- Business
- First Post
Trump, EU chief meet in Scotland to avert transatlantic trade war
US President Trump and EU chief Ursula von der Leyen met Sunday in Scotland in a last-ditch effort to resolve a transatlantic trade dispute. With a 30% tariff threat looming and key sectors like autos and pharmaceuticals at stake, the two leaders are racing against an August 1 deadline to secure a deal that could redefine the $1.9 trillion US-EU trade relationship read more US President Trump with European Commission President Ursula von der Leyen during the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. File image/ Reuters US President Donald Trump and EU chief Ursula von der Leyen planned to meet in Scotland on Sunday in an effort to resolve a months-long transatlantic trade dispute that is nearing its end. Trump, who has threatened to impose punitive tariffs on dozens of nations unless they reach an agreement with Washington by August 1, has stated that he believes there is a 50/50 possibility of striking an agreement with the European Union. STORY CONTINUES BELOW THIS AD An all-encompassing charge of 30 percent from that date is presently threatening the EU. Negotiating on behalf of the EU's member nations, von der Leyen's European Commission has been putting a lot of effort into reaching an agreement to preserve a trade relationship that generates $1.9 trillion in products and services annually. Any deal with the United States will need approval by all 27 member states. EU ambassadors, on a visit to Greenland, were to meet Sunday morning to discuss the latest negotiations – and again after any accord. Sunday's sit-down between Trump and the EU chief was to take place at 4:30 pm (1530 GMT) in Turnberry, on Scotland's southwestern coast, where Trump owns a luxury golf resort. The 79-year-old American leader said Friday he hoped to strike 'the biggest deal of them all' with the EU. 'I think we have a good 50-50 chance' of a deal, the president said, citing sticking points on 'maybe 20 different things'. He praised von der Leyen as 'a highly respected woman' – a far cry from his erstwhile hostility in accusing the EU of existing to 'screw' the United States. But late-night EU talks with US Commerce Secretary Howard Lutnick on Saturday to hammer out the final details were 'combative at times,' The Financial Times reported. STORY CONTINUES BELOW THIS AD As of Saturday evening, there were 'still quite a few open questions' – notably on pharmaceutical sector tariffs, said one EU diplomat. Tariff levels on the auto sector were also crucial for the Europeans – notably France and Germany – and the EU has been pushing for a compromise on steel that could allow a certain quota into the United States before tariffs would apply. Baseline 15 percent According to European diplomats, the deal on the table involves a baseline levy of around 15 percent on EU exports to the United States – the level secured by Japan – with carve-outs for critical sectors including aircraft, lumber and spirits excluding wine. The EU would commit to ramp up purchases of US liquefied natural gas, along with a series of investment pledges. Hit by multiple waves of tariffs since Trump reclaimed the White House, the EU is currently subject to a 25-percent levy on cars, 50 percent on steel and aluminium, and an across-the-board tariff of 10 percent, which Washington threatens to hike to 30 percent in a no-deal scenario. STORY CONTINUES BELOW THIS AD The EU has focused on getting a deal with Washington to avoid sweeping tariffs that would further harm its sluggish economy, with retaliation as a last resort. While 15 percent would be much higher than pre-existing US tariffs on European goods – at 4.8 percent – it would mirror the status quo, with companies already facing an additional flat rate of 10 percent. Should talks fail, EU states have greenlit counter tariffs on $109 billion (93 billion euros) of US goods including aircraft and cars to take effect in stages from August 7. Brussels is also drawing up a list of US services to potentially target. Beyond that, countries like France say Brussels should not be afraid to deploy a so-called trade 'bazooka' – EU legislation designed to counter coercion through trade measures which involves restricting access to its market and public contracts. But such a step would mark a major escalation with Washington. Ratings dropping STORY CONTINUES BELOW THIS AD Trump has embarked since returning to power on a campaign to reshape US trade with the world. But polls suggest the American public is unconvinced, with a recent Gallup survey showing his approval rating at 37 percent – down 10 points from January. Having promised '90 deals in 90 days,' Trump's administration has so far unveiled five, including with Britain, Japan and the Philippines. Early Sunday, ahead of his meeting with Von der Leyen, Trump was out again on the golf course, having spent most of Saturday playing at Turnberry amid tight security. The trip to Scotland has put physical distance between Trump and the scandal around Jeffrey Epstein, the wealthy financier accused of sex trafficking who died in prison in 2019 before facing trial. In his heyday, Epstein was friends with Trump and others in the New York jet-set, but the president is facing backlash from his own MAGA supporters demanding access to the Epstein case files. STORY CONTINUES BELOW THIS AD With the uproar refusing to die down, a headline agreement with the EU – in addition to bolstering Trump's dealmaker credentials – could bring a welcome distraction.
New York Post
5 days ago
- Business
- New York Post
Trump forecasts ‘50-50 chance' for EU trade deal, lower chance with Canada — and floats ‘rebate' for some Americans
WASHINGTON — President Trump told reporters Friday that the US has a '50-50 chance' of reaching a trade deal with the European Union ahead of an Aug. 1 deadline, but sounded less optimistic about coming to an agreement with Canada — before floating giving some Americans a 'rebate' from the billions in tariff revenue taken in so far. 'We're thinking about a rebate because we have so much money coming in from tariffs, a little rebate for people of a certain income level,' Trump said as he left the White House on his way to Scotland for a five-day visit. After initially announcing a sweeping suite of reciprocal tariffs April 2, the president has repeatedly postponed levies on hundreds of nations to allow extra time for his administration to reach economic agreements. The 27-nation EU is America's single largest trading partner, with the exchange of goods and services making up 4.9% of US GDP last year, and markets on both sides of the Atlantic have closely watched the progress of negotiations. 3 Trump has set an Aug. 1 deadline for countries to come to the table. Ron Sachs/CNP / 'The EU, I would say that we have a 50-50 chance, maybe less than that, but a 50-50 chance of making a deal with the EU, and it'll be a deal where they have to buy down their power, because they're right now at 30%,' Trump said. Multiple outlets have reported that the EU plans to immediately hit American goods with a 30% levy if Aug. 1 comes and goes without a deal. The president has been focused on expanding American exports to Europe and lowering the US trade deficit, as America imported about $606 billion worth of continental goods in 2024, while exporting only about $370 billion of US products. 'We haven't had a lot of luck with Canada,' Trump went on. 'I think Canada may be just one where they pay tariffs.' 3 President Donald Trump attends a bilateral meeting with European Commission President Ursula von der Leyen during the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. REUTERS Canadian Prime Minister Mike Carney said this week that he 'would not accept a bad deal' with the US after months of stop-start talks. 'Our objective is not to reach a deal whatever it costs,' Carney said in Ontario on Wednesday. 'We are pursuing a deal that will be in the best interest of Canadians.' Trump has promised a 35% tariff on Canadian goods if not deal is reached before Aug. 1. Ottawa exports about three-quarters of its goods to the US, including cars, auto parts and oil. 3 Canadian Prime Minister Mark Carney reacts while playing bocce ball with members of the Italian community in Hamilton, Ontario, Canada July 16, 2025. REUTERS Despite delaying 'reciprocal tariffs,' Trump did impose blanket 10% rates while negotiations took place. Since the April 2 rollout, the US Treasury has collected $64 billion in customs duties, or roughly $70 million a day through June 30. Meanwhile, inflation has largely remained steady despite predictions of price spikes by economists. 'The same 'experts' that were loudly spewing doomsday predictions are now quietly looking at their portfolios and planning their early retirement or vacation home purchases,' said Arthur Schwartz, a Republican operative with close ties to the administration. The administration has also touted framework agreements with the UK, Japan, the Philippines, Australia, Vietnam and Indonesia, as well as a preliminary deal with China. 'Trump has clearly forged strong relationships with world leaders, including the president of Indonesia, to get incredible deals for Americans and our allies,' a person close to the White House told The Post of the talks. 'World leaders like dealing with an executive who wants to get things done like Trump.' Trump has threatened upwards of a 50% tariff on Brazil, a 30% tariff on Mexico and a 25% tariff on South Korea — all among America's top individual trading partners. 'The president is leaving all options on the table and believes he has the upper hand in the tariff battle,' one source close to the White House told The Post. 'Fundamentally, he believes in the power and effectiveness of tariffs. They're not going away.' Additional reporting by Steven Nelson
Straits Times
5 days ago
- Business
- Straits Times
EU's von der Leyen says will meet Trump on Sunday to discuss trade
FILE PHOTO: U.S. President Donald Trump attends a bilateral meeting with European Commission President Ursula von der Leyen during the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. REUTERS/Jonathan Ernst//File Photo BRUSSELS - EU Commission President Ursula von der Leyen on Friday said she will meet U.S. President Donald Trump in Scotland on Sunday to discuss trade relations between the European Union and the United States. "Following a good call with @POTUS, we have agreed to meet in Scotland on Sunday to discuss transatlantic trade relations, and how we can keep them strong," von der Leyen said in a post on X. Trump on Friday said there was a 50-50 chance or perhaps less that the United States would reach a trade agreement with the European Union, saying Brussels wanted to "make a deal very badly". The European Commission on Thursday said a negotiated trade solution with the United States was within reach, even as EU members voted to approve counter-tariffs on 93 billion euros ($109.01 billion) of U.S. goods in case the talks collapse. REUTERS
Straits Times
03-06-2025
- Business
- Straits Times
EU did not receive US letter demanding best offer in trade talks -source
FILE PHOTO: U.S. President Donald Trump attends a bilateral meeting with European Commission President Ursula von der Leyen during the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. REUTERS/Jonathan Ernst/File Photo EU did not receive US letter demanding best offer in trade talks -source BRUSSELS - The European Union did not receive a letter from the United States in which President Donald Trump's administration made a demand for countries to submit their best offer on trade negotiations by Wednesday, according to a source familiar with the talks. Following a call with European Commission President Ursula von der Leyen, Trump restored a July 9 deadline to allow for talks between Washington and Brussels to continue. It was not immediately clear whether the letter, a draft seen by Reuters, had yet been sent to negotiating partners. A European Commission spokesperson declined to provide details about documents and offers exchanged between the EU and the US in their trade talks. "What we can say is that following the recent call between Presidents von der Leyen and Trump, both sides agreed to accelerate the pace of talks," the spokesperson said, pointing to talks this week with the technical teams in Washington and an upcoming meeting between EU trade commissioner Maros Sefcovic and U.S. trade representative Jamieson Greer in Paris. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
26-04-2025
- Business
- Straits Times
Trump and EU's von der Leyen agree to meet, says European Commission
FILE PHOTO: U.S. President Donald Trump attends a bilateral meeting with European Commission President Ursula von der Leyen during the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. REUTERS/Jonathan Ernst/File Photo BRUSSELS - U.S President Donald Trump and European Commission President Ursula von der Leyen agreed on Saturday during a short exchange on the sidelines of Pope Francis' funeral to meet at a later stage, von der Leyen's spokesperson said. "In their brief exchange, President von der Leyen and President Trump agreed to meet," Paula Pinho said in a post on X. No further details were immediately available. While Trump has received several other European leaders, von der Leyen has not managed to arrange a meeting with the U.S. president since his return to the White House in January - despite the fact that the European Commission is responsible for the bloc's trade policy and issues such as tariffs. The U.S. imposed 25% tariffs on EU cars, steel and aluminium in March and 20% tariffs on other EU goods in April. It then halved the 20% rate until July 8, setting a 90-day window for talks to reach a more comprehensive tariff deal. In response, the 27-nation EU suspended its own plans to impose retaliatory tariffs on some U.S. goods and proposed zero duties for all industrial goods on both sides. On Friday, EU Economic Commissioner Valdis Dombrovskis said the zero-tariff offer had met with only moderate U.S. interest, and that the U.S. and the EU still needed a lot of work to reach a deal that would avert the imposition of tariffs from both sides. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
