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Local France
13-07-2025
- Business
- Local France
Impact of US tariffs varies across European Union
Ireland, with a major pharmaceutical industry, is in the front line along with Germany, for whom the United States is a major outlet for its cars, steel and machine tools. France is less exposed, even if it does have aeronautics, food, wine and luxury goods companies that risk losing markets. The EU as a whole has an annual trade surplus with the United States of $235.6 billion, according to the Bureau of Economic Analysis (BEA), which reports to the U.S. Department of Commerce. Only China has a higher amount. Germany, the industrial powerhouse Germany, the EU's largest economy, is under particular pressure due to its dependence on exports: it has a surplus of $84.8 billion with the United States, thanks to its large automobile, chemical, steel and machine industries. The United States accounts for 23 percent of the revenue of Mercedes Benz. While some of that is accounted for by SUVs manufactured in the United States and exported, they risk being hit by any tariff reprisals from the EU. The Federation of German Industries (BDI) reacted promptly to Donald Trump's announcements on Saturday, calling on the EU and the United States to "quickly find solutions and to avoid an escalation". READ ALSO: German chancellor 'cautiously optimistic' on EU-US tariff deal Advertisement Italy, France in the second line Italy and France, with surpluses of $44 billion and $16.4 billion respectively, according to US statistics (French data says the surplus is much smaller), would appear to be less affected. But some sectors are heavily exposed. The food and wine industries would be particularly affected in both countries, as is also the case for Spain. A 30-percent tariff would be a "catastrophe" for the French wine and spirits sector, Jerome Despey, head of the viticulture branch of the FNSEA union, said Saturday. Coldiretti, Italy's main agricultural organisation, said Saturday that tariffs of 30 percent would cost US consumers and Italian food producers some $2.3 billion. Like Germany, Italy is also concerned about its automotive sector. Franco-Italian manufacturer Stellantis (particularly Fiat and Peugeot) has suspended its forecasts for the year due to these uncertainties. Exposed French sectors also include aeronautics and luxury goods. LVMH, the world's largest luxury conglomerate, makes a quarter of its sales in the United States. About a fifth of France's exports to the United States come from the aerospace industry, much of it from Airbus. Austria and Sweden also have surpluses with the United States, $13.1 billion and $9.8 billion respectively. Advertisement Ireland, Europe's lab Ireland has the largest surplus among EU members, at $86.7 billion. That is largely due to the presence of major American pharmaceutical companies such as Pfizer, Eli Lilly, and Johnson & Johnson. They all set up in Ireland to benefit from a 15 percent corporate tax, compared to 21 percent in the United States. These companies can thus host their patents in Ireland and sell on the American market, where drug prices are traditionally higher than in the rest of the world. Ireland also hosts most of the European headquarters of American tech giants, such as Apple, Google and Meta, also attracted by the attractive Irish tax system. Overall, pharmaceuticals account for 22.5 percent of EU exports to the United States, according to Eurostat, with many major players having announced major investments in the United States.
Local Germany
13-07-2025
- Business
- Local Germany
Impact of US tariffs varies across European Union
Ireland, with a major pharmaceutical industry, is in the front line along with Germany, for whom the United States is a major outlet for its cars, steel and machine tools. France is less exposed, even if it does have aeronautics, food, wine and luxury goods companies that risk losing markets. The EU as a whole has an annual trade surplus with the United States of $235.6 billion, according to the Bureau of Economic Analysis (BEA), which reports to the U.S. Department of Commerce. Only China has a higher amount. Germany, the industrial powerhouse Germany, the EU's largest economy, is under particular pressure due to its dependence on exports: it has a surplus of $84.8 billion with the United States, thanks to its large automobile, chemical, steel and machine industries. The United States accounts for 23 percent of the revenue of Mercedes Benz. While some of that is accounted for by SUVs manufactured in the United States and exported, they risk being hit by any tariff reprisals from the EU. The Federation of German Industries (BDI) reacted promptly to Donald Trump's announcements on Saturday, calling on the EU and the United States to "quickly find solutions and to avoid an escalation". READ ALSO: German chancellor 'cautiously optimistic' on EU-US tariff deal Advertisement Italy, France in the second line Italy and France, with surpluses of $44 billion and $16.4 billion respectively, according to US statistics (French data says the surplus is much smaller), would appear to be less affected. But some sectors are heavily exposed. The food and wine industries would be particularly affected in both countries, as is also the case for Spain. A 30-percent tariff would be a "catastrophe" for the French wine and spirits sector, Jerome Despey, head of the viticulture branch of the FNSEA union, said Saturday. Coldiretti, Italy's main agricultural organisation, said Saturday that tariffs of 30 percent would cost US consumers and Italian food producers some $2.3 billion. Like Germany, Italy is also concerned about its automotive sector. Franco-Italian manufacturer Stellantis (particularly Fiat and Peugeot) has suspended its forecasts for the year due to these uncertainties. Exposed French sectors also include aeronautics and luxury goods. LVMH, the world's largest luxury conglomerate, makes a quarter of its sales in the United States. About a fifth of France's exports to the United States come from the aerospace industry, much of it from Airbus. Austria and Sweden also have surpluses with the United States, $13.1 billion and $9.8 billion respectively. Advertisement Ireland, Europe's lab Ireland has the largest surplus among EU members, at $86.7 billion. That is largely due to the presence of major American pharmaceutical companies such as Pfizer, Eli Lilly, and Johnson & Johnson. They all set up in Ireland to benefit from a 15 percent corporate tax, compared to 21 percent in the United States. These companies can thus host their patents in Ireland and sell on the American market, where drug prices are traditionally higher than in the rest of the world. Ireland also hosts most of the European headquarters of American tech giants, such as Apple, Google and Meta, also attracted by the attractive Irish tax system. Overall, pharmaceuticals account for 22.5 percent of EU exports to the United States, according to Eurostat, with many major players having announced major investments in the United States.
Yahoo
08-07-2025
- Business
- Yahoo
Over 75% of traders expect Q2 GDP growth to exceed 2%
Over 75% of traders expect Q2 GDP growth to exceed 2% originally appeared on TheStreet. More than 75% of the traders on Polymarket, the crypto-based prediction market, have a rather optimistic outlook on the U.S. economy and have bet on the country's gross domestic product (GDP) growth rate hitting more than 2% during the second quarter this year. Launched in 2020 and headquartered in Manhattan, New York City, Polymarket is the world's largest prediction market. The platform lets traders place bets on an array of events, such as political phenomena, economic news, sports, entertainment, etc., using cryptocurrency. The expectation of the Polymarket traders is rather optimistic, given the fact that the real GDP decreased at an annual rate of 0.5% during Q1 2025, as the Bureau of Economic Analysis (BEA) reported on June 26. The decline in real GDP in Q1 reflected an increase in imports and a decrease in government expenditure that were partly offset by increases in investment and consumer spending, the BEA imports increased in Q1 due to the tariff hikes anticipated by the global industry toward the beginning of Q2. Indeed, President Donald Trump announced "reciprocal" tariff hikes on Apr. 2, dubbing it the "Liberation Day." He took a U-turn on Apr. 9 when he paused those hikes on all countries except China for 90 days. The deadline is now expected to be extended to Aug. 1. Trump's tariff policy rattled the crypto market as its market cap dipped from a high of $2.74 trillion on Apr. 2 to as low as $2.42 trillion on Apr. 9. Nonetheless, the market soon recovered from the shock and surpassed the cap of $3 trillion toward the start of May. As the president announced a new set of tariffs on countries such as Japan and South Korea on July 7, the crypto market cap stood at $3.34 trillion. Over 75% of traders expect Q2 GDP growth to exceed 2% first appeared on TheStreet on Jul 7, 2025 This story was originally reported by TheStreet on Jul 7, 2025, where it first appeared. Sign in to access your portfolio
The Hindu
07-07-2025
- Politics
- The Hindu
Centre has given more funds for Sanskrit, Urdu, Hindi, says Bharat Ekta Andolan
Bharat Ekta Andolan (BEA) has complained that the Union government is deliberately neglecting Kannada. Andolan president Mahadev Horatti has alleged that the Union government has cut research and other grants for Kannada in the last decade, while allocating disproportionately high levels of funds for Sanskrit, Urdu and Hindi. The Union government has allocated ₹2,532.59 crore over the past 10 years for the development and promotion of Sanskrit and research, though the number of people learning and speaking Sanskrit is very few. Urdu, spoken by 4.9 crore people, has received ₹837.94 crore and Hindi has been granted ₹426.99 crore. Neither Urdu nor Hindi is classified as a classical language. In comparison, Kannada has received only ₹12.8 crore, he said. Mr. Horatti said that the Union government is following a policy of discrimination. Other classical languages like Tamil, Telugu, Malayalam and Odia have also been treated unfairly. He urged the Congress and other parties to fight this injustice.
Daily Record
07-07-2025
- General
- Daily Record
Pilot's harrowing final three words before plane plummeted into ocean killing all 228 on board
The plane's black boxes were discovered underwater after two years and remarkably were still operable which gave investigators valuable insight into the flight's last moments On June 1, 2009, tragedy struck in the skies when the Air France 447 passenger plane plummeted into the ocean, killing all on 228 board. The flight had been travelling from Rio de Janeiro to Paris when a storm caused the aircraft to stall. According to Joe, Investigators concluded the Air Bus A330-200 jetliner plummeted at a rate of 11,000 feet per minute, killing all on board on impact. The discovery of the plane's black boxes two years later revealed the tragedy had occurred due in part to the pilots' inability to respond appropriately and quickly enough to the plane stalling. The black boxes, which were found in working order and recovered from the ocean floor, allowed the investigators the opportunity to listen to the recordings from the cockpit in the lead-up to the crash. These conversations revealed the pilots were perplexed by an error in the air-speed ratings and made the fatal decision to tilt the machine's nose upwards instead of downwards when the plane stalled. The crash was also linked to a combination of technical failures. According to France's Bureau of Enquiry and Analysis for Civil Aviation Safety (BEA), ice crystals led to the autopilot unexpectedly disconnecting mid-flight. On the recording, the harrowing voice of first officer and co-pilot Pierre-Cedric Bonin is heard exclaiming: 'I don't have control of the aeroplane anymore now. I don't have control of the aeroplane at all!' The piloting crew kept the situation from the passengers in the cabin as they battled to keep the plane in the air. The plane contained several notable passengers including Pedro Luiz of Orléans-Bragança - a prince in the former Brazilian royal family, composer Silvio Barbato and Pablo Dreyfus who was a campaigner against the illegal arms trade. In the recording fellow co-pilot David Robert can be heard shouting to Bonin 'controls to the left' before taking control himself. But, Bonin continued to hold his side-stick back, and negated Robert's attempt to put the aircraft back on track. Alarms are heard blaring in the cockpit, and the voice of Captain Marc Dubois can vaguely be made out as he asks the pilots: 'Er what are you doing?'. Robert replies: 'We've lost all control of the aeroplane, we don't understand anything, we've tried everything." Next, Robert can be heard saying: 'Climb, climb, climb, climb.' Bonin responds: 'But I've been at maximum nose-up for a while!' In a situation that sees several pilots trying to work out what is happening, Dubois suddenly comes to the realisation that Bonin is causing the stall and yells: 'No, no, no, don't climb! No, no, no!' In a last ditch attempt to save the quickly descending aircraft, Bonin relinquished the controls to Robert. However, by then it was unfortunately too late. As the realisation sets in, Bonin announces: 'We're going to crash! This can't be true. But what's happening?' It's unclear who speaks next, but a voice can be heard saying the final three words before everything went silent: 'F***, we're dead.'
