Latest news with #EU-US
Irish Examiner
11 hours ago
- Business
- Irish Examiner
Tánaiste warns against EU-US trade deal delay, citing risk to jobs and investment
An extension of the deadline for an EU-US trade deal would not be positive, as it would prolong uncertainty for exporters, the Tánaiste has said. Simon Harris has urged negotiators to focus on reaching a deal before the July 9 deadline. On Thursday evening, White House press secretary Karoline Leavitt indicated that US president Donald Trump could extend the deadline for agreeing a deal with the EU, describing the cutoff as 'not critical.' Mr Harris said there must now be intensive engagement between the EU and US to prevent further uncertainty for businesses. 'We need to work really intensively to try and get a deal, at least a framework, a deal in advance of July 9, for one very big reason, uncertainty,' Mr Harris said. 'Uncertainty is causing people to pause their investment decisions. That has an impact on jobs. 'There's people in factories today in Ireland who want that certainty, businesses want certainty. So what we don't need is an elongation of the period of uncertainty.' Speaking in Cork, Mr Harris said many people working in the pharmaceutical sector may feel anxious about potential tariffs. However, he added that an agreement between the US and EU 'is possible.' 'In fact, I believe an agreement is absolutely essential, because the level of trade between the US and the EU is far too high to be sniffed at, regardless of who the occupant of the Oval Office is. 'We are interdependent, and certainly in my conversations with President Trump's Trade Representative, Ambassador Jamieson Greer, I specifically made the case that we need to come up with creative solutions in relation to the pharma industry that are good for the US and good for the EU, because our global supply chains are interdependent.' Mr Harris added that patients rely on pharmaceutical trade, saying 'creative solutions' are needed that work for both the EU and US. The US administration had previously threatened to impose a 50% tariff on EU goods, after President Donald Trump in May said talks were 'going nowhere.' That statement prompted a flurry of calls between senior EU and US diplomats, leading to the agreement of the July 9 deadline for talks. Earlier this week, Ireland's European Commissioner Michael McGrath said there might not be enough time for a 'comprehensive' trade deal between the EU and US, but he hoped the 'outline' of an agreement could be reached before then. Mr McGrath noted that experience shows comprehensive trade deals take significant time to complete. 'It may not be possible to have the level of detail that you would normally have in a trade agreement completed by July 9, but hopefully we can have the outline of the agreement that can provide the stability we need,' Mr McGrath said.
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First Post
13 hours ago
- Business
- First Post
Von der Leyen hopes for EU-US trade deal but warns of challenges amid Trump tariffs
EU Commission President Ursula von der Leyen said the EU is ready for a trade deal with US President Donald Trump but is prepared if it falters. She maintained that the EU is analysing the latest US negotiating document, which she received on Thursday. read more The European Commission President, Ursula von der Leyen, said that the regional body is ready for a trade deal with US President Donald Trump. However, she warned that the body should be prepared if a deal falters. Von der Leyen maintained that she was analysing the latest US negotiating document, which she received on Thursday. 'Our message today is clear, we are ready for a deal,' she told reporters after briefing EU leaders at a summit in Brussels. 'At the same time, we are preparing for the possibility that no satisfactory agreement is reached … and we will defend the European interest as needed. In short, all options remain on the table," the EU Commission President said in a statement. STORY CONTINUES BELOW THIS AD It is pertinent to note that Von Der Leyen leads the commission, responsible for trade on behalf of the EU's 27 member states. Trump has threatened to impose 50 per cent tariffs on all EU goods from 9 July unless the two sides reach a deal. It is pertinent to note that most EU goods already face 10 per cent tariffs in the US. Meanwhile, the Trump administration also imposed levies of 25 per cent on cars and car parts and 50 per cent on steel and aluminium. Amid the looming Trump tariffs, Von der Leyen also floated a 'beginning of redesigning' the World Trade Organisation (WTO). She also noted that the Asia Pacific CPTPP bloc, which also includes the UK, was interested in 'structured collaboration' with the EU, which wanted the same. 'We can think about this as a beginning of redesigning the WTO … to show the world that free trade with a large number of countries is possible on a rules-based foundation,' she averred. As the Trump deadline nears, different countries and the EU are taking different initiatives to save themselves from the tariffs. It'll be interesting to see if an EU-US trade agreement will be on the cards.
Irish Independent
20 hours ago
- Business
- Irish Independent
The Irish Independent's View: Clock is ticking on Trump's vicious trade sanctions deadline, so every minute counts
On Wednesday, 23 of those leaders now gathered in Brussels were in The Hague, wearing their Nato hats. They were grateful that the 76-year-old Western defence alliance survived the mercurial US president's threatened onslaught. Trump was mollified by cringe-inducing pandering and flattery from Europe's heads of government – and a pledge to increase national defence spending to 5pc of GDP by 2035. The majority of leaders moved yesterday from The Hague to Brussels for a dovetailing EU summit, and that short trip epitomised the blurring of boundaries between the 27-nation trading bloc and Nato. This change poses particular challenges for Ireland as one of only four EU member states that is not a Nato member. The dispiriting reality of life since Russian tanks rolled into Ukraine in February 2022 and the mayhem built from October 2023 in Gaza spreading across the Middle East is that the world has become a very dangerous place. Rapidly increased defence spending has hit funding to tackle vital issues like child poverty, climate change and development aid. Everything is compounded by the total unpredictability of Trump. At today's summit, the 27 EU leaders, including Taoiseach Micheál Martin, are engaged in an urgent quest for relevance. There is a strong feeling in many European capitals of a need to switch from current immobilism to harness the EU's combined political influence. But to do that they must tackle foreign and internal issues. If Trump carries through his threats in some fashion, Europe must respond Among those issues is how to fund that 5pc defence- spending target. The leaders must also chart a course on the Middle East after an EU review found Israel flouting its humanitarian obligations sewn into its favourable trade deal with Brussels. Ireland is among a group of member states rightly increasing pressure for action on change in Gaza from Israel. The Taoiseach was not exaggerating when he described the lack of action thus far as 'a stain' on the EU. Looking eastwards, towards continuing problems arising from the crisis in Ukraine, the leaders must address concerns from Hungary and Slovakia about the planned exit from Russian energy, while also approving new sanctions on the revenue streams funding Moscow's war. And after all that they must deal with pressure to delay climate change goals. But let us revert to the shadow of Trump. The key summit challenge – with just 12 days left before Trump's July 9 deadline on vicious trade sanctions against the EU – is framing a united response. Ireland's huge dependence on multinational companies' trade with the US has long left us at risk of becoming the meat in an EU-US sandwich. If Trump carries through his threats in some fashion, Europe must respond. Irish businesses and workers will hope an escalation of trade hostilities can be avoided, but much of that is up to Trump alone.
Yahoo
a day ago
- Business
- Yahoo
EU competition chief says tech rules off the table in US trade talks
Amid reports that the EU is considering watering down a signature tech-competition law as part of a tariff deal with the US, the bloc's top competition official has stated that bartering with the EU's antitrust laws is off the table. "Of course not," Teresa Ribera said in an interview with Bloomberg TV when asked whether changes to the Digital Markets Act (DMA) are part of EU-US tariff negotiations. "We do not challenge the US on how they adopt regulations. I think we deserve respect in the same way." Her comments come amid speculation that the EU, which had so far been resolute in its refusal to negotiate its tech laws despite intense pressure from the US, had changed course. A week ago, the Wall Street Journal reported that a draft "agreement on reciprocal trade" had been circulated by the US Trade Representative's office. While the text reportedly did not address US President Donald Trump's tariffs specifically, it touched on long-standing pressure points between the US and the EU, such as the DMA, carbon-based border tariffs, shipbuilding measures and more. The draft suggests that both parties would enter into a dialogue over the DMA and work to exempt US companies. The DMA only applies to 'gatekeeper' companies, which the EU defines as "large digital platforms providing any of a pre-defined set of digital services". A company's economic position, intermediary power and longevity in the market all factor into whether it is deemed a gatekeeper. Out of the seven gatekeeper companies, five of these are American, meaning that an exemption for US companies would essentially neutralise the regulation. The EU currently has multiple open investigations, most of them having to do with antitrust practices, against Apple, Meta and Google. It recently fined Apple €500m ($585m) and €200m for antitrust breaches, risking provoking a US response. Time is running out for the EU to reach a tariff deal as the deadline for Trump's 90-day extension of his 'reciprocal' tariffs looms on 9 July. If the two sides don't reach a deal, tariffs on almost all EU exports would rise to 50%. At the time of writing, European leaders are considering whether to accept a quick trade agreement with the US that is more favourable to Washington, or hold off in the hope of a better deal, Reuters reported. "EU competition chief says tech rules off the table in US trade talks" was originally created and published by Investment Monitor, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
Barnama
2 days ago
- Business
- Barnama
Synchronoss Secures EU-US Data Privacy Framework Certification, Bolstering Global Cloud Compliance
Synchronoss Secures EU-US Data Privacy Framework Certification, Bolstering Global Cloud Compliance KUALA LUMPUR, June 26 (Bernama) -- Synchronoss Technologies Inc (Synchronoss), a global leader and innovator in personal cloud platforms for telecoms, announced it has achieved certification under the EU-US Data Privacy Framework (DPF), a move that underscores its commitment to international data protection standards. The DPF, administered by the United States (US) Department of Commerce, is a transatlantic data transfer mechanism that enables certified US-based companies to legally receive and process personal data from the European Union (EU) in compliance with the EU's General Data Protection Regulation (GDPR). According to Synchronoss in a statement, the framework provides robust safeguards, enforcement mechanisms, and redress options to ensure personal data remains protected when transferred outside the EU. The certification enhances its global compliance capabilities and further affirms its position as a trusted partner of secure, white-label cloud solutions to Tier 1 telecom operators worldwide. 'Privacy and data protection are at the heart of our mission. Achieving this certification reinforces our pledge to deliver secure, scalable, and user-centric cloud services that meet global trust standards,' said Synchronoss President and Chief Executive Officer, Jeff Miller. Meanwhile, its Chief Privacy Officer, Mark Denihan noted that the certification goes beyond legal compliance, reflecting the company's broader commitment to responsible data governance. 'For our European partners, the DPF assures that data transfers are conducted with integrity, transparency, and accountability,' he added. The certification covers both human resources (HR) and non-HR data and adds to Synchronoss's broader compliance portfolio, which includes SOC 2 Type II, ISO 27001, and validation through TRUST/e. Synchronoss said this milestone supports its ongoing investment in privacy and data protection, aligning with rising regulatory expectations and customer demands in an increasingly data-driven global economy. -- BERNAMA
