Latest news with #EUUSrelations
Yahoo
7 hours ago
- Business
- Yahoo
EU and US optimistic about trade deal before July 9 tariff deadline
-- The European Union and the United States are expressing confidence about reaching a trade agreement before the July 9 deadline, when significant tariffs are set to take effect on both sides. European Commission President Ursula von der Leyen told EU leaders during a closed-door summit on Thursday that she believes a deal can be secured before the deadline, according to a report from Bloomberg, citing people familiar with the matter. This would prevent an economically damaging escalation between the two major trading partners. Von der Leyen informed leaders that the Trump administration had presented a new proposal this week. During discussions, EU leaders reportedly showed greater willingness to accept some imbalance in a potential trade agreement to avoid a tariff war. If no agreement is reached by July 9, the US plans to impose a 50% tariff on nearly all EU products, while the European bloc is prepared to implement its own set of countermeasures. US Commerce Secretary Howard Lutnick shared similar optimism in a Thursday interview with Bloomberg TV. Lutnick noted that the EU had accelerated negotiations in recent weeks, establishing groundwork that could lead to an accord. Related articles EU and US optimistic about trade deal before July 9 tariff deadline - Bloomberg Deutsche Bank sees limited grounds for Spirit's JetBlue-United objection Jefferies starts Armada Hoffler at Buy, says dividend-cut sell-off is overdone
Bloomberg
a day ago
- Business
- Bloomberg
EU, US Confident They'll Reach Tariff Deal by July Deadline
By and Jorge Valero Updated on Save The European Union and the US believe they can clinch some form of a trade agreement before a July 9 deadline, when Washington is set to impose a 50% tariff on nearly all EU products and the bloc plans to unleash its own series of countermeasures. European Commission President Ursula von der Leyen told EU leaders behind closed doors at a Thursday summit that she was confident a deal could be reached before the deadline to avoid an economically damaging escalation, according to people familiar with the matter.
Yahoo
a day ago
- Business
- Yahoo
EU mulls lowering tariffs on U.S. imports to reach trade deal
-- The European Union is considering reducing tariffs on various U.S. imports as part of efforts to reach a trade agreement with President Trump, according to a report from the Wall Street Journal, citing sources familiar with the discussions. EU leaders plan to discuss potential concessions during a meeting in Brussels on Thursday evening. Besides tariff reductions, they are also weighing options such as lowering non-tariff barriers, increasing purchases of American products including liquefied natural gas, and offering cooperation with the U.S. on addressing economic concerns related to China. Trade talks have accelerated in recent weeks following President Trump's May threat to impose 50% tariffs on EU goods. Trump subsequently agreed to pause this action and continue negotiations until July 9. Many European officials now believe the Trump administration intends to maintain its 10% baseline tariffs on EU imports. As a result, they have shifted their focus toward securing as many exemptions as possible to minimize economic damage from these and other levies, sources involved in the negotiations said. Related articles EU mulls lowering tariffs on U.S. imports to reach trade deal - WSJ Pony AI stock surges after NYT reports Uber-Kalanick talks for acquisition India rejects a UN investigator offered to help probe into the 787 crash 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
Irish Times
3 days ago
- Business
- Irish Times
EU and US ‘knee deep' in talks to avert trade war, says McGrath
The European Union's chief negotiators and their counterparts in the US are 'knee deep' in talks to avert a trade war , Ireland's EU commissioner Michael McGrath has said. Officials are involved in tense discussions to lay out the bare bones of a deal acceptable to both sides that would head off the crippling 50 per cent tariffs US president Donald Trump has threatened to levy on EU trade after a July 9th deadline . The EU wants tariffs charged on goods sold to the US to be 'zero or as low as possible', Mr McGrath said on Wednesday. 'It won't surprise anyone that negotiations are detailed, protracted and quite challenging.' A blanket 10 per cent levy on imports from the EU has been in place since early April. Mr Trump paused plans for higher tariffs on EU states and other trading partners following a backlash in the financial markets. READ MORE Officials in Brussels have privately begun to accept that a deal that avoids steeper tariff rates is likely to mean accepting 10 per cent import duties. 'We do not believe the tariffs are the solution, so we're not conceding that any particular level of tariff represents a new baseline, it's a negotiation which is ongoing,' Mr McGrath said. The former minister for finance said EU trade commissioner Maroš Šefčovič was 'knee deep' in talks with the Trump administration. A EU-US deal might not be fully worked out before Mr Trump's stated tariff deadline in two weeks' time, he said. 'It may not be possible to have the level of detail that you would normally have in a trade agreement completed by July 9th, but hopefully we can have the outline of an agreement that can provide the stability we need,' Mr McGrath said. The European Commission, the EU's executive arm that sets trade policy, was busy lining up trade deals with other countries, he said. However, those would never be enough to 'replace' the US, given it was Europe's biggest trading partner. [ EU readies retaliatory tariffs to secure better trade deal with Trump Opens in new window ] Separately, what was happening on the ground in Gaza was 'abhorrent and untenable', the EU commissioner for justice said. Thousands of trucks full of food and aid were blocked by Israel at the border, while images continued to emerge of Palestinian civilians who were 'clearly malnourished and emaciated', he said. The role of the commission when it came to foreign policy was often 'misunderstood', Mr McGrath said. The main obstacle to the EU taking firmer action against Israel was a lack of agreement between the EU's 27 national capitals. 'It isn't open to the commission to set a new position in relation to Israel and Gaza,' he said. 'Israel of course has the right to defend itself and has the right to respond to the horrific terrorist attack Hamas perpetrated on October 7th, [2023], but it has to do so in a manner that is consistent with international law,' Mr McGrath said. More than 55,000 Palestinians have been killed during Israel's 20-month invasion of Gaza, which followed attacks by Hamas militants in southern Israel, where about 1,200 people were killed and 250 taken hostage. International aid agencies continue to warn that Israel is blocking enough aid from getting into Gaza. Large numbers of people have been shot by Israeli forces while trying to pick up food and supplies at designated distribution points since Israel took over effective control of aid distribution in recent weeks. 'The international community has to work together to find a solution. We need an urgent ceasefire and we need the trucks that are waiting at the border to be allowed to enter Gaza,' Mr McGrath said.
Reuters
16-06-2025
- Business
- Reuters
EU must keep 'nerves of steel' in talks with US on tariffs, Costa says
LISBON, June 16 (Reuters) - The European Union must keep a constructive position with the U.S. on trade tariffs to avoid an unwanted trade war, EU Council President Antonio Costa said on Monday. Ahead of a G7 meeting in Canada, where trade issues should be discussed, Costa said if the EU was subject to discriminatory measures it would have to respond and the "European Commission is prepared to respond, particularly in trade matters". "We have to keep nerves of steel. I have great hope that, in the end, some line of rationality will guide political action... as no tariff will increase U.S. exports of goods or services to Europe," he said in a videotaped chat with former EU Commission President Jose Manuel Durao Barroso that was shown at a conference in Lisbon. U.S. President Donald Trump backed away from his threat to impose 50% tariffs on imports from the European Union next month, restoring a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal. "The European Commission made the most generous proposal it could: zero tariffs," Costa said. "We basically want to avoid a trade war with the U.S.," Costa said, adding that Europe wanted to engage in "constructive dialogue". The EU's total exports to the United States last year totalled about 500 billion euros ($566 billion), led by Germany (161 billion euros), Ireland (72 billion euros) and Italy (65 billion euros). Pharmaceuticals, cars and auto parts, chemicals and aircraft were among the largest exports, according to EU data.
