Latest news with #European Union
Irish Times
18 hours ago
- Business
- Irish Times
Warning labels on alcohol an idea from ‘different time', Minister warned Cabinet colleague
Plans to require health warnings on alcohol products were thought up in a 'very different' time to the current period of global economic uncertainty, Minister for Enterprise Peter Burke privately warned a Cabinet colleague. The Government is expected to delay requirements for alcohol products to carry warnings about the links between alcohol consumption, liver disease and cancer. The mandatory health labelling had been due to be introduced next year, but it is expected will now not come into force until 2029. In a May 15th letter, Mr Burke asked Minister for Health Jennifer Carroll MacNeill to consider pushing back the health labelling plans in light of the 'profound' risk Ireland was facing from the current global economic uncertainty. READ MORE The idea for health warning labels on alcohol was 'developed at a time when geopolitical economic pressures were very different to those being experienced at present', he told Ms Carroll MacNeill. The danger of US president Donald Trump 's sweeping tariff threats starting a transatlantic trade war with the European Union is causing significant concern inside Government including on its impact on Irish exports of whiskey and other alcohol products. Mr Burke appealed to his Fine Gael colleague to take these new circumstances into account and 'pause' plans for alcohol labelling. 'Recent months have seen significant global economic uncertainty and a rapidly shifting trading landscape – which you will be aware could have profound competitiveness implications for small open economies like Ireland,' he wrote. The fact Mr Burke had asked Ms Carroll MacNeill to delay the introduction of the labelling was previously reported but this is the first time the contents of his letter have been reported. [ Delay on health labelling on alcohol comes amid uncertain trading environment Opens in new window ] A copy of his letter to the Minister for Health – released to The Irish Times under the Freedom of Information Act – said the new labelling rules would lead to higher prices for consumers. 'The proposed measures will mean increased production and sale costs for Irish producers and importers, and add to the price payable by consumers, at a time when prices are also rising due to a multitude of other factors,' Mr Burke wrote. This would come at the same time companies and producers were already seeing 'very significant disruption' to their supply chains, he said. 'Notwithstanding the overarching health benefits of the proposal, I would ask you to consider pausing the introduction of the proposed new requirements,' the correspondence said. It is expected a decision will be taken at a Cabinet meeting on Tuesday to defer the new rules for several years. In his letter, Mr Burke said Ireland's plans had faced pushback from other EU governments, as it was believed the labelling rules would hamper the movement of trade and goods within the bloc's single market. There had also been intense lobbying from the drinks industry, over the 'likely negative impact on sales and costs,' he said.
Daily Mail
19 hours ago
- Automotive
- Daily Mail
Report: Trump escalates EU tariffs deal demands
President Donald Trump is escalating demands that a deal with the European Union on tariffs be reached. The president is reportedly making plans to slap the EU with tariffs of between 15 and 20 percent, as the two sides spar in talks that have caused market anxiety on both sides of the Atlantic. The latest development comes in a report by the Financial Times , which writes that 'hardened stance' would be a minimum tariff that will test the EU trading bloc's tolerance for pain. Trump on Saturday announced a 30 percent tariff to be slapped on imports from the EU and Mexico, in the latest tariff 'letter' announcement after securing only a handful of deals. In that note, Trump once again described a trade deficit – where the U.S. exports more than it imports from a country – as a snub. 'We have had years to discuss our Trading Relationship with The European Union, and we have concluded we must move away from these long-term, large, and persistent, Trade Deficits, engendered by your Tariff, and Non-Tariff, Policies, and Trade Barriers,' Trump wrote. 'Our relationship has been, unfortunately, far from Reciprocal.' That was a reference to the 'reciprocal' tariffs Trump first announced on 'Liberation Day' April 2, only to hit 'pause' after a market meltdown. The FT reports that Trump has been 'unmoved' by the EU's efforts to reduce auto tariffs of 25 percent, and is happy to keep the tariffs where they are as planned, citing people familiar with talks. EU Commission President Ursula von der Leyen has stated the bloc's commitment to dialogue while adding, 'At the same time, we will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required," von der Leyen said in a statement.' Italian winemakers have warned that a 30 percent tariff is akin to a 'virtually an embargo' on the product. At the start of the trade war, one family importer told the Daily Mail they were facing a $1 million tax hit. German auto industry association BDI called the escalatory move 'incomprehensible,' and told NBC that 'the costs for our companies have already reached the billions—and with each passing day, the total continues to grow.' Americans could face shortages of wine, cheese, and pasta, a European agriculture association warned. French President Emmanuel Macron has also warned of preparing 'credible countermeasures.' The EU has been seeking to resolve the issue through talks – while preparing countermeasures that are getting the attention of U.S. exporters. American whiskey could also take a hit. The Distilled Spirits Council of the U.S. said in a statement this week that the EU suspension of a retaliatory tariff of 25 percent 'on American Whiskey over the last three years has allowed U.S. distillers to begin rebuilding their presence in our largest export market.' 'The EU's decision to put Bourbon back on its retaliatory target list is a serious setback and deeply alarming,' said association president Chris Swonger. 'This decision threatens to undo the hard-won progress made by American distillers and will be a crushing blow to the recovery of U.S. spirits exports to the EU.' U.S. exports to the EU surged when the retaliatory tariff got paused. White House Press Secretary Karoline Leavitt said Thursday the U.S. won't accept a delay of the August 1 deadline, after Trump in the past bristled at the idea of a TACO trade effect – which stands for 'Trump Always Chickens Out.' Michal Baranowski, Polish undersecretary of state at the ministry of economic development and technology, said that, as work continues in a bid to reach a deal, the first part of the EU's strategy is to negotiate with U.S. officials in good faith. While seeking a deal, 'let's prepare for countermeasures in case we don't [reach a deal]. And we have countermeasures on both the steel and aluminum tariffs as well as the initial package of 72 billion [euros] for so-called reciprocal tariffs,' Michal Baranowski, a Polish economy minister told CNBC. Trump on Tuesday announced a 19 percent tariff on Indonesia.
Times of Oman
20 hours ago
- Business
- Times of Oman
"There should be no double standards, especially in energy trade": MEA on EU sanctions
New Delhi: India has responded to recent sanctions announced by the European Union, stating that it does not subscribe to any unilateral sanction measures and emphasising the importance of avoiding double standards, especially in the domain of energy trade. In response to media queries on the issue, Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said, "We have noted the latest sanctions announced by the European Union. India does not subscribe to any unilateral sanction measures." "We are a responsible actor and remain fully committed to our legal obligations," Jaiswal said. The spokesperson further underlined that the Government of India considers the provision of energy security a critical responsibility. "Government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens. We would stress that there should be no double standards, especially when it comes to energy trade," he added. The remarks align with the External Affairs Ministry's response on Thursday to NATO chief Mark Rutte's comments on potential secondary sanctions over Russian oil, stressing that securing India's energy needs is an "overriding priority" and decisions are driven by "available offers" and "prevailing global circumstances." The Ministry of External Affairs further cautioned against "double standards" on the matter. Addressing a press conference in the national capital, MEA spokesperson Randhir Jaiswal said, "We have seen reports on the subject and are closely following the developments. Let me reiterate and I have said this in the past as well that securing the energy needs of our people is, understandably, an overriding priority for us. In this endeavour, we are guided by what is available in the markets, as well as by the prevailing global circumstances." "We would particularly caution against any double standards on the matter," the MEA Spokesperson said. The NATO Secretary General had in his recent remarks asked India, China, and Brazil to reconsider their purchase of oil from Russia or face the prospect of "100 per cent secondary sanctions". Rutte echoed the position taken by US President Donald Trump, who earlier this week threatened severe tariffs on countries maintaining trade with Russia. "My encouragement to these three countries, particularly, is that if you live now in Beijing or in Delhi, or you are the President of Brazil, you might want to take a look at this because this might hit you very hard," Rutte had said. The NATO chief had also urged India and the other countries to "make the phone call to Vladimir Putin and tell him that he has to get serious about peace talks" with Ukraine. "because otherwise this will slam back on Brazil, on India and on China in a massive way."
Bloomberg
21 hours ago
- Business
- Bloomberg
Corning Dodges EU Antitrust Clash With ‘Gorilla Glass' Deal
Corning Inc. has avoided the threat of European Union antitrust fines, after it agreed to end exclusivity terms in its supply contracts for break-resistant smartphone screens that the watchdog deemed to be anticompetitive. The European Commission said in a statement on Friday that the US glass firm had agreed to 'waive all exclusive dealing clauses in all its current agreements' in order to allay EU concerns.
Zawya
a day ago
- Business
- Zawya
AI models with systemic risks given pointers on how to comply with EU AI rules
The European Commission set out guidelines on Friday to help AI models it has determined have systemic risks and face tougher obligations to mitigate potential threats comply with European Union artificial intelligence regulation (AI Act). The move aims to counter criticism from some companies about the AI Act and the regulatory burden while providing more clarity to businesses which face fines ranging from 7.5 million euros ($8.7 million) or 1.5% of turnover to 35 million euros or 7% of global turnover for violations. The AI Act, which became law last year, will apply on Aug. 2 for AI models with systemic risks and foundation models such as those made by Google, OpenAI, Meta Platforms, Anthropic and Mistral. Companies have until August 2 next year to comply with the legislation. The Commission defines AI models with systemic risk as those with very advanced computing capabilities that could have a significant impact on public health, safety, fundamental rights or society. The first group of models will have to carry out model evaluations, assess and mitigate risks, conduct adversarial testing, report serious incidents to the Commission and ensure adequate cybersecurity protection against theft and misuse. General-purpose AI (GPAI) or foundation models will be subject to transparency requirements such as drawing up technical documentation, adopt copyright policies and provide detailed summaries about the content used for algorithm training. "With today's guidelines, the Commission supports the smooth and effective application of the AI Act," EU tech chief Henna Virkkunen said in a statement. ($1 = 0.8597 euros)
