Latest news with #EuropeanCommission
Japan Today
3 hours ago
- Business
- Japan Today
EU's Pacific alliance would not replace WTO, EU officials say
FILE PHOTO: European Commission President Ursula von der Leyen attends a press conference on the day of the European Union leaders summit in Brussels, Belgium June 26, 2025. REUTERS/Yves Herman/File Photo By Philip Blenkinsop The European Union's plan to cooperate with Pacific Rim countries would aim to overcome some of the difficulties of the World Trade Organization, but would not seek to replace it, EU officials said on Friday. The WTO is struggling for relevance as geopolitical tensions rise and the United States imposes unilateral tariffs, flouting its WTO commitments. European Commission President Ursula von der Leyen told reporters late on Thursday that "structured cooperation" with the 12-nation Comprehensive and Progressive Agreement for Trans-Pacific Partnership , or CPTPP, could be thought about "as a beginning of redesigning the WTO". German Chancellor Friedrich Merz went further, saying the new trade grouping could gradually replace the WTO. On Friday, however, EU officials said the plan did not entail setting up a rival to the WTO. Instead, the Commission said cooperation with the CPTPP was a way to advance a modern, rules-based trading system when the WTO urgently needs reform. "We are working closely with like-minded partners, including CPTPP countries, to advance meaningful, rules-based reform that upholds fair and open global trade," it said in a statement. One area of work could be setting up a system to settle disputes, required because the United States has blocked appointments to the WTO's Appellate Body, the ultimate arbiter on global trade. The EU-CPTPP cooperation would also be designed to send a political signal that a large number of countries support open and rules-based global trade. The CPTPP is a 12-nation free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, which Britain joined late last year. "We are strong supporters of the WTO, which plays a vital role," a spokesperson for Britain's trade ministry said, highlighting a trade strategy launched on Thursday which said CPTPP could be a platform "to encourage deeper trading relationships between countries and groupings committed to liberal rules-based trade." "We are working with other CPTPP members to help set up discussions with other major trading blocs, including the EU, on ways to further promote free and fair global trade," the spokesperson added. © Thomson Reuters 2025.
Yahoo
4 hours ago
- Business
- Yahoo
Top EU official says ‘Trump is right' that China is a ‘serious problem' that threatens us all — here's why
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. European Commission President Ursula von der Leyen hasn't shied away from criticizing U.S. President Donald Trump — especially when it comes to his sweeping tariffs. But lately, the two have aligned on a shared concern: China. 'When we focus our attention on tariffs between partners, it diverts our energy from the real challenge — one that threatens us all,' von der Leyen said during the 'Global economic outlook' roundtable at the G7 Leaders' Summit in Kananaskis, Alberta. 'On this point, Donald is right — there is a serious problem,' she admitted. 'The biggest collective problem we have has its origins in the accession of China to the WTO in 2001 … China has largely shown ... unwillingness to live within the constraints of the rules based international system.' Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 4 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how In particular, von der Leyen accused China of 'undercutting intellectual property protections' and providing 'massive subsidies with the aim to dominate global manufacturing and supply chains.' She said China's actions don't reflect fair market competition, but instead represent 'distortion with intent,' which she warned undermines the manufacturing sectors of its trading partners. In her statement, von der Leyen urged G7 nations to confront the issue together, noting that the bloc represents 45% of global GDP and more than 80% of global intellectual property revenues — leverage that could be used to pressure China. The European Commission chief also revealed she is 'working closely' with Trump on a mutually beneficial trade agreement. Her remarks echo Trump's long-standing warnings about China — and add momentum to the broader push among Western nations to rethink their economic ties. For investors, it could be a wake-up call: When global power shifts, it pays to have something solid in your corner. With global tensions rising and major economies reassessing their trade ties, investors are turning to assets that can hold up in turbulent times. One that continues to stand out, according to legendary hedge fund manager Ray Dalio, is gold. 'People don't have, typically, an adequate amount of gold in their portfolio,' Dalio told CNBC earlier this year. 'When bad times come, gold is a very effective diversifier.' Long seen as the ultimate safe haven, gold isn't tied to any single country, currency or economy. It can't be printed out of thin air like fiat money, and in times of economic turmoil or geopolitical uncertainty, investors tend to pile in — driving up its value. Over the past 12 months, gold prices have surged more than 40%. One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Goldco. Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an option for those seeking to ensure their retirement funds are well-shielded against economic uncertainties. Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver. If you're curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today. Read more: This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. If gold is the common go-to hedge for moments of chaos, real estate is the long game — and no one knows that better than Trump himself. Before politics, Trump made his fortune in real estate — and the asset class remains a powerful tool for building and preserving wealth, especially during inflationary times. That's because property values and rental income tend to rise along with the cost of living. Unlike some other investments, real estate doesn't need a roaring stock market to deliver returns. Even during downturns, high-quality properties can generate rental income — offering a dependable stream of passive cash flow. As Trump told Steve Forbes back in 2011, 'I just notice that when you have that right piece of property, whatever it might be, including location, it tends to work well in good times and in bad times.' Today, you don't need to buy a property outright to benefit from real estate investing. Crowdfunding platforms like Arrived offer an easier way to get exposure to this income-generating asset class. Backed by world class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants. The process is simple: Browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you'd like to purchase, and then sit back as you start receiving any positive rental income distributions from your investment. Another option is Homeshares, which gives accredited investors access to the $35 trillion U.S. home equity market — a space that's historically been the exclusive playground of institutional investors. With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property. With risk-adjusted target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets. Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs Elon Musk just endorsed Warren Buffett's '5-minute' fix for America's multi-trillion debt problem — and 1 Senator is drafting a constitutional change to make it real. Do you think it'll work? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here's how much the average 60-year-old American has in retirement savings — and 5 critical ways you can secure your nest egg Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Novaya Gazeta Europe
5 hours ago
- Business
- Novaya Gazeta Europe
EU renews sanctions against Russia but fails to pass new package after Slovakia veto — Novaya Gazeta Europe
Flags of the European Union in front of a building at the European Parliament in Strasbourg, France, 2 April 2025. Photo: EPA-EFE/RONALD WITTEK EU leaders gathered in Brussels have agreed to renew existing sanctions against Russia for another six months, Reuters reported on Thursday, though they failed to pass a new raft of sanctions after Slovakia's Prime Minister Robert Fico made clear he would veto such a proposal. The decision means that the proposed 18th package of sanctions, which would further target Russia's energy and finance sector and the so-called 'shadow fleet' of tankers used to bypass the G7 price cap on Russian oil exports, will have to be agreed upon at a later date. On Thursday, Fico said he would not agree to a new sanctions package until Slovak concerns over gas supplies are resolved. According to Reuters, Fico believes that further sanctions against Russia will lead to supply issues and legal issues for Slovakia concerning its existing long-term contract with Russian gas company Gazprom. In mid-June, the European Commission unveiled a legislative proposal, according to which EU countries would be required to phase out the import of Russian energy by 2027, part of Brussels' RePowerEU plan aimed at ending the EU's dependency on Russian fossil fuels. 'Russia has repeatedly attempted to blackmail us by weaponising its energy supplies. We have taken clear steps to turn off the tap and end the era of Russian fossil fuels in Europe for good,' Ursula von der Leyen, President of the European Commission, said when introducing the initiative on 17 June. Commenting on Slovakia's opposition, Polish Minister for European Affairs Adam Szłapka said at the summit that he hoped Bratislava's support could be secured: 'As with the previous sanction packages, I am optimistic here; we are working on it,' he said. 'I hope that it will be possible to close it by the end of Poland's [EU] presidency, and as we know, there are four days left.' Since Russia's full-scale invasion of Ukraine in 2022, the EU has imposed punitive sanctions against over 2,400 Russian companies, politicians, military figures, and business people. The EU's sanctions must be renewed every six months and require unanimous agreement from all 27 member states. The EU's existing sanctions were set to expire on 31 July. With the latest deal, they will now remain in effect until 31 December. Also on Thursday, the European Council, which is holding a special summit in Brussels this week, failed to adopt a unanimous statement of support for Ukraine's accession to the EU after Hungary refused to endorse the measure. Hungary's Prime Minister Viktor Orbán, who organised a widely criticised opinion poll in his country in which 95% of respondents rejected the prospect of Ukraine's EU accession, says he will continue to oppose the process.
Irish Times
5 hours ago
- Business
- Irish Times
Splits emerge between European governments over US tariff talks
Splits have emerged between European governments over talks to avert crippling tariffs on trade, as EU negotiators press United States president Donald Trump's administration for a deal in the next two weeks. Ireland, Germany, Italy and others are keen to land a quick deal with the Trump administration, while the French government is concerned about the European Union giving too many concessions. Mr Trump has threatened to put tariffs of 50 per cent on imports sold into the US from the EU, unless the two sides agree a trade deal by July 9th. Near-blanket tariffs of 10 per cent have been charged on EU goods since early April, with cars and steel subject to higher 25 per cent duties. Negotiators from the European Commission, the EU executive that leads on trade policy, have been putting more pressure on US counterparts, to get some form of tariff deal over the line before the July 9th deadline. READ MORE There is concern in Government that existing tariffs will become the new 'baseline', two sources said. Cementing tariffs at that rate would still have a significant economic impact, given the huge amount the Republic exports to the US. Officials in the Department of Finance are preparing an assessment of the impact to the Irish economy if tariffs of 10 per cent remain . European Commission president Ursula von der Leyen briefed EU leaders at a summit in Brussels late on Thursday about the progress of talks. It is understood she gauged how much national capitals would be ready to give in the tariff negotiations. [ Trump's on-off tariff announcements now the main threat to global growth Opens in new window ] Germany and Italy want the commission to make sure it agrees some type of deal, or the broad strokes of an agreement that heads off steeper tariffs, according to one source briefed on the discussions. It is understood the French government has been more hesitant and concerned about the level of concessions the EU would give to the Trump administration. French president Emmanuel Macron has said that if some US tariffs became permanent, the EU would have to consider putting similar duties on goods coming from the US. EU negotiators are expected to intensify efforts to hammer out a deal with their US counterparts in the next 12 days. Officials have largely accepted that any deal will not remove Mr Trump's 10 per cent ' liberation day ' tariffs, which apply to nearly all trade except pharmaceutical products and computer chips, which he has promised to hit with separate levies. EU trade commissioner Maroš Šefčovič said he is continuing to work towards a 'negotiated solution', after a phone call with US trade representative Jamieson Greer on Friday afternoon. Dublin and other capitals are eager to land at least a preliminary agreement, rather than extend the US tariff deadline beyond July 9th. Government sources said there is a lot of unease about the uncertainty the threat of looming tariffs was causing businesses. [ Alcohol health-warning labels to be delayed amid US-EU tariff dispute, says Harris Opens in new window ] The commission is preparing a package of retaliatory tariffs as leverage to levy on US trade if negotiations stall. It has proposed targeting Boeing and other aircraft manufacturers, the automobile industry and a host of other US products and sectors. The Government has asked the commission to reconsider putting counter tariffs on aircraft, medical devices, bourbon and agricultural products, to shield Ryanair, Irish whiskey distillers and the medtech sector from US crossfire in the event of a full-blown trade war. The EU's retaliatory package would only affect €25 billion worth of US trade, rather than €95 billion, if the EU was to remove from the tariff list every product member states want off, the commission recently told diplomats in a closed-door meeting.
Bloomberg
6 hours ago
- Business
- Bloomberg
EU Set to Open Doors to Imported Carbon Credits Under 2040 Goal
The European Union wants to allow limited imports of carbon credits under a planned 90% emissions reduction goal for the next decade, in a bid to reduce the costs of its ambitious green shift and get member states on board. The European Commission, the bloc's executive arm, is poised to propose that certain high-quality credits from a new United Nations-supervised mechanism can account for 3% of the pollution cut by 2040, according to a draft document seen by Bloomberg News.
