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First Post
3 days ago
- Business
- First Post
No Taco for Europe as it prepares to hit back, taking Trump's new tariff threat seriously
More than half a dozen EU members have backed the French-led charge of deploying an 'anti-coercion instrument (ACI)' in case talks between the two parties fail ahead of the August 1 deadline read more As the European Union inches closer to securing a trade deal with the US, the bloc is planning to put all its cards on the table, including activating its most powerful trade tools against America. More than half a dozen EU members have backed the French-led charge of deploying an 'anti-coercion instrument (ACI)' in case talks between the two parties fail ahead of the August 1 deadline of lifting the pause on reciprocal tariffs. Trump has threatened a 30 per cent tariff rate on the bloc, which is its largest trading partner. STORY CONTINUES BELOW THIS AD If all member states agree, the European Union would use the ACI for the first time ever, which could possibly unleash a wider transatlantic trade war, at a time when Trump tariffs have already kept the world economy on the edge. Talking to Bloomberg, Benjamin Haddad, France's minister for European affairs, said, 'In this negotiation, you need to show strength, you need to show force, unity and resolve. He added that the bloc could 'go further' than the countermeasures previously announced by it, targeting almost €100 billion worth of US trade under the ACI. While France is resolved to unravel the potential of ACI, some EU members have expressed scepticism with the chief, Ursula von der Leyen, saying that 'the ACI is created for extraordinary situations' and 'we are not there yet.' Talks between the US and EU have continued, even after Trump threatened in a letter over the weekend to impose a 30 per cent tariff on most of the bloc's exports starting next month, in addition to the existing 25 per cent duties on cars and car parts and 50 per cent tariffs on steel and aluminium. STORY CONTINUES BELOW THIS AD Meanwhile, EU Commissioner Michael McGrath told Bloomberg that the bloc is expecting to reach a deal with the US by August 1, although leaders were 'surprised and disappointed' to receive Trump's letter. The EU's top trade negotiator, Maros Sefcovic, left for Washington on Wednesday for talks with his US counterparts. 'Sefcovic is flying to DC this afternoon, for separate in-person meetings' with US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, said European Commission trade spokesman Olof Gill.
Yahoo
4 days ago
- Business
- Yahoo
France Adds Support for Using Most-Potent Trade Tool on US
(Bloomberg) — A growing number of European Union member states want the bloc to activate its most powerful trade tool against the US should the two sides fail to reach an acceptable agreement by Aug. 1 and Donald Trump carries out his threat of 30% tariffs on the US's largest trading partner. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say A French-led charge to deploy the EU's so-called anti-coercion instrument is backed by more than half a dozen European capitals, according to people familiar with the matter. Several member states are more cautious, while others have yet to express a position, said the people, who spoke on condition of anonymity to discuss private deliberations. The issue was discussed at a meeting of trade ministers on Monday, the people said. Benjamin Haddad, France's minister for European affairs, said earlier this week that the response from Brussels should include the option of using the tool which gives officials broad powers to take retaliatory action against EU trading partners. Those measures could include new taxes on US tech giants, for instance, or targeted curbs on US investments in the EU. They could also involve limiting access to certain parts of the EU market or restricting US firms from bidding for public contracts in Europe. The first-ever use of the ACI would likely provoke an even wider transatlantic trade war, given Trump's warnings that retaliation against American interests will only invite tougher tactics from his administration. 'In this negotiation, you need to show strength, you need to show force, unity and resolve,' Haddad told Bloomberg Television on Monday. 'We can go further' than the countermeasures announced by the European Commission targeting almost €100 billion ($116 billion) worth of US trade, he said, referring to the ACI. The commission, which leads on trade matters on behalf of the bloc, has so far said use of the tool is premature as negotiations continue. Commission President Ursula von der Leyen told reporters on Sunday that 'the ACI is created for extraordinary situations' and 'we are not there yet.' The overwhelming preference among capitals and EU officials is to keep negotiations on track and find a negotiated outcome to the impasse, while maintaining the threat of retaliation with countermeasures that are proportional to the damage from US tariffs. EU trade chief Maros Sefcovic will travel to Washington for further talks with his US counterparts this week, according to commission spokesman Olof Gill. Talks between the US and EU have continued despite Trump threatening in a letter sent over the weekend to impose a 30% tariff on most of the bloc's exports starting next month, alongside existing 25% duties on cars and car parts, and 50% levies on steel and aluminum. EU Commissioner Michael McGrath told Bloomberg Radio on Wednesday that he expects a deal to be reached by Aug. 1, though Brussels was 'surprised and disappointed' to receive Trump's letter. 'These are challenging complex negotiations,' McGrath said. 'We remain focused as an EU on the substantive discussions.' On Tuesday, Trump — who is known for escalating his rhetoric when negotiations bog down — said that he was likely to impose tariffs on some pharmaceuticals as soon as next month. That could hit European drug companies particularly hard. Ongoing Talks Before the latest threats from Washington, EU officials were hopeful they were edging toward a preliminary framework agreement that would allow negotiations to continue beyond the deadline. Under the envisioned accord, the bloc would face a 10% levy on most exports, with limited exemptions for some industries such as aviation and medical devices. The anti-coercion tool was designed primarily as a deterrent, and if needed respond to deliberate coercive actions from third countries that use trade measures as a means to pressure the sovereign policy choices of the 27-nation bloc or individual member states. The instrument was enacted as part of the EU's effort to boost its trade defenses after the US imposed tariffs on the bloc's exports during the first Trump administration. Another factor was China's decision to place restrictions on Lithuanian goods after Taiwan opened a trade office in the Baltic nation. The commission can propose use of the tool but it is then for member states to determine whether there is a coercion case and if it should be deployed. Throughout the process the EU would seek to consult with the coercing party to find a resolution and may also collaborate with like-minded partners facing similar pressure. (Updates with trade chief's trip to Washington in ninth paragraph) Forget DOGE. Musk Is Suddenly All In on AI How Starbucks Is Engineering a Turnaround With Warm Vibes and Cold Foams How Hims Became the King of Knockoff Weight-Loss Drugs Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The New Third Rail in Silicon Valley: Investing in Chinese AI ©2025 Bloomberg L.P. Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Yahoo
4 days ago
- Business
- Yahoo
France Adds Support for Using Most-Potent Trade Tool on US
(Bloomberg) — A growing number of European Union member states want the bloc to activate its most powerful trade tool against the US should the two sides fail to reach an acceptable agreement by Aug. 1 and Donald Trump carries out his threat of 30% tariffs on the US's largest trading partner. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say A French-led charge to deploy the EU's so-called anti-coercion instrument is backed by more than half a dozen European capitals, according to people familiar with the matter. Several member states are more cautious, while others have yet to express a position, said the people, who spoke on condition of anonymity to discuss private deliberations. The issue was discussed at a meeting of trade ministers on Monday, the people said. Benjamin Haddad, France's minister for European affairs, said earlier this week that the response from Brussels should include the option of using the tool which gives officials broad powers to take retaliatory action against EU trading partners. Those measures could include new taxes on US tech giants, for instance, or targeted curbs on US investments in the EU. They could also involve limiting access to certain parts of the EU market or restricting US firms from bidding for public contracts in Europe. The first-ever use of the ACI would likely provoke an even wider transatlantic trade war, given Trump's warnings that retaliation against American interests will only invite tougher tactics from his administration. 'In this negotiation, you need to show strength, you need to show force, unity and resolve,' Haddad told Bloomberg Television on Monday. 'We can go further' than the countermeasures announced by the European Commission targeting almost €100 billion ($116 billion) worth of US trade, he said, referring to the ACI. The commission, which leads on trade matters on behalf of the bloc, has so far said use of the tool is premature as negotiations continue. Commission President Ursula von der Leyen told reporters on Sunday that 'the ACI is created for extraordinary situations' and 'we are not there yet.' The overwhelming preference among capitals and EU officials is to keep negotiations on track and find a negotiated outcome to the impasse, while maintaining the threat of retaliation with countermeasures that are proportional to the damage from US tariffs. EU trade chief Maros Sefcovic will travel to Washington for further talks with his US counterparts this week, according to commission spokesman Olof Gill. Talks between the US and EU have continued despite Trump threatening in a letter sent over the weekend to impose a 30% tariff on most of the bloc's exports starting next month, alongside existing 25% duties on cars and car parts, and 50% levies on steel and aluminum. EU Commissioner Michael McGrath told Bloomberg Radio on Wednesday that he expects a deal to be reached by Aug. 1, though Brussels was 'surprised and disappointed' to receive Trump's letter. 'These are challenging complex negotiations,' McGrath said. 'We remain focused as an EU on the substantive discussions.' On Tuesday, Trump — who is known for escalating his rhetoric when negotiations bog down — said that he was likely to impose tariffs on some pharmaceuticals as soon as next month. That could hit European drug companies particularly hard. Ongoing Talks Before the latest threats from Washington, EU officials were hopeful they were edging toward a preliminary framework agreement that would allow negotiations to continue beyond the deadline. Under the envisioned accord, the bloc would face a 10% levy on most exports, with limited exemptions for some industries such as aviation and medical devices. The anti-coercion tool was designed primarily as a deterrent, and if needed respond to deliberate coercive actions from third countries that use trade measures as a means to pressure the sovereign policy choices of the 27-nation bloc or individual member states. The instrument was enacted as part of the EU's effort to boost its trade defenses after the US imposed tariffs on the bloc's exports during the first Trump administration. Another factor was China's decision to place restrictions on Lithuanian goods after Taiwan opened a trade office in the Baltic nation. The commission can propose use of the tool but it is then for member states to determine whether there is a coercion case and if it should be deployed. Throughout the process the EU would seek to consult with the coercing party to find a resolution and may also collaborate with like-minded partners facing similar pressure. (Updates with trade chief's trip to Washington in ninth paragraph) Forget DOGE. Musk Is Suddenly All In on AI How Starbucks Is Engineering a Turnaround With Warm Vibes and Cold Foams How Hims Became the King of Knockoff Weight-Loss Drugs Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The New Third Rail in Silicon Valley: Investing in Chinese AI ©2025 Bloomberg L.P. Sign in to access your portfolio
Euractiv
5 days ago
- Politics
- Euractiv
France claims victory on EU online child protection guidelines
France believes its recent – and very public – intervention in the online child protection debate has won the day, as it says the Commission's new guidelines on the topic will now pave the way for it to ban social media for kids under 15. On Monday, the Commission unveiled much-anticipated guidelines for protecting minors online, as part of the Digital Services Act (DSA). The initiative has drawn significant attention and backing from EU countries, industry, and children's rights groups, many of which have already set out their own positions in anticipation of the official DSA guidelines. A French-led movement of EU countries seeking to ban social media for kids under 15 believes its position has been affirmed in the final Commission guidelines – a shift from an earlier draft, released in May, which did not clarify this issue. "The European Commission has just confirmed the possibility for Member States to ban social networks for those under a certain age," French President Emmanuel Macron wrote in a triumphant post on X on Monday evening. "This marks an important victory for France," added the country's digital minister, Clara Chappaz, in a press release which also stated that the guidelines have paved the way for banning social media for kids. Choose your own digital majority The final guidelines allow member countries to set their own so-called "digital majority" age, instead of establishing one at the EU level. On Monday, Tech Commissioner Henna Virkkunen said that creating an EU-wide digital majority is not possible due to "different cultures" and "differences between member states." Danish Minister for Digital Affairs, Caroline Stage Olsen, who on Monday presented the guidelines alongside Virkkuen, stressed that age verification is "absolutely essential" – referencing the Commission's prototype age verification tool, which could underpin country-specific apps capable of restricting content deemed inappropriate for children. EU lawmaker Christel Schaldemose, who is currently finalising a Parliamentary report on the protection of minors, also welcomed the Commission approach – saying she's "particularly glad that Member States retain the flexibility to implement their own age verification systems for social media." However, she added that she would still like the Commission to adopt a "more ambitious stand on age verification" for social media platforms. Children's rights groups also welcomed the guidelines. Manon Baert, from the 5Rights Foundation, said they "have the potential to make a real difference for children across Europe", adding: "Now companies must deliver." But industry representatives are unhappy, with tech lobbies warning that allowing EU countries to decide their own digital majority age risks fragmentation. "The door is still open for national laws, which is disappointing," said DOT Europe, a Brussels-based association representing Big Tech. Meta, which has lobbied strongly for an EU-wide digital age majority alongside enhanced parental controls, also cautioned against introducing varying rules across countries. (nl, aw)
Euractiv
07-07-2025
- Business
- Euractiv
Brussels in tug-of-war over banning social media for kids
The French-led movement to ban social media for kids is gaining traction in Brussels as EU lawmakers draft their own-initiative report on the protection of minors, following an announcement from Meta on Friday that said the social media giant would support an EU-wide digital age of majority. On Friday, Facebook and Instagram's owner, Meta, announced that it would support a common digital majority age across the EU – provided parents approve children's access to digital services, including social media. The move suggests that Meta is doubling down on a splashy ad campaign it's currently running in Brussels, lobbying for EU-wide age verification at the device or app store level. At the same time, the tech giant's latest intervention in the online safeguarding debate makes it clear that it does not support "government-mandated social media bans." Danish lawmaker Christel Schaldemose – rapporteur of a report on the protection of minors in the Parliament's Internal Market and Consumer Protection (IMCO) Committee– gave short shrift to Meta's proposal. "If Meta were truly committed to creating a safe online environment – free from illegal content and addictive design for children – they would have taken meaningful action long ago," she told Euractiv. Writing on the wall Schaldemose's report calls on online platforms to take more responsibility for safeguarding minors instead of shifting the burden to parents. "It [Meta's campaign] looks like an attempt to shift responsibility for online safety onto parents and other parts of the digital ecosystem," she said. EPP MEP Dóra Dávid, who previously worked as a legal affairs advisor for Meta, shared her amendments to Schaldemose's report with Euractiv, arguing that the term "digital age majority" needs to be clarified. She also cast doubt on whether France or other member states are pushing for an outright social media ban for children, stating: 'That is not what France or other member states have proposed, nor what I support.' Dávid said she wants "parental consent for minors under 16 to register on social media and video-sharing platforms" to be mandatory. However, she criticised Meta's campaign as too restricted. "In a nutshell, Meta sees the writing on the wall and wants to look responsible while dodging responsibility," she added. "If a platform like Facebook wants teens on board, they should ask the parents, not hide behind Apple or Google." French-liberal lawmaker Stephanie Yon-Courtin has been pushing for stronger legislation on age verification across platforms. But, responding to Meta's announcement, the lawmaker said she backs Meta's preferred approach of "empowering parents, not bypassing them." "It is a good signal to see platforms actively engaging on the issue. They are calling for action, and we need to answer: it is a shared responsibility," Yon-Courtin added. For French-left lawmaker Leila Chaibi, however, social media bans remain beyond the pale. This is reflected in her amendments – which dismiss EU-wide age verification laws and social media bans as "a boomer idea that is unanimously opposed by stakeholders." "We prefer to force platforms to offer safe products and for governments to provide real training to minors and adults on how to use the internet safely," Chaibi added. (nl, aw)
