Latest news with #JeannaSmialek
New York Times
a day ago
- Business
- New York Times
Europe Caves to Trump on Tariffs
Hosted by Michael Barbaro Featuring Jeanna Smialek Produced by Diana Nguyen and Rachelle Bonja Edited by M.J. Davis Lin and Lisa Chow Original music by Dan Powell and Marion Lozano Engineered by Alyssa Moxley By almost all accounts, the historic trade deal that was reached between the United States and the 27 nations of the European Union is far better for the United States than it is for Europe. Jeanna Smialek, the Brussels bureau chief for The Times, explains why the European Union gave in to President Trump and the blowback that's causing. Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at or on Apple Podcasts and Spotify. Jeanna Smialek, the Brussels bureau chief for The New York Times. Is the European Union's tariff deal with the United States good for Europe? The framework agreement is not likely to do much for economic growth on either side. But it avoids new fissures on other foreign policy issues, particularly the war in Ukraine. There are a lot of ways to listen to 'The Daily.' Here's how. We aim to make transcripts available the next workday after an episode's publication. You can find them at the top of the page. The Daily is made by Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, M.J. Davis Lin, Dan Powell, Sydney Harper, Michael Benoist, Liz O. Baylen, Asthaa Chaturvedi, Rachelle Bonja, Diana Nguyen, Marion Lozano, Rob Szypko, Elisheba Ittoop, Mooj Zadie, Patricia Willens, Rowan Niemisto, Jody Becker, Rikki Novetsky, Nina Feldman, Carlos Prieto, Ben Calhoun, Susan Lee, Lexie Diao, Mary Wilson, Alex Stern, Sophia Lanman, Shannon M. Lin, Diane Wong, Devon Taylor, Alyssa Moxley, Olivia Natt, Daniel Ramirez, Brendan Klinkenberg, Chris Haxel, Maria Byrne, Anna Foley and Caitlin O'Keefe. Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly. Special thanks to Sam Dolnick, Paula Szuchman, Lisa Tobin, Larissa Anderson, Julia Simon, Mahima Chablani, Elizabeth Davis-Moorer, Jeffrey Miranda, Maddy Masiello, Isabella Anderson, Nina Lassam, Nick Pitman and Kathleen O'Brien.
New York Times
2 days ago
- Politics
- New York Times
Outrage Grows Over Starvation in Gaza, and a Mysterious Pentagon Budget Line
Hosted by Tracy Mumford Produced by Will Jarvis and Ian Stewart Edited by Ian StewartJessica Metzger and Tracy Mumford Featuring Jeanna Smialek and Vivian Wang No Proof Hamas Routinely Stole U.N. Aid, Israeli Military Officials Say, by Natan Odenheimer Israel Says It Has Paused Some Military Activity in Gaza as Anger Grows Over Hunger, by Aaron Boxerman News Organizations Urge Israel to Let Reporters and Aid Into Gaza, by Ephrat Livni U.S. Reaches Preliminary Trade Deal With Europe, by Ana Swanson, Jeanna Smialek and Melissa Eddy What Will It Cost to Renovate the 'Free' Air Force One? Don't Ask, by David E. Sanger and Eric Schmitt Avian Flu Wiped Out Poultry. Now the Screwworm Is Coming for Beef, by Pooja Salhotra Tear It Down, They Said. He Just Kept Building, by Vivian Wang Tune in, and tell us what you think at theheadlines@ For corrections, email nytnews@ For more audio journalism and storytelling, download the New York Times Audio app — available to Times news subscribers on iOS — and sign up for our weekly newsletter. Special thanks to Pooja Salhotra.
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Business Standard
07-07-2025
- Business
- Business Standard
How European Union got stuck between Xi's China and Trump's America
By Jeanna Smialek and Keith Bradsher It once looked to many as if President Trump could be a reason for Europe and China to bring their economies closer. His planned tariffs did little to distinguish the European Union, a longtime ally of the United States, from China, the principal challenger to American primacy. It hasn't turned out that way. Instead, the European Union finds itself in a geopolitical chokehold between the world's two largest economies. In Brussels, officials are trying to secure a rough trade deal with their American counterparts before Mr. Trump hits the bloc with high, across-the-board tariffs that could clobber the bloc's economy. At the same time, European Union policymakers are trying to prod their counterparts in Beijing to stop supporting Russia, to stop helping Chinese industry with so much state money and to slow the flow of cheap goods into the European Union. But at a moment of upheaval in the global trading system, the bloc also needs to keep its relationship with China, the world's leading manufacturing superpower, on a relatively stable footing. Leaders from the European Union are scheduled to be in Beijing for a summit in late July, plans for which have been in flux. Hopes for the gathering are low. Even as China pushes the idea that Mr. Trump's hostility to multilateral trade is prodding Europe into its arms, Europe's problems with China are only growing. 'There is no China card for Europe,' said Liana Fix, a fellow for Europe at the Council on Foreign Relations. Tensions were on full display last week, when Wang Yi, China's foreign minister, visited Brussels for meetings in the run-up to the summit. China portrayed the tone as productive and dismissed the notion that the two sides had conflicts. European Union officials stressed lingering pain points, including trade imbalances. The divide was underscored this weekend. The European Union recently moved to curb government spending on medical devices from China, arguing that Chinese government agencies had been treating European companies unfairly and that it was necessary to level the playing field. China on Sunday announced that it would retaliate. Yet the European Union remains in a delicate dance with China. Economic ties between the two economies are extensive. Many European countries remain heavily dependent on China for industrial materials. And European exports to China remain substantial, especially from Germany, which has long had close trade ties with China. But Europe's exports have been dwindling, even as Chinese imports into the bloc have been surging. As cheap products from the fast fashion retailers Shein and Temu flood into European markets, policymakers have been working to tighten restrictions on such imports. And European leaders regularly complain that China's state-controlled banks subsidize the country's manufacturers so heavily that European companies can't compete. Nor are Europe's complaints unique to trade. European Union officials are angry about China's support for Russia during the war in Ukraine, providing a market for Russian fuel and other products that has blunted the bite of European sanctions. The European Union's aim cannot be to cut ties with China, according to the Danish foreign minister, Lars Løkke Rasmussen. 'It is about engaging on a more equal footing and being more transactional in our approach,' he said, speaking at a briefing with reporters on Friday. As the United States upends the global trading system in a bid to shrink its trade deficit, raise revenue and re-shore domestic manufacturing, the European Union finds itself in a lonely place. It is a bloc of 27 nations that together make the world's third-largest economy. The European Union was devised to promote commerce across borders and remains a powerful defender of free trade. Europe wants to 'show to the world that free trade with a large number of countries is possible on a rules-based foundation,' Ursula von der Leyen, the president of the European Union's executive branch, said at a news conference last month. The European Union has already deepened its trading relationships with like-minded countries like Switzerland and Canada. Ms. von der Leyen suggested that it could go a step further. It could pursue a new collaboration between the bloc and a trading group of 11 countries that includes Japan, Vietnam and Australia, but that notably does not include the United States or China. Yet even as Ms. von der Leyen tries to go on the offensive, E.U. officials have spent months on a far more defensive footing. That is because even as the European Union takes issue with the policies coming out of the United States and China, it is also being battered by — and torn between — the two. No matter the outcome of its trade talks with the Trump administration, the European Union is expected to end up with higher tariffs on its exports to the United States than it faced at the start of the year. American officials have said repeatedly that 10 percent across-the-board levies are not negotiable. Officials are also likely to be compelled to make concessions to secure an agreement. Those include a possible commitment to taking a tougher stance toward China. The European Union agrees with Mr. Trump that China has pursued unfair trading practices. Yet the bloc can push China only so far, given how intertwined the economies are. China has recently offered the European Union a damaging reminder of that reality. In response to U.S. tariffs, China limited global exports of rare earth magnets, which are critical to producing a range of goods from cars and drones to factory robots and missiles. Because China dominates rare earth production, it can inflict serious pain on its trading partners with such limitations. European policymakers initially hoped that China's restrictions would mainly affect American companies. But European firms have also faced long delays in getting China to approve its purchases of rare earths. The slowdown is caused not only by logistical kinks as China works through a queue of applications. Instead, it appears to be tied to a longer-standing trade flashpoint between Europe and China. The Chinese government has for years required that foreign companies share or transfer technology to their Chinese partners as a condition for entering the China market. Recently, European carmakers and other companies have found themselves far behind their Chinese competitors, which have led the development of electric cars, solar panels and other technologies. Given that, European Union officials have been pressing Chinese companies to transfer technology as part of the price of admission to the European market. The European Union has also joined the United States in restricting the shipment to China of equipment to make the fastest semiconductors, which have military as well as civilian applications. That has annoyed Chinese officials. China's minister of commerce, Wang Wentao, called for Europe to cancel controls on high-tech exports to China as part of discussions on a resumption of rare earth supplies. 'Minister Wang Wentao expressed the hope that the E.U. will meet us halfway and take effective measures to facilitate, safeguard and promote the compliant trade of high-tech products to China,' the Ministry of Commerce said in a statement last month. At the Beijing summit this month, European officials are likely to keep pushing Chinese officials for more consistent access to rare earths. Jens Eskelund, the president of the European Union Chamber of Commerce in China, said the chamber also wants the meetings to focus on trying to persuade Chinese officials on the need for more transparent and predictable regulations and to address how hard it has become for foreign companies to do business in China. But the outlook for meaningful changes, or anything that draws Europe and China closer, is dim. The tone coming from Europe is not positive. Ms. von der Leyen, in a speech at the Group of 7 meeting in Canada last month, said China was engaged in a cycle of 'dominance, dependency and blackmail.'
New York Times
30-05-2025
- Business
- New York Times
Did a Wine Importer Just Sink Trump's Trade War?
Hosted by Rachel Abrams Featuring Jeanna Smialek Produced by Olivia NattAlex Stern and Jessica Cheung Edited by Marc Georges and Paige Cowett Original music by Rowan Niemisto Engineered by Alyssa Moxley A panel of federal judges ruled on Wednesday that many of President Trump's tariffs were illegal, a decision that has threatened to derail his trade agenda. Victor Schwartz, the wine importer at the center of the case, explains why he decided to take on the president, and Jeanna Smialek, the Brussels bureau chief for The Times, discusses what options Mr. Trump has to save his trade war. Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at or on Apple Podcasts and Spotify. Victor Schwartz, a small wine importer and the lead plaintiff in a lawsuit against Mr. Trump's tariffs. Jeanna Smialek, the Brussels bureau chief for The New York Times. The U.S. Court of International Trade said Mr. Trump had overstepped his authority in imposing his 'reciprocal' tariffs globally. An appeals court spared the tariffs while it considered the challenge. From March: Wine businesses were struck with fears of disaster under the threat of huge tariffs. There are a lot of ways to listen to 'The Daily.' Here's how. We aim to make transcripts available the next workday after an episode's publication. You can find them at the top of the page. Special thanks to Susan C. Beachy. The Daily is made by Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, M.J. Davis Lin, Dan Powell, Sydney Harper, Michael Benoist, Liz O. Baylen, Asthaa Chaturvedi, Rachelle Bonja, Diana Nguyen, Marion Lozano, Rob Szypko, Elisheba Ittoop, Mooj Zadie, Patricia Willens, Rowan Niemisto, Jody Becker, Rikki Novetsky, Nina Feldman, Carlos Prieto, Ben Calhoun, Susan Lee, Lexie Diao, Mary Wilson, Alex Stern, Sophia Lanman, Shannon M. Lin, Diane Wong, Devon Taylor, Alyssa Moxley, Olivia Natt, Daniel Ramirez, Brendan Klinkenberg, Chris Haxel, Maria Byrne, Anna Foley and Caitlin O'Keefe. Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly. Special thanks to Sam Dolnick, Paula Szuchman, Lisa Tobin, Larissa Anderson, Julia Simon, Mahima Chablani, Elizabeth Davis-Moorer, Jeffrey Miranda, Maddy Masiello, Isabella Anderson, Nina Lassam, Nick Pitman and Kathleen O'Brien.
New York Times
07-04-2025
- Business
- New York Times
Trump Threatens Huge Tariffs on China in Response to Its Retaliation
President Trump on Monday issued a new ultimatum to China: Rescind its retaliatory tariffs, or face a 104 percent tax on its exports to the United States starting later this week. The president's threat risked another major escalation in what has already become a costly and damaging global trade war, one that has roiled financial markets as countries around the world scramble to calibrate a response to Washington. After Mr. Trump announced last week that he would impose a new 34 percent tariff on China, Beijing responded in force, threatening to impose a 34 percent tax on U.S. imports. In response, Mr. Trump said Monday in a post on Truth Social that the United States would 'impose ADDITIONAL Tariffs on China of 50%, effective April 9th.' White House officials later clarified that the tariff would be additive, potentially bringing the total taxes that Mr. Trump has imposed on Chinese imports since he came into office to 104 percent. Those levies would come in addition to tariffs Mr. Trump placed on many products from China in his first term, along with tariffs that apply to individual products because of specific trade violations. The escalation could result in a huge surcharge for importers bringing clothing, cellphones, chemicals and machinery in from China, which may see the cost of their imports double. American consumers last year bought $440 billion of goods from China, the second-largest source of U.S. imports after Mexico. The president also threatened that talks with China 'will be terminated!' if Beijing did not back down from its pledge to retaliate. In making that threat, Mr. Trump appeared to issue a stark warning to nations around the world that he would issue punishing additional tariffs if U.S. trading partners tried to rebuff his policies. His comments carried particular urgency on a day that officials in the European Union planned to circulate a list of U.S. products that they could soon subject to tariffs. Mr. Trump explicitly referred to his earlier threat that 'any country that Retaliates against the U.S.' would be 'immediately met with new and substantially higher Tariffs, over and above those initially set.' But he also said negotiations would begin with 'other countries' starting immediately. Jeanna Smialek contributed reporting.
