Latest news with #JorgeValero
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Business Standard
6 days ago
- Business
- Business Standard
EU prepared for breakdown in US trade talks: European Commission prez
The European Commission president said at a press conference in the early hours of Friday that her team is still assessing the latest US tariff offer Bloomberg By Jorge Valero, Michael Nienaber and Samy Adghirni The European Union is prepared for all eventualities in its trade negotiations with the US, including for a breakdown in talks, Ursula von der Leyen said, after discussing the latest proposals from the Trump White House with the bloc's leaders. The European Commission president said at a press conference in the early hours of Friday that her team is still assessing the latest US tariff offer. 'We are ready for a deal. At the same time we are preparing for the possibility that no satisfactory agreement is reached,' she said. 'In short, all options remain on the table.' At a summit meeting in Brussels that began Thursday, several member states argued against retaliation. Most suggested that a quick deal with the US is better than holding out for a perfect one, even if that means that many of Trump's tariffs remain in place, according to two people briefed on the discussions. The EU needs to reach an agreement with Trump by July 9, when levies on nearly all of the bloc's exports to the US increase to 50 per cent. The US president says the EU takes advantage of US with its goods surplus and perceived barriers to American trade. German Chancellor Friedrich Merz said he'd stressed that deadline to fellow leaders in Brussels, urging them to reach a solution quickly now to remove the threats hanging over key industries. 'We have less than two weeks,' he said. 'You can't agree a sophisticated trade agreement in that time.' Paris, however, rejects the idea of accepting any deal skewed in favor of the US and pushed for a complete removal of tariffs, another official said. French President Emmanuel Macron told reporters after the summit that a quick deal is preferable — but only so long as it is 'balanced.' 'The best tariff deal with the US would be zero to zero,' Macron said, insisting that if the US decides to keep 10 per cent tariffs, the bloc would have to respond. 'Otherwise we would be naive, or weak, or both,' he said. 'And we are neither.' Detailed discussions with the US are taking place on both tariffs and non-tariff barriers, as well as on key sectors, strategic purchases and regulatory matters the EU is hoping to address through its simplification agenda, said the people, who spoke on the condition of anonymity. The US is asking the EU to make what the bloc's officials see as unbalanced and unilateral concessions, Bloomberg reported earlier. Discussions on critical sectors — such as steel and aluminum, automobiles, pharmaceuticals, semiconductors and civilian aircraft — have been particularly difficult. Officials believe the best-case scenario remains an agreement on principles that would allow the negotiations to continue beyond an early July deadline. Alongside a 10 per cent universal levy on most goods — which is currently facing a US court challenge — Trump has introduced 25 per cent tariffs on cars and double that on steel and aluminum based on a different executive authority. He's also working to expand tariffs on other sectors, including pharmaceuticals, semiconductors and commercial aircraft. Many of those duties are expected to stay, regardless of an agreement with the Trump administration, according to the people. The EU, which has been seeking a mutually beneficial deal, will assess any end-result and at that stage decide what level of asymmetry — if any — it's willing to accept. The EU's industry chief, Stephane Sejourne, told Bloomberg this week that the EU would need to respond to any tariffs — including a baseline 10 per cent levy — with countermeasures. But some EU leaders, including Italy's Giorgia Meloni have indicated that they could live with some levies if it allows for a rapid deal that avoids an escalation in the conflict. During the Brussels summit, the bloc also set its sights on the bloc's broader trade relations. Macron and Merz signaled that European leaders agreed in principle to signing a long-sought free trade agreement with the South American Mercosur bloc, which France has opposed. The German leader also praised von der Leyen's suggestion at the summit to launch a new international trade organization to supersede what he called the 'dysfunctional' World Trade Organization. Von der Leyen first floated the idea at the Group of Seven conference in Canada earlier this month, according to a source with knowledge of the matter. If the WTO remains in trouble, he said, 'we who continue to believe that free trade is right must come up with something new.'
Bloomberg
13-06-2025
- Politics
- Bloomberg
Netherlands, Sweden Push for Sanctions Against Israeli Ministers
By , Samy Adghirni, and Jorge Valero Save Sweden and the Netherlands are pressing the European Union to sanction members of the Israeli cabinet over the war in Gaza, joining several other nations in the region whose stance on Israel has hardened in recent weeks. Swedish and Dutch officials invoked measures against hard-line figures in the Israeli government at a recent meeting of top European diplomats, according to people familiar with the matter who were granted anonymity to discuss sensitive information.
Bloomberg
11-06-2025
- Business
- Bloomberg
EU Sees US Trade Talks Extending Beyond Trump's July Deadline
By and Jorge Valero Save Takeaways NEW Supply Lines is a daily newsletter that tracks global trade. . The European Union believes trade negotiations with the US could extend beyond President Donald Trump's July 9 deadline, even as the speed of the talks has increased over the past week.
Bloomberg
15-05-2025
- Business
- Bloomberg
EU Readies New Trade Proposal for US as Tariff Talks Move Slowly
By and Jorge Valero Updated on Save Supply Lines is a daily newsletter that tracks global trade. Sign up here. The European Union is revising its proposals for a potential trade deal with the US as a first step toward opening serious negotiations, even as the Trump administration continues to provide little clarity and make demands that negotiators see as unrealistic, according to people familiar with the matter.
Bloomberg
12-05-2025
- Business
- Bloomberg
Market Doubts on Dollar Are Chance for EU, ESM Chief Says
By , Jorge Valero, Alessandra Migliaccio, and Daniel Basteiro Save Subscribe to Economics Daily for the latest news and analysis. A top European Union policymaker said the region should take advantage of investor doubts in the dollar and US Treasuries.
