Latest news with #US tariffs
BreakingNews.ie
16 hours ago
- Business
- BreakingNews.ie
One-off payments for businesses ‘not sustainable' response to tariffs
One-off payments for businesses are 'not sustainable' as a response to 15 per cent tariffs imposed by the US, the enterprise minister has said. The Irish government has welcomed the certainty of a trade deal between the EU and the US but said more detail is required to assess the impact on the Irish economy. Advertisement Taoiseach Micheál Martin said nobody was welcoming 15 per cent tariffs 'with open arms' but the deal avoided a 'ruinous' trade war. Speaking before briefing Cabinet on the trade agreement struck by US President Donald Trump and European Commission president Ursula von der Leyen at the weekend, Peter Burke said Brexit-style supports were not the answer. 'This is a new environment. It is a new trading world. There are huge tensions now on the geopolitical landscape, and that looks like it's going to remain into the future,' he said. 'So we have to try and navigate those sustainably and the answer is not really setting up a Brexit-type response right now, it is working specifically with companies, trying to assist them, like we have been, in a sustainable way. Advertisement 'One-off payments are not sustainable and I think we have to be honest about that. What is sustainable is that if you make your production process more efficient that allows you retain that high-value market despite the tariff rate with the US economy. 'I think one of the key things we're looking to establish is that there's no stacking in tariffs, and that could be a significant win, if it's fleshed out correctly as we think it is, that you won't have a 15% on top of previous tariffs, particularly in our agrifoods and drinks sector. It will be important to see what the carve-outs are in that sector.'
France 24
17 hours ago
- Business
- France 24
Philips chops back US tariff bill
The company had originally estimated in April that US tariffs could cost it 250 to 300 million euros this year after President Donald Trump unveiled a 20 percent tariff rate for goods from the European Union. Brussels and Washington reached a deal over the weekend that will see goods from the EU face a baseline 15 percent levy when imported into the United States. It said Tuesday it now expects between 150 and 200 million euros impact from US tariffs this year. Chief executive Roy Jakobs said Philips updated "the guidance because we have certainty now around what is happening between the EU and the US." Shares in Philips jumped more than 10 percent during morning trading, while the Amsterdam market rose around 0.4 percent overall. The trade deal has come under widespread criticism in Europe as having been lopsided, saddling its manufacturers with a costly 15 percent rate with little in return from the US as certainty is a relative concept given Trump's propensity to change positions. Jakobs said that certainty "is what we value in" in the deal, while acknowledging "it's a painful additional cost we have to carry". The company still targets a one to three percent increase in annual sales. Second quarter net profit fell by 47 percent to 240 million euros, but last year's performance was boosted by exceptional income from insurance payouts linked to long-running issues with its sleep apnoea machines. Sales slid by 2.8 percent to 4.3 billion euros, although they edged higher on a comparable basis that excludes currency changes. The company also noted orders rose by six percent on a comparable basis. The appreciation of the euro relative to the dollar and other currencies has been crimping the results of European companies as their revenues abroad result in fewer euros on the balance sheet.
Reuters
a day ago
- Business
- Reuters
South Korea Foreign Minister Cho visiting Japan, US for first meetings with allies
SEOUL, July 29 (Reuters) - South Korean Foreign Minister Cho Hyun said on Tuesday he would hold his first meeting in Tokyo with his Japanese counterpart Takeshi Iwaya since taking up his post this month before travelling to the U.S. to support trade negotiations. Cho will also have his first meeting with U.S. Secretary of State Marco Rubio on July 31, as Seoul makes a final push to secure a trade deal to limit the impact of punishing U.S. tariffs due to come in on August 1. "The tariff negotiations are nearing an end. I will provide much support for this as well," Cho told reporters in Seoul ahead of his departure to Japan. "But more importantly, we will discuss how to cooperate between South Korea, the U.S. and Japan as well as strengthen the U.S. alliance in a comprehensive way." As for his Japan visit, Cho said he would discuss important bilateral issues including historical disputes "in a future-oriented way" and agree to cooperate going forward. "The most important thing is how to achieve peace and stability in Northeast Asia through cooperation between Korea and Japan," Cho said.
CNA
a day ago
- Business
- CNA
Thailand-US trade talks should be concluded before Aug 1, minister says
BANGKOK: Thailand's trade talks with the United States are expected to be concluded before Aug 1, and US tariffs on the country are not expected to be as high as 36 per cent, its finance minister said on Tuesday (Jul 29). The United States was Thailand's largest export market last year, accounting for 18.3 per cent of total shipments, or US$54.96 billion. Washington has put its deficit with Thailand at US$45.6 billion. Thailand is ready to negotiate and its proposal remains the same, Finance Minister Pichai Chunhavajira told reporters. "The United States has already opened the way for further negotiations, and we will continue the discussions," he said. Asked whether the talks could be done before the Aug 1 deadline, Pichai said, "Yes, it can be done in time. We're definitely ready and now we'll see how the US decides." US tariffs on Thailand could be announced on Aug 1 or Aug 2, Pichai said. "This is roughly where things stand. I think it's very close now," he added. "I believe we definitely should not face 36 per cent." Earlier this month, Pichai said the country made more concessions in addition to an earlier improved trade proposal that offered zero tariffs on many US products. He said US tariff rates on Thailand are expected to align with other countries in the region.
Yahoo
a day ago
- Business
- Yahoo
China's $733 Billion Warning: Why Investors Can't Ignore This Red Flag
China just posted a record-breaking 5.25 trillion yuan ($733 billion) budget deficit for the first half of the yeara 45% jump from the same period in 2024. Behind that number? A government pulling every fiscal lever it can to keep growth on track as exports to the US take a hit. While American tariffs remain elevatedroughly 30 percentage points higher than a year agoBeijing has doubled down on infrastructure and domestic spending to compensate for weakening external demand and a bruised property sector. Warning! GuruFocus has detected 9 Warning Signs with MSTR. So far, that strategy has bought time. GDP grew 5.3% in the first six months, running ahead of the government's full-year target. But under the surface, cracks are showing. Fiscal revenue fell 0.6% year-on-year, tax collections dropped 1.2%, and land salesa key source of fundingslipped another 6.5%. Meanwhile, total government spending rose 9% to nearly 19 trillion yuan, driven by capital-heavy projects and social support. For investors, that paints a mixed picture: growth is holding up, but the cost is rising fast. All eyes now turn to two events on the horizon: a high-level economic policy meeting in Beijing and fresh trade negotiations between Chinese and US officials. What happens next could shape the outlook not just for China's fiscal stance, but for any company exposed to cross-border flowsparticularly those like Tesla (NASDAQ:TSLA), which depend on both Chinese consumers and manufacturing capacity. If tariffs rise or growth slows, earnings leverage across sectors could swing hard in either direction. This article first appeared on GuruFocus. Sign in to access your portfolio
