Latest news with #USimports
Yahoo
6 days ago
- Automotive
- Yahoo
EU member states adopt retaliatory hit list in response to US tariffs
The member states on Thursday approved the list of retaliatory tariffs proposed by the European Commission to counter US trade measures, with only Hungary voting against. The list includes an initial package of measures adopted in early April and targets products including aircraft, cars and car parts, orange juice, poultry, soybeans, steel and aluminium, yachts. Bourbon whiskey was also included in the list despite intense lobbying by France and Ireland which fear US retaliation on wine and spirits. EU Industries were also consulted before the Commission proposed the list to the member states. The countermeasures will only enter into force if no deal is reached by the 1 August, the deadline set by US president Donald Trump from when he's set to impose 30% tariffs on EU imports. Anti-coercion instrument A qualified majority of member states also appears willing to trigger the anti-coercion instrument, which would enable the EU to hit US services if no deal is reached. Germany was for a long time resistant to using this powerful bazooka, but has now joined France, which has long been a strong advocate of the anti-coercion instrument. Following a dinner on Wednesday between German Chancellor Friedrich Merz and French President Emmanuel Macron, a source from the Élysée stated the shared vision of both leaders on the ongoing negotiations between the EU and the US. 'They hoped for a satisfactory outcome to the discussions that would safeguard the EU's interests,' the source said, adding 'while simultaneously accelerating work on countermeasures — including the anti-coercion instrument — in coordination with the Commission, should an agreement not be reached.' The US currently impose 50% on EU steel and aluminium, 25% on cars and 10% on all imports.
Yahoo
6 days ago
- Automotive
- Yahoo
EU member states adopt retaliatory hit list in response to US tariffs
The member states on Thursday approved the list of retaliatory tariffs proposed by the European Commission to counter US trade measures, with only Hungary voting against. The list includes an initial package of measures adopted in early April and targets products including aircraft, cars and car parts, orange juice, poultry, soybeans, steel and aluminium, yachts. Bourbon whiskey was also included in the list despite intense lobbying by France and Ireland which fear US retaliation on wine and spirits. EU Industries were also consulted before the Commission proposed the list to the member states. The countermeasures will only enter into force if no deal is reached by the 1 August, the deadline set by US president Donald Trump from when he's set to impose 30% tariffs on EU imports. Anti-coercion instrument A qualified majority of member states also appears willing to trigger the anti-coercion instrument, which would enable the EU to hit US services if no deal is reached. Germany was for a long time resistant to using this powerful bazooka, but has now joined France, which has long been a strong advocate of the anti-coercion instrument. Following a dinner on Wednesday between German Chancellor Friedrich Merz and French President Emmanuel Macron, a source from the Élysée stated the shared vision of both leaders on the ongoing negotiations between the EU and the US. 'They hoped for a satisfactory outcome to the discussions that would safeguard the EU's interests,' the source said, adding 'while simultaneously accelerating work on countermeasures — including the anti-coercion instrument — in coordination with the Commission, should an agreement not be reached.' The US currently impose 50% on EU steel and aluminium, 25% on cars and 10% on all imports. Sign in to access your portfolio


South China Morning Post
22-07-2025
- Business
- South China Morning Post
Will South Korea put apple farmers on the chopping block to seal Trump deal?
The apples grown in the South Korean county of Cheongsong in the country's southeast are so renowned for their flavour that they are often given out in neatly-packaged gift boxes during national holidays. But apple farmers, who account for about a third of the roughly 14,000 households in the sleepy rural area, worry that their way of life could be under threat from an influx of cheap US imports. Fanning concerns, South Korea 's trade minister suggested last week that Seoul could make concessions on some agricultural imports, although he said sensitive items should be protected as part of any deal to eliminate or reduce punishing US tariffs on cars, steel and other major exports. 'US apples are very cheap. We can't compete with them,' said Shim Chun-taek, a third-generation farmer who has been growing apples for two decades. He now fears South Korean farmers risk being sacrificed to appease the US and support the country's manufacturing sector.
Yahoo
22-07-2025
- Business
- Yahoo
In South Korea's 'apple county', farmers beg not to be sacrificed for US trade deal
By Hyunjoo Jin CHEONGSONG, South Korea (Reuters) -The apples grown in the South Korean county of Cheongsong in the country's southeast are so renowned for their flavour that they are often given out in neatly-packaged gift boxes during national holidays. But apple farmers, who account for about a third of the roughly 14,000 households in the sleepy rural area, worry that their way of life could be under threat from an influx of cheap U.S. imports. Fanning concerns, South Korea's trade minister suggested last week that Seoul could make concessions on some agricultural imports, although he said sensitive items should be protected, as part of any deal to eliminate or reduce punishing U.S. tariffs on cars, steel and other key exports. "U.S. apples are very cheap. We can't compete with them," said Shim Chun-taek, a third-generation farmer who has been growing apples for two decades. He now fears South Korean farmers risk being sacrificed to appease the U.S. and support the country's manufacturing sector. The United States has long called for better market access for its farm products from beef to apples and potatoes. U.S. President Donald Trump in April slammed steep tariffs on rice in South Korea and Japan. South Korea has taken steps to open its market and is now the top buyer of U.S. beef and the sixth-biggest destination for U.S. agricultural exports overall. Still, Washington has complained about persistent non-tariff barriers. South Korea's quarantine agency is still reviewing U.S. market access requests for apples more than 30 years after they were filed, sparking calls by Washington to expedite the approval process for a range of fruits and potatoes. SURGING PRICES Any opening up of the sector would increase pressure on apple farmers already wrestling with a host of problems, from climate change to an ageing population and wildfires, which have led to rising costs, smaller harvests, and higher prices. Bank of Korea governor Rhee Chang-yong last year said runaway prices of apples and other farm goods were contributing to inflation and that there was a need to consider more imports. The central bank noted South Korea's grocery prices were higher than the average for OECD countries, with apple prices nearly three times higher than the OECD average. "I think it is difficult to justify absolute protection to certain agriculture sectors simply because of its high sensitivity," said Choi Seok-young, a former chief negotiator for the Korea-U.S. free trade deal. It was hard to view the delayed quarantine process as "rational based on science and international norms," added Choi, who is now a senior adviser for law firm Lee & Ko. Agriculture has emerged as one of the sticking points in U.S. trade talks with South Korea and Japan, after countries such as Indonesia and Britain agreed to allow more agricultural imports from the U.S. in recent trade deals. Seoul has long restricted shipments of U.S. beef from cattle older than 30 months. Massive protests from South Koreans worried about safety due to mad cow disease followed a 2008 agreement with the United States to lift the restrictions. Shim, 48, who wakes at 3 a.m. every morning to work on his orchards, said it would be impossible to find alternative crops to grow in the mountainous area. The tariff talks have already fuelled protests from farmers' groups. There could be more to come. "We oppose the imports of apples no matter what," Youn Kyung-hee, mayor of Cheongsong county, told Reuters, adding that people will not "sit still" if Seoul opens up the market. ($1 = 1,391.1000 won) Sign in to access your portfolio
Yahoo
14-07-2025
- Business
- Yahoo
Thailand considering offering zero tariffs on more U.S. imports, finance minister says
BANGKOK (Reuters) -Thailand is considering offering zero tariffs on more U.S. imports, the finance minister said on Monday. The government is also preparing 200 billion baht ($6.1 billion) worth of soft loans to ease the impact of tariffs, Finance Minister Pichai Chunhavajira told a business seminar. Thailand faces a 36% tariff from Washington if a deal cannot be reached before August 1. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data