Latest news with #tariffdeal
Bloomberg
19 hours ago
- Business
- Bloomberg
Stocks Rise on Trade Hopes
Get a jump start on the US trading day with Matt Miller, Katie Greifeld and Sonali Basak on "Bloomberg Open Interest." Get a jump start on the US trading day with Matt Miller, Katie Greifeld and Sonali Basak on "Bloomberg Open Interest." Trade in focus as stock futures gain after US-China deal, meanwhile, the EU and US are confident they will reach a tariff deal by July. Amtrak President Roger Harris discusses working with the administration to bolster infrastructure. Legendary producer Jerry Bruckheimer shares the secrets behind his new blockbuster, 'F1: The Movie.' (Source: Bloomberg)
BBC News
2 days ago
- Business
- BBC News
Food giant threatens to close UK biofuel plant after US tariff deal
Associated British Foods has threatened to close one of the UK's two bioethanol plants if it does not receive state support after the government struck a tariff deal with the US. It said while the government has committed to "formal negotiations", it will begin consultations with 150 staff at its Vivergo bioethanol business in Hull "to effect an orderly wind-down". As part of an agreement to cut US tariffs, the government said it will remove a 19% tariff on exports of ethanol to the UK, and replace it with a tax-free quota of up to 1.4 billion litres of the fuel. AB Foods said unless help is provided, Vivergo will stop manufacturing before 13 September. The Vivergo bioethanol plant is the UK's biggest. The only other plant making the fuel in the UK is Ensus in Teesside, which is owned by Germany's Sudzucker Group. Ensus has also said it may have to shut its site because the UK-US trade agreement "fundamentally undermined its business position".Under the tariff deal, the US can export 1.4 billion litres of the fuel - equal to the UK's entire ethanol market - duty free, which means businesses in Britain do not have to pay tax if they buy the American fuel. In return, the government secured tariff cuts on UK exports to the Foods set a deadline of 25 June to reach an agreement with the government about support. "Yesterday, our extended deadline for the government to deliver that solution passed," the company talks are continuing, AB Foods said: "Unless the government is able to provide both short-term funding of Vivergo's losses and a longer-term solution, we intend to close the plant once the consultation process has completed and the business has fulfilled its contractual obligations."
Telegraph
17-06-2025
- Business
- Telegraph
Starmer's trade deal with Trump is an unforgivable betrayal of British farmers
Great showman that he is, Donald Trump casually dropped papers containing the tariff deal on the ground and waited for the Prime Minister to pick them up – or so it appeared. If it was deliberate it was smart. It served to underline to his core voters in US farming states that the president had their backs, and had the Brits scrabbling around for crumbs beneath his table. The White House statement on the deal unequivocally paints American farmers as the winners: 'The deal includes billions of dollars of increased market access… especially in agriculture, dramatically increasing access for American beef, ethanol, and virtually all of the products produced by our great farmers.' It is not hard to see who the losers are. The import of 1.4 billion litres of bioethanol annually – spookily the exact size of the UK market – is a direct threat to the UK's two bioethanol plants in Hull and Teesside. There is already talk of closure. It would be surprising if our US competitors, with their lower costs and greater economies of scale, did not ensure that they undercut our producers so that they do fold and we become reliant on US imports for evermore thereafter. So much for Labour's commitment to national fuel security. The Government has so far avoided publishing impact statements that must surely have been produced before the deal was agreed. The knock-on effect on our agricultural base will be even more serious. Vivergo Fuels, our largest bioethanol producer, estimates that 1,220 farming jobs are at risk on the 12,000 farms that supply them with wheat. More seriously, many arable farmers are already thinking of giving up. When the subsidy was often the only profit and that has now all but been removed. And when the reliable bioethanol market for wheat that fails to meet the milling standard, usually for weather related reasons, disappears along with a much needed floor in the wheat price, the risk of carrying on growing cereals will be too great for many. The price of bread may well rise as a result. The option for many farmers would have been to go into beef production instead, but with 13,000 tons of tariff free US beef coming our way that industry also looks shaky. One can forgive the Government for deciding that the greater good lay in protecting jobs in manufacturing industries and that farmers had to take one for the team. What is unforgivable is leaving our farmers at a huge disadvantage. The unilateral disarmament approach to subsidies had already left our farmers vulnerable to well subsidised overseas competitors. The imposition of inheritance tax on family farms – but, significantly, not on institutionally owned ones – has then loaded a massive cost onto farmers. Meanwhile only US farmers with assets over $27.22 million (for married couples) need to pay it. Prime Minister, if you are going to shaft us in trade deals, at least acknowledge it and look at what can be done to compensate through other policies. Jamie Blackett is a farmer and the author of Red Rag to a Bull and Land of Milk and Honey
Bloomberg
08-06-2025
- Business
- Bloomberg
UK Timeline for US Deal Is Too Ambitious, Ex-Trade Adviser Says
Prime Minister Keir Starmer would need President Donald Trump to be 'extraordinarily generous' to meet his ambition of finalizing the UK-US tariff deal in two weeks, according to Britain's former top trade negotiator. Crawford Falconer, who led British trade negotiations until late last year, cast doubts on the UK government's efforts to settle remaining issues within a fortnight. While Starmer and Trump announced the so-called Economic Prosperity Deal to great fanfare in early May, numerous details have yet to be finalized.
Auto Blog
04-06-2025
- Automotive
- Auto Blog
German Automakers Discussing U.S. Tariff Deal, What You Need to Know
Germany's automakers could reach a tariff deal by early June Volkswagen, Mercedes-Benz, and BMW are leading talks with Washington over a tariff deal involving German automakers receiving credits for vehicles they export from America to other countries, which would lower or offset the tariffs on cars they import into the U.S. from Germany. America is the European Union's (EU) fifth-largest vehicle export destination after China, Japan, Britain, and Turkey, according to Reuters, but the U.S. is the largest export destination for German cars. Mercedes-Benz is expanding its U.S. production by manufacturing its GLC SUV at its Alabama plant starting in 2027, BMW is considering adding shifts at its Spartanburg plant in South Carolina, and Volkswagen's Audi mulls over producing some vehicles in the U.S.—a plan predating the Trump administration. Germany's leading automakers are aiming for talks with the U.S. Department of Commerce to result in a tariff deal in June. Mercedes-AMG GT 63 4MATIC+ — Source: Mercedes-AMG Germany already has a relatively sizable U.S. auto production presence The potential new and current investments that the Commerce Department is reviewing from German automakers are worth billions of dollars. BMW CEO Oliver Zipse said that the manufacturer's Spartanburg plant supports 43,000 jobs and contributes over $26 billion yearly. While many European automakers withdrew their 2025 financial forecasts, BMW is backing its March projections alongside Ferrari, which also stood by its 2025 earnings forecast. However, BMW's decision to stick with its 2025 guidance is partially based on the idea that some tariffs will go into reverse from July at the latest. BMW finance chief Walter Mertl said: 'We are noticing that things are moving, developing, and being negotiated everywhere. Accordingly, our reading, based on all the networks that we have at our disposal, is that we assume that something will change in July,' Just Auto reports. The German automaker's 2025 outlook includes earnings on par with 2024 and an operating margin in the car segment of 5-7%, according to Reuters. The head of Germany's auto lobby, Hildegard Müller, highlighted in an interview with Politico that Germany produces about 840,000 vehicles annually within the U.S. for both the American market and exports, with 140,000 total employees. In addition to BMW's Spartanburg plant, Mercedes-Benz's Tuscaloosa, Alabama factory has been operating since 1997, resulting in approximately four million vehicles produced. Volkswagen's Chattanooga plant, which opened in 2011, built 175,000 cars in 2023. Müller also pointed out that building a U.S. automotive plant, even if you're quick, takes one or two years, and companies are losing money fast. U.S. tariffs are causing manufacturers like BMW to lose $11.3 million daily and impacting about €67 billion ($76 billion) of EU automotive exports, Euronews reports. Volkswagen Golf GTI Mk7 — Source: Volkswagen Final thoughts Automakers like Volkswagen, BMW, and Mercedes-Benz are pushing for a U.S. tariff deal with the selling point that German automakers receive credits based on the number of vehicles Germany produces in America to reduce the two countries' car market trade deficit. However, if the tariffs stay in place, powerful voices in the automotive industry, like Hildegard Müller, noted that these policies can lower the pressure that U.S. car manufacturers face to be innovative, weakening their international competitiveness in the medium term. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime.
