Latest news with #EmmanuelMacron
Euractiv
3 hours ago
- Business
- Euractiv
Why the EU's 2040 climate target could be the most difficult yet
The EU's upcoming 2040 climate target is shaping up to be its most politically divisive yet, with a proposed 90% emissions cut sparking fierce debate across Europe as the bloc charts a path to net-zero by 2050. The European Commission looks set to present a headline 90% cut in overall emissions by 2040 from a 1990 baseline. This target is intended to keep Europe on track to help limit global warming to well below 2°C above pre-industrial levels. But the target is far from universally popular, despite signs of public support. French President Emmanuel Macron has warned against 'overburdening' the EU with an overly ambitious target, aligning with a campaign led by Poland, Italy, and Czechia – all of which argue that a 90% cut would be too costly for the EU economy. Others, including Denmark and the new German government, argue that 90% is the bare minimum that Europe should aim for. At the heart of the disagreement lies an assessment by the EU's climate science advisory board, which maintains that Europe must cut emissions by at least this amount to remain within climate limits – a stance endorsed by the Commission's top climate officials. On the other side of the argument is the Berlin-based Centre for European Policy. The free-market think tank argues a 78% target would represent a more politically feasible linear reduction path towards net-zero by 2050. Such analyses may appeal to politicians concerned that aggressive climate action could harm the economy – or their standing with voters. Polish Prime Minister Donald Tusk, pointing to an incoming carbon price on heating and motor fuels, has warned that EU climate policies are contributing to 'high energy prices' that could 'bring the downfall of many democratic governments'. Once adopted by MEPs and governments, the 2040 target will become legally binding. Some opponents already say they are being cornered into accepting a figure they consider too high. A tight deadline Normally, it takes European lawmakers about a year (or more) to turn a Commission proposal into legislation. But the global climate diplomacy cycle demands immediate action. Like most parties to the Paris Agreement, Brussels has already missed a February deadline to submit its 2035 emissions reduction pledge to the UN – a key input for a global climate action progress report that should headline the upcoming COP30 summit in Brazil. Without a target from Brussels, international climate action risks stalling, especially following Donald Trump's withdrawal of the US from the agreement for a second time. But the EU's 2035 goal, known as 'nationally determined contribution' or NDC in EU jargon, requires unanimous agreement from all 27 EU member states and must align with the final 2040 target. The clash between both camps is heating up because environment ministers are due to convene for an extraordinary summit on 18 September, just one week before the UN General Assembly in New York. Some form of agreement will need to be reached by that date. Shaping the future Another reason many EU members are wary of a high 2040 target is concern over what comes next: the legislation required to meet it. Once the target has been set, the European Commission will need to present a raft of new legislation to put the EU on track to achieve an expected 90% reduction in emissions. However, unlike with the EU's 55% target for 2030, which was largely absorbed by the power sector, other industries will now have to step up. (rh, de)
Free Malaysia Today
4 hours ago
- Business
- Free Malaysia Today
After Nato deal, how far will EU go for trade peace with Trump?
The EU pushed to negotiate on tariffs while fulfilling Donald Trump's demand for increased Nato defence spending from European members. (EPA Images pic) BRUSSELS : After satisfying Donald Trump's calls for Europe to ramp up defence spending in Nato, EU leaders in Brussels turned Thursday to the next big challenge ahead: how to seal a trade deal with the US leader. Time is running out. The European Union has until July 9 to reach a deal or see swingeing tariffs kick in on a majority of goods, unleashing economic pain. The European Commission, in charge of EU trade policy, has been in talks with Washington for weeks, and the leaders of Europe's two biggest economies France and Germany on Thursday urged Brussels to move fast in search of a deal. 'France is in favour of reaching a quick agreement, we don't want it to drag on forever,' President Emmanuel Macron told reporters after summit talks involving the bloc's 27 leaders and EU chief Ursula von der Leyen. While Macron said European nations 'do not want a deal at any cost,' Germany's chancellor has signalled he wants to close a deal fast – even if it means an unbalanced outcome with some level of US tariffs on EU goods. 'It's better to act quickly and simply than slowly and in a highly complicated way,' Friedrich Merz told a press conference after the talks. The EU has put a zero-percent tariff proposal on the table – but it's widely seen as a non-starter in talks with Washington. Von der Leyen said the commission had just received the latest US counterproposal, adding: 'We are assessing it as we write, speak right now.' 'Swiss cheese' approach According to several diplomats, the goal at this point is rather to let Trump claim victory without agreeing a deal that would significantly hurt Europe. One diplomat suggested leaders would be happy with a 'Swiss cheese' agreement – with a general US levy on European imports, but enough loopholes to shield key sectors such as steel, automobiles, pharmaceuticals and aeronautics. This would be less painful than the status quo with European companies currently facing 25% tariffs on steel, aluminium and auto goods exported to the United States, and 10% on a majority of EU products. Merz had earlier this week taken aim at the EU's approach to talks as overly complicated, urging 'rapid, joint decisions for four or five major industries now'. The issue was the focus of Thursday's summit dinner, at which von der Leyen was able to test leaders' red lines in negotiations. If no agreement is reached, the default tariff on EU imports is expected to double to 20% or even higher – Trump having at one point threatened 50%. White House press secretary Karoline Leavitt on Thursday suggested the administration could extend the July deadline but said 'that's a decision for the president to make'. Keeping calm Unlike Canada or China, which hit back swiftly at Trump's tariff hikes, the EU has consistently sought to negotiate with the US leader – threatening retaliation only if no agreement is reached. 'We will not allow ourselves to be provoked, we will remain calm,' said Belgian Prime Minister Bart De Wever, urging the EU to avert an all-out trade war with Washington. Talks between EU and US negotiators have intensified in recent weeks. Trump divides the Europeans. Hungarian Prime Minister Viktor Orban and Italian Prime Minister Giorgia Meloni are both vocally supportive of Trump – while others are more wary. 'The problem is that on behalf of the US, we have a heavyweight dealmaker – on our side, EU, have light capacity and capability leaders to negotiate,' said Orban. Pro-trade countries in Europe's north are especially keen to avoid an escalation. The EU has threatened to slap tariffs on US goods worth around €100 billion, including cars and planes, if talks fail to yield an agreement – but has not made any mention of those threats since May. The US is also using the negotiations to try to extract concessions on EU rules – particularly digital competition, content and AI regulations, which Washington claims unfairly target American champions such as Apple, Google, and Meta. Europeans are ready to discuss common transatlantic standards, but the EU's digital rules are a red line for Brussels.
Free Malaysia Today
7 hours ago
- Business
- Free Malaysia Today
Anwar to lead trade missions to Italy, France, Brazil
Prime Minister Anwar Ibrahim's visit is expected to strengthen Malaysia's diplomatic and trade relations with the three nations. (Bernama pic) PETALING JAYA : Prime Minister Anwar Ibrahim will undertake an official visit to Italy, France and Brazil from tomorrow until July 7, which will include his participation at the 17th BRICS Summit in Rio de Janeiro. Senior press secretary to the prime minister Tunku Nashrul Abaidah said the visits to these major economic hubs – Rome, Paris and Rio de Janeiro – would strengthen Malaysia's diplomatic ties and trade relations with the three nations. He said the three markets collectively recorded bilateral trade valued at RM50.91 billion last year, Bernama reported. 'The visits present opportunities for rapid growth in sectors such as the economy, culture, technology and education,' he said during the Prime Minister's Office daily briefing. Anwar will also meet withy Malaysians and Muslim leaders during his visits. In Italy, he is slated to hold a bilateral meeting with his counterpart, Giorgia Meloni, to advance economic cooperation and pioneer joint cultural initiatives. In France, he is scheduled to meet with President Emmanuel Macron, with discussions focusing on trade, technology and education. Anwar will be in Rio de Janeiro from July 5 to 7, during which he will attend the 17th BRICS Summit at the invitation of President Luiz Inácio Lula da Silva. 'Malaysia's role as a BRICS partner country and Asean chair for 2025 will emphasise the importance of multilateralism,' said Tunku Nashrul. Anwar will be accompanied by a business delegation, including representatives from major corporations and innovative enterprises. 'Some companies already have operations or business interests in Italy, France or Brazil, while others are exploring new investment opportunities to expand their global networks,' Tunku Nashrul said. Among those joining Anwar are representatives from Petroliam Nasional Bhd (Petronas), Khazanah Nasional Bhd, Sunway, and Maybank. Anwar and his delegation are expected to return home on July 9 and will proceed to attend the Asean Foreign Ministers' Meeting in Kuala Lumpur on the same day. The delegation will be travelling on a chartered flight from Malaysia Airlines to proceed smoothly from one country to another without the need for long transits due to the packed travel itinerary. 'The cost of chartering the aircraft is also more economical compared to deploying a full government aircraft operation,' Tunku Nashrul said. He said the government will fully cover travel costs for official delegates, while the business delegates will bear their own expenses.
Japan Today
11 hours ago
- Business
- Japan Today
Macron calls tariffs imposed by powerful countries a form of 'blackmail'
FILE PHOTO: French President Emmanuel Macron flanked by French Presidency General Secretary Emmanuel Moulin and France's General Fabien Mandon attends a national security meeting on the crisis between Israel and Iran in the Jupiter room at the Elysee Palace in Paris, France, June 22, 2025. REUTERS/Benoit Tessier/Pool/File Photo French President Emmanuel Macron said on Monday that tariffs levied by powerful countries were often a form of "blackmail" rather than instruments to rebalance trade. His comments during a speech at the International Conference on Financing for Development in Seville, Spain, came with the European Union negotiating a trade deal with the United States ahead of a July 9 deadline, though he did not specifically refer to the United States or U.S. President Donald Trump. "We need to restore freedom and equity to international trade, much more than barriers and tariffs, which are devised by the strongest, and which are often used as instruments of blackmail, not at all as instruments of rebalancing," Macron said. He also urged support - and a rethinking - of the World Trade Organization to bring it in line with goals to fight inequality and climate change. "Bringing back a trade war and tariffs at this moment in the life of the planet is an aberration, especially when I see the tariffs that are being imposed on countries that are just beginning their economic takeoff," Macron said. Trump unveiled sweeping global tariffs in April in which he said countries would face taxes on imports into the United States ranging from 10-50%, though he later reversed course and mostly lowered them for 90 days. The United Nations trade agency had said the tariffs could have a catastrophic impact on developing countries, with some of the world's least developed, such as Lesotho, Cambodia, Laos, Madagascar and Myanmar, facing some of the highest levies. Macron, a vocal critic of Washington's tariff campaign, has also said it is an aberration to ask Europeans to spend more on defense while launching a trade war. © Thomson Reuters 2025.
LBCI
12 hours ago
- Business
- LBCI
France's Macron calls tariffs imposed by powerful countries a form of 'blackmail'
French President Emmanuel Macron said on Monday that tariffs levied by powerful countries were often a form of "blackmail" rather than instruments to rebalance trade. His comments, made during a speech at the International Conference on Financing for Development in Seville, Spain, came as the European Union was negotiating a trade deal with the United States ahead of a July 9 deadline, although he did not specifically refer to the United States or U.S. President Donald Trump. "We need to restore freedom and equity to international trade, much more than barriers and tariffs, which are devised by the strongest, and which are often used as instruments of blackmail, not at all as instruments of rebalancing," Macron said. He also urged support—and a rethinking—of the World Trade Organization to bring it in line with its goals to fight inequality and climate change. Reuters
