Thai, Cambodian leaders hold ceasefire talks in Malaysia
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US and EU clinch deal with 15% US tariff on most EU exports to avert trade war
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Trump and Von der Leyen strike a deal in transatlantic tariff standoff
27/07/2025
REPLAY & ANALYSIS: Trump - Von Der Leyen meet about tariffs in Scotland
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Thai-Cambodian border clashes: Trump threatens to withhold trade deals until ceasefire
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Euronews
29 minutes ago
- Euronews
Customs duties: What will be the impact on European consumers?
The impact of a tentative trade deal struck by the European Union and United States on European consumers will be limited, experts have said. On Sunday, the US and the EU agreed to a deal in order to avoid a trade war between the world's two largest economies, warding off US President Donald Trump's threat of 30% tariffs on most European goods if no deal was reached by 1 August. Under the preliminary agreement, around 70% of EU exports bound for the US will now be subject to a 15% tariff. The remaining 30% of goods are open to further negotiations. The EU has not put in place any tariff barriers targeting American products, so their prices will not rise in Europe. "The impact on European consumers will be limited," Agustín Reyna, Director General of the European Consumers' Organisation (BEUC), said. "Customs duties are paid by the importer. In this case, the 15% tax that the United States imposes on EU products applies to American importers. So that means that certain products could become more expensive for American citizens", Reyna told Euronews. Increase in Chinese products In the long term, Chinese products currently exported to the United States could find their way onto the European market, which could lead to lower prices in Europe. "The main effect will be a drop in demand for European products in the United States, less demand for Chinese products in the United States, and this means that these products will then try to find a market in Europe, which will generally lead to lower prices," Niclas Poitiers, a researcher at Bruegel, told Euronews. These lower prices for European consumers would however be bad news for certain businesses. "There are certain companies that are in direct competition with Chinese competitors. And for these companies, they could face stronger competition and they could also have difficulty with these lower prices. So there is a negative effect," Poitiers said. Drop in demand for EU products in the US? European companies exporting to the United States risk facing a drop in demand on the other side of the Atlantic as their products risk becoming more expensive. This could lead to a drop in their revenues and potentially jobs in Europe. "There are certain companies in certain sectors, like pharmaceuticals, for example, where there is a large proportion of exports and employment for things that go to the United States. But for most sectors, this represents a small proportion of production," Niclas Poitiers said. As a result of the deal, Trump has expressed hope that foreign companies will be encouraged to open factories in the US to avoid paying customs duties. However, the unpredictability of his agreements and the uncertainty surrounding the duration of these tariff barriers could, conversely, discourage European companies from investing in the US. 'Counterproductive' In Brussels, residents interviewed about the terms of the new agreement said they thought the deal would have little impact on their purchasing power. "I don't think it will have an impact on my daily life, maybe a little, but it will affect Americans more," said Ian, from England. He added: "I think tariffs are counterproductive. I think I'd prefer free trade and I think it's damaging for Americans to impose tariffs on everyone." Carolina, an Italian citizen, believes that the trade agreement "will have an impact on everyone in different ways, depending on the areas in which we work and the lives we lead." The EU is too highly dependent on the US and should have greater economic autonomy, she said.
Euronews
29 minutes ago
- Euronews
Trump announces tariffs on India and penalty for Russian imports
US President Donald Trump announced on Wednesday in a post on Truth Social that he plans to impose a 25% tariff on goods from India and an additional import tax because of India's import of Russian crude oil. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the world," the post said. He then criticised what he described as India's 'strenuous and obnoxious' trade barriers. India relies on Russia for around 35% of its crude oil imports, reaching a two-year import peak in June of this year, according to the Times of India. The US has imposed sanctions on Russian oil producers and tankers due to the ongoing full-scale invasion of Ukraine. It also imports $80 billion or around €70 billion in Russian military equipment, such as fighter jets, missile systems, submarines and helicopters. Trump accused India of buying "a vast majority of their military equipment from Russia and are Russia's largest buyer of energy" at a time when "everyone wants to Russia to stop the killing in Ukraine." As a result, he intends to charge an additional unspecified 'penalty' starting on Friday as part of the launch of the administration's revised tariffs on multiple countries. India and Russia have close relations, and New Delhi has not supported Western sanctions on Moscow over its war in Ukraine. Earlier in July, NATO Secretary General Mark Rutte warned that India, China and Brazil could face "secondary sanctions" for continuing to buy Russian oil during a meeting with Trump in the White House.
Fashion Network
an hour ago
- Fashion Network
L'Oréal CEO says EU-US customs deal brings 'no good news' for cosmetics sector
L'Oréal CEO Nicolas Hieronimus says the new 15% US tariffs are 'not good news' for Europe's cosmetics industry, but notes the impact will be manageable for the French beauty giant. 'We're going from 0% to 15%, so we're not happy,' he said during the company's half-year results presentation. 'It's not good news for a cosmetics industry that is a European flagship.' 'In the end, Europe, with almost 500 million consumers, is going to pay higher customs duties than the UK,' Hieronimus lamented. The executive emphasized the importance of the cosmetics sector to the European economy, pointing out that it represents more than 3 million jobs across Europe, contributes €180 billion to European GDP, and is France's second-largest contributor to the balance of trade. 'I remain disappointed by this agreement,' Hieronimus said. 'The positive aspect is that it brings visibility and removes uncertainty. We can now plan ahead.' Speaking on behalf of the Value of Beauty Alliance—a coalition of major European players in the beauty and skincare industry including L'Oréal, Givaudan, IFF, Puig, and Cosmetic Valley—Hieronimus said the group will appeal to European leaders and trade negotiators to ensure stronger protections for the sector. He added that the group will also continue pushing for regulatory simplification. 'We can move faster so that we don't have customs duties on one side and regulations on the other,' he said. While Hieronimus acknowledged the new tariffs are 'manageable' for L'Oréal, he noted: 'At least this year, they won't have a major impact on our ability to deliver results.' The United States was L'Oréal's leading growth driver in the first half of 2025. The company generates 27% of its global sales in North America and manufactures half of what it sells in the US through its four local factories. To mitigate the impact of the tariffs, L'Oréal has stockpiled luxury products and fragrances and may implement slight price increases on some items. In June, the group also announced a deal to acquire US-based haircare brand Color Wow. Paris, July 29, 2025 (AFP)
