US planes, cars, drinks on EU list for potential tariffs
BRUSSELS (Reuters) -Aircraft, machinery, cars, chemicals and medical devices are the leading big-ticket items on the latest list of U.S. goods the European Commission has proposed to impose tariffs on if talks with Washington do not yield an agreement on trade.
The package is the second put forward by the European Commission, which oversees trade policy for the 27-nation European Union. It is designed to respond to U.S. tariffs on cars and car parts and a baseline tariff, currently at 10%.
U.S. President Donald Trump, however, is now threatening a baseline tariff on imports from the EU of 30% from August 1, a level European officials say is unacceptable and would end normal trade between two of the world's largest markets.
The list, sent to EU member states and seen by Reuters on Tuesday, covers U.S. goods imports worth 72 billion euros ($84.1 billion). It also includes electrical and precision equipment as well as agriculture and food products - a range of fruits and vegetables, along with wine, beer and spirits - worth a total of 6.35 billion euros.
A first package on 21 billion euros of U.S. goods was approved in April but then immediately suspended to allow room for negotiations. That suspension has been extended to August 6.
EU officials said on Monday that they were still seeking to strike a deal to avoid Trump's heavy tariff blow, but EU trade chief Maros Sefcovic said member states had agreed the bloc would need to take countermeasures if talks with the U.S. fail.
The Commission initially put forward the second package in May for a public consultation. The proposal then related to 95 billion euros of U.S. goods. It has since been whittled down, though most of the main items have remained.
There is no specific date for EU members to approve the package.
($1 = 0.8562 euros)
(Reporting by Philip Blenkinsop; Editing by Joe Bavier)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
20 minutes ago
- The Star
ASML warns it may not achieve growth in 2026
ASML logo is seen in this illustration taken February 28, 2022. REUTERS/Dado Ruvic/Illustration VELDHOVEN (Reuters) -ASML, the world's biggest supplier of computer chip-making equipment, on Wednesday warned that it may not achieve growth in 2026, even after its second quarter bookings beat market expectations. Analysts had hoped that the quarter would provide some reassurance over its outlook for 2026. However, the company warned that geopolitical uncertainty continued to cloud its prospects. "The level of uncertainty is increasing, mostly due to macroeconomic and geopolitical consideration. And that includes, of course, tariffs", ASML's chief executive Christophe Fouquet said in an internal interview published on the company's website. "While we still prepare for growth in 2026, we cannot confirm it at this stage", Fouquet said in a statement. If it materialized, 2026 would be the first flat year in over a decade of uninterrupted revenue growth since 2012. ASML investor Han Dieperink, chief investment officer at investment firm Aureus, said he was not worried about the upcoming year, noting that the quarter pointed to solid demand. The Dutch group's net bookings, the most closely watched figure in the industry, were 5.54 billion euros ($6.4 billion). That was ahead of analysts' consensus estimate of 4.44 billion euros, according to researcher Visible Alpha. "The second quarter beats from top to bottom", analyst Michael Roeg of Degroof Petercam said. Roeg cited strong demand from artificial intelligence related chipmakers. ASML's EUV lithography machines, the world's most advanced chip circuit printing system, is the key enabling technology behind leading-edge chips like those used in Nvidia's GPUs, or Apple's Macs and iPhones. ($1 = 0.8608 euros) (Reporting by Nathan Vifflin in Amsterdam; Editing by Matt Scuffham and Kim Coghill)
The Star
20 minutes ago
- The Star
Italian cybersecurity firm Exein sees defence boost as it closes funding round
FILE PHOTO: Figurines with computers and smartphones are seen in front of the words "Cyber Security" in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo (Reuters) -Italian tech firm Exein said on Wednesday a pick up in European defence spending was supporting its domestic growth, as it closed a funding round aimed at global expansion. The startup, which provides embedded cybersecurity on small devices including chips, is planning to expand its range of products as countries and businesses move away from cloud-based systems because of data sovereignty concerns and rising costs, its Chief Executive Gianni Cuozzo said. WHY IT'S IMPORTANT Italy has been trying for years to foster a tech startup sector. As European countries increase their defence spending in a push to meet NATO targets and protect themselves against Russian expansionism, demand for domestic cybersecurity and infrastructure protection systems is increasing. BY THE NUMBERS Exein said on Wednesday its Series C funding round raised 70 million euros ($81 million) for expansion across the United States, Japan, Taiwan, and South Korea, and to strengthen its European presence. Its plans include acquisitions in Europe and the U.S. to target new users, followed by another funding round for a "bigger acquisition", and a public listing between 2029 and 2030, Cuozzo said. The group, whose clients include MediaTek, Daikin, Seco and Kontron, said in April it was valued at around 500 million euros. It is targeting 20 million euros in revenues this year and aiming for triple-digit revenue growth in each of the next three years, helped by acquisitions, Cuozzo said. KEY QUOTE Attackers "are no longer breaching through the front door; the microwave on a military ship, or the smart fish tank in a hospital waiting room - any one of these could be exploited to compromise the entire network," said Elena Moneta, Principal at London-based VC firm Balderton, which led the funding round. ($1 = 0.8604 euros) (Reporting by Alessandro Parodi. Editing by Mark Potter)
The Star
20 minutes ago
- The Star
New Zealand weather events prompt rethink of government housing protections
FILE PHOTO: New Zealand's Prime Minister Christopher Luxon attends a press conference with Australia's Prime Minister Anthony Albanese(not pictured) at the Australian Parliament House in Canberra, Australia, August 16, 2024. REUTERS/Tracey Nearmy/File Photo WELLINGTON (Reuters) -The New Zealand government is considering ending bailouts for homeowners affected by floods and landslides as it develops a framework for addressing the impact of climate change. The government has often stepped in after natural disasters to buy properties, spending billions of dollars in recent years as climate change-driven severe weather events increase in intensity and frequency. The government "won't be able to keep bailing out people in this way," New Zealand Prime Minister Christopher Luxon told state-owned Radio New Zealand this week. "We need to find a way to manage these events going forward and who takes responsibility and is there a shared responsibility." His comments come as parts of the South Island start cleaning up after floods this month, which affected roughly 800 homes, according to local authorities. The government on Wednesday announced NZ$600,000 ($356,700) in compensation for flood-affected farmers, growers and forestry owners. By 2060 at least 14,500 homes worth approximately NZ$12.5 billion could suffer at least one damaging flood, around 300 to 400 homes annually, according to Climate Sigma research. Climate Minister Simon Watts said in an email that the government has been working to get bipartisan support on a national adaptation framework to give New Zealand certainty. "This is a complex and challenging work," he said. "It is important that any change is enduring." Any policy changes would likely be introduced slowly. A recent independent report commissioned by the Ministry of Environment suggested a transition over 20 years to allow pricing to adjust as expectations of government bailouts are tempered. For Graham McIntyre the problem of flooding is immediate with water surging through his property when it rains heavily. "It is like a wave that comes through," he said, explaining the land he bought 25 years ago north of Auckland has three rivers running through it. He wants authorities to buy his house in Taupaki and to relocate the nearby town centre. Both were flooded in 2023. 'CAN'T DO ANYTHING' Policymakers, researchers and property experts both in New Zealand and Australia have for some time warned climate change is a risk that home buyers have not priced in. The Ministry of Environment report recommended including the need for more information about the potential impact of natural hazards so owners can make their own decisions about whether to move or stay and bear the costs of that decision. Property records in New Zealand increasingly note whether there is a flood or landslide risk or history of either and homeowners in vulnerable areas are worried their houses will become less valuable. "You can't do anything," McIntyre said. "You can't sell up. You can't change it." Kelvin Davidson, chief property economist at Cotality, said it was difficult to gauge the impact of growing climate risks on property prices due to limited data on events like flooding and varying acceptance of risk by buyers. "The rubber is not hitting the road in terms of pricing," he said. ($1 = 1.6821 New Zealand dollars) (Reporting by Lucy Craymer; Editing by Saad Sayeed)
