The EU is delaying retaliatory tariffs on U.S. goods, in hopes of reaching a deal by Aug. 1
″This is now the time for negotiations,″ European Commission President Ursula von der Leyen told reporters in Brussels on Sunday, after President Donald Trump sent a letter announcing new tariffs of 30% on goods from the EU and Mexico starting Aug. 1.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
17 minutes ago
- Yahoo
Leasing.com launches used EV leasing platform with Lex Autolease
has announced the launch of a new sub-brand, created in collaboration with Lex Autolease, one of the UK's top used electric vehicle funders, according to a company press release. The new service is positioned as 'the first-ever used car leasing comparison site', and uses technology from loveelectric. It connects drivers with re-leased EVs via a network of broker partners, including Leasing Options, Gateway2Lease, FleetPrices, OVL Group, Planet Leasing and Electric Car Lease. Initially, will focus on ex-lease EVs available on personal and business contract hire. However, the company says it plans to expand the offering to include other vehicle types in the near future. In its strapline, the platform describes itself as 'The comparison site for pre-loved lease cars. Ready to be loved again.' The service aims to appeal to drivers looking for more affordable and sustainable vehicle options. The platform offers more than just flexibility, the release notes, it also seeks to 'address a crucial gap in the market' by making electric vehicles more accessible to a broader audience. Mike Fazal, CEO of said the company is continuing its legacy of innovation in the leasing space. 'We invented car leasing comparison in the UK,' he noted. 'Now we're proud to be helping accelerate the used car leasing market.' He added that expects the used car leasing sector to experience significant growth: 'We expect the used car leasing market to become huge over the next few years, and we will be in the driver's seat.' " launches used EV leasing platform with Lex Autolease" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
CNN
18 minutes ago
- CNN
A 30% tariff on Europe would effectively knock out transatlantic trade, says EU trade chief
The European Union has warned that its trade with the United States could be effectively wiped out if Washington makes good on its threat to slap a 30% tariff on goods imported from the bloc. A tariff of '30%, or anything above 30%… has more or less the same effect. So, practically it prohibits the trade,' Maroš Šefčovič, the EU's trade commissioner, said as he arrived ahead of an EU ministerial meeting in Brussels on Monday. Šefčovič said it will 'be almost impossible' for the bloc to continue its current level of trade with America if that new tariff rate is implemented on August 1 – the date stipulated by US President Donald Trump in his letter to the EU on Saturday. 'If (the tariff) stays 30 (percent) plus, simply trading as we know it will not continue, with huge negative effects on both sides of the Atlantic,' he added. 'I will definitely do everything I can to prevent this super-negative scenario.' The EU-US trade relationship is mighty. According to the European Council, EU-US bilateral trade in goods and services was worth €1.68 trillion ($1.96 trillion) last year. Together, the partners represent nearly 30% of global goods and services trade, per the Council. But Trump has repeatedly rebuked the EU for what he sees as unfair trading practices, saying in April that the 27-nation bloc was 'formed to screw' America. He has pointed to EU tariffs on US goods as well as several 'non-tariff barriers' such as taxes on digital services to support that view. Since re-taking office in January, Trump has hiked – and threatened to hike – tariffs on countries around the world to help eliminate the US' trade deficit, bring manufacturing jobs back to America and bring foreign nations to heel on key disputes. For months, EU trade officials have been negotiating with their US counterparts to avoid Trump's tariffs, or to limit their damage. But after the US president threatened in May to jack up the rate of his so-called 'reciprocal' levy on EU goods from 20% to 50%, the bloc accelerated talks. Šefčovič reiterated on Monday that the EU seeks a negotiated solution as well as his belief that one had been within touching distance before Trump's latest tariff salvo. 'The feeling on our side was that we are very close to an agreement,' he said, noting that the bloc is demonstrating 'enormous' levels of patience and creativity to secure a deal. On Sunday, the EU said it will delay the implementation of planned countermeasures on €21 billion ($25 billion) worth of US exports from Monday until early August to allow more time to negotiate an agreement. Those countermeasures are in retaliation for the 25% tariff Washington has slapped on all steel and aluminium imports. Lars Løkke Rasmussen, Denmark's foreign minister, said the bloc wants a fair deal and that it should prepare to retaliate. 'If you want peace, you have to prepare for war, and I think that's where we are. So, of course, we shouldn't impose countermeasures (at) this stage, but we should prepare to be ready to use all the tool in the toolbox,' Rasmussen said before the meeting of EU trade ministers on Monday. European stocks were falling Monday morning in the first day of trade since Trump issued his new tariff threat over the weekend. The Stoxx Europe 600, the region's benchmark index, was trading 0.27% lower by early afternoon CET. David Goldman contributed reporting.
Yahoo
18 minutes ago
- Yahoo
Morning Bid: Euro shrugs at tariffs, but bonds balk
By Mike Dolan LONDON (Reuters) - What matters in U.S. and global markets today By Mike Dolan, Editor-At-Large, Finance and Markets European markets have given something of a gallic shrug to Donald Trump's tariff threat against the region over the weekend, with investor concern instead appearing to build about the intensifying White House attack on Federal Reserve chair Jerome Powell. I'll discuss this and the rest of today's market news below. Be sure to check out my column, where I explain why U.S. investors may have a serious case of dollar-driven FOMO. Today's Market Minute * The EU has already prepared a list of tariffs worth 21 billion euros ($24.52 billion) on U.S. goods if they fail to reach a trade deal, Italy's Foreign Minister Antonio Tajani said on Monday. * Japan's central bank may face political pressure to keep interest rates low for longer than it wants, as opposition parties favouring tax cuts and loose monetary policy are expected to gain influence after a July 20 election. * Oil markets have remained remarkably resilient so far this year, despite concerns over U.S. trade policies and rising OPEC+ production quotas. But as ROI energy columnist Ron Bousso writes, that strength will now be tested, as Saudi output is starting to surge just as demand appears to be slowing. * Investors may be fixated on Donald Trump's attacks on the Federal Reserve, but Mike Peacock, a former head of communications at the Bank of England, claims the BoE also faces increasing political scrutiny, raising alarm bells about the future of central bank independence. * The United States, the world's top corn supplier, is set to export a record volume of corn in the waning 2024-25 marketing year, slightly edging out 2020-21's high. But ROI agriculture columnist Karen Braun says there's a catch. Euro shrugs at tariffs, but bonds balk Maybe it's partly to do with the Bastille Day holiday in France and also a delayed start to the week's heavy events calendar, but Trump's weekend plan to hit European Union and Mexican imports with a 30% tariff from next month saw the euro and euro zone stocks tick only modestly lower on Monday. As with the sweep of other August 1 tariff plans that Trump detailed in letters sent last week, investors suspect much may change between now and then and are reluctant to take the standing numbers at face value just yet. What's more, there's still no real consensus on whether the U.S. trade war damages the American economy more or less than any of the countries it's targetting. And in currency markets, the dollar has been the one unequivocal loser from the whole policy piece this year so far. The EU said on Sunday it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement. But the bloc refuses to roll over and Italy's Foreign Minister, Antonio Tajani, said the EU has already prepared a list of tariffs worth more than 21 billion euros on U.S. goods, if the sides fail to reach a deal. EU trade commissioner Maros Sefcovic said that even though the EU wants a favorable agreement, it was preparing possible countermeasures. Commission President Ursula von der Leyen said on Sunday that the bloc's more draconian retaliatory tool, the so-called "Anti Coercion Instrument" was created for extraordinary situations and "we are not there yet." European stocks slipped about 0.5% on Monday, with the euro virtually unchanged from Friday's close just under $1.17. Even euro auto sector stocks, in the frontline of a U.S. tariff squeeze, were only down just over 1%. There were bigger reactions in long-dated government bonds, however. German benchmark yields pushed to their highest since April 1 and 30-year yields hit their highest since October 2023. The move in debt yields was hard to pin on the trade situation, even if the heightened fears of a tit-for-tat trade war may prove inflationary - and even stagflationary - for all. Despite the holiday, traders eyed French President Emmanuel Macron's announced plans to push forward defence spending with an already strapped budget - pledging to double the military budget by 2027, three years earlier than originally planned. But the fresh backup in long-dated debt yields was more global, with Japan's 10 and 30 year government borrowing rates hitting their highest since May on Monday on a mix of domestic political and fiscal nerves ahead of upper house elections on July 20. More broadly, the widening bond selloff may owe as much to worries about the mounting attacks from the Trump administration on the Fed and its chair, Powell. Even though Trump has previously said he won't fire Powell before his term expires early next year, his attacks on the Fed boss are now almost daily and have shifted in tone toward accusations of mismanagement as much as distaste for the monetary policy stance. White House economic adviser Kevin Hassett, seen by some as one possible contender to replace Powell, said Trump had the authority to fire Powell "if there's cause", and the Fed "has a lot to answer for" on renovation cost overruns at its Washington headquarters. Hassett told ABC's "This Week" program that any decision by Trump to try to fire Powell over what the Trump administration calls a $700 million cost overrun "is going to depend a lot on the answers that we get to the questions that (budget director)Russ Vought sent to the Fed." Investors fear for Fed independence given Trump is seeking rate cuts of up to three percentage points even with inflation and inflation expectations well above the central bank's target. With the immigration crackdown potentially upping risks of another worker shortage and higher wages, the tension on that score is unnerving bond markets. Thirty-year Treasury yields hit their highest in more than a month - within 2 basis points of the 5% threshold. Wall Street stock futures were in the red again after a down day for the main indexes on Friday. The dollar index was a shade firmer. Tuesday sees the release of June U.S. consumer price inflation data that will give some indication of whether the limited amounts of tariffs that have hit to date are starting feeding household cost of living more broadly. Crude oil prices rose on Monday and reached their highest level in three weeks as investors eyed further U.S. sanctions on Russia that may affect global supplies. What's clear is that tariffs are flattering Federal budget revenues already, with a surprise surplus seen in June. The second-quarter corporate earnings season also kicks into gear on Tuesday, with updates from the big banks. Elsewhere, Chinese stocks and the yuan were firmer as China's exports regained momentum in June, with firms rushing orders to capitalise on a fragile tariff truce between Beijing and Washington ahead of this month's latest deadlines. Chart of the day: Bitcoin crossed the $120,000 level for the first time on Monday, marking a milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week. Later today, the U.S. House of Representatives will debate a series of bills to provide the digital asset industry with the regulatory framework it has long demanded. Today's events to watch * European Central Bank board member Piero Cipollone speaks * US corporate earnings: Fastenal Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (by Mike Dolan; editing by Aidan Lewis) Sign in to access your portfolio
