&w=3840&q=100)
No Taco for Europe as it prepares to hit back, taking Trump's new tariff threat seriously
As the European Union inches closer to securing a trade deal with the US, the bloc is planning to put all its cards on the table, including activating its most powerful trade tools against America.
More than half a dozen EU members have backed the French-led charge of deploying an 'anti-coercion instrument (ACI)' in case talks between the two parties fail ahead of the August 1 deadline of lifting the pause on reciprocal tariffs. Trump has threatened a 30 per cent tariff rate on the bloc, which is its largest trading partner.
STORY CONTINUES BELOW THIS AD
If all member states agree, the European Union would use the ACI for the first time ever, which could possibly unleash a wider transatlantic trade war, at a time when Trump tariffs have already kept the world economy on the edge.
Talking to Bloomberg, Benjamin Haddad, France's minister for European affairs, said, 'In this negotiation, you need to show strength, you need to show force, unity and resolve.
He added that the bloc could 'go further' than the countermeasures previously announced by it, targeting almost €100 billion worth of US trade under the ACI.
While France is resolved to unravel the potential of ACI, some EU members have expressed scepticism with the chief, Ursula von der Leyen, saying that 'the ACI is created for extraordinary situations' and 'we are not there yet.'
Talks between the US and EU have continued, even after Trump threatened in a letter over the weekend to impose a 30 per cent tariff on most of the bloc's exports starting next month, in addition to the existing 25 per cent duties on cars and car parts and 50 per cent tariffs on steel and aluminium.
STORY CONTINUES BELOW THIS AD
Meanwhile, EU Commissioner Michael McGrath told Bloomberg that the bloc is expecting to reach a deal with the US by August 1, although leaders were 'surprised and disappointed' to receive Trump's letter.
The EU's top trade negotiator, Maros Sefcovic, left for Washington on Wednesday for talks with his US counterparts. 'Sefcovic is flying to DC this afternoon, for separate in-person meetings' with US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, said European Commission trade spokesman Olof Gill.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
15 minutes ago
- Indian Express
Opposing unchecked infiltration from across border: Himanta hits back at Mamata's ‘persecution' barb
Amid a simmering row over the alleged harassment of Bengali-speaking people in BJP-ruled states, West Bengal CM Mamata Banerjee on Saturday accused the BJP in Assam of threatening people with 'persecution' for upholding their mother tongue. Assam CM Himanta Biswa Sarma hit back, accusing the TMC supremo of 'compromising Bengal's future' by 'encouraging illegal encroachment by a particular community'. Accusing BJP-led governments of branding Bengalis as illegal Bangladeshis or Rohingya, Banerjee had recently led a protest march in Kolkata in the backdrop of large-scale evictions in Assam, mostly affecting Bengali-speaking people. Sarma had said the decision was aimed at 'protecting demographic change'. Banerjee said on X Saturday, 'The second most spoken language in the country, Bangla, is also the second most spoken language of Assam. To threaten citizens, who want to coexist peacefully respecting all languages and religions, with persecution for upholding their own mother tongue is discriminatory and unconstitutional.' 'This divisive agenda of BJP in Assam has crossed all limits and people of Assam will fight back.' Sarma launched a counterattack and in a post on X accused the Bengal CM of indulging in appeasement politics at the cost of national integrity. He said that the government is not fighting 'our own people' but instead opposing 'ongoing, unchecked Muslim infiltration from across the border, which has already caused an alarming demographic shift.' 'In several districts, Hindus are now on the verge of becoming a minority in their own land. This is not a political narrative — it's a reality. Even the Supreme Court of India has termed such infiltration as external aggression. And yet, when we rise to defend our land, culture, and identity, you choose to politicise it. We do not divide people by language or religion. Assamese, Bangla, Bodo, Hindi — all languages and communities have coexisted here. But no civilisation can survive if it refuses to protect its borders and its cultural foundation,' he said. 'While we are acting decisively to preserve Assam's identity, you, Didi, have compromised Bengal's future — encouraging illegal encroachment by a particular community, appeasing one religious community for vote banks, and remaining silent as border infiltration eats away at national integrity — all just to stay in power.'
Time of India
15 minutes ago
- Time of India
ICE Raids Spark Violent Unrest In Portland; AI Impersonates Trump To Threaten Protesters
Protests broke out outside a U.S. Immigration and Customs Enforcement (ICE) facility in Portland, where federal agents used tear gas to disperse crowds. Videos showed streets engulfed in thick smoke. RT News also claimed that agents used an AI-generated voice resembling President Trump to issue arrest warnings. Meanwhile, in Cincinnati, demonstrators blocked a major bridge during an immigration protest. At least 13 people, including journalists, were arrested.
Time of India
29 minutes ago
- Time of India
Housing societies in dilemma over NA tax in absence of govt resolution
1 2 3 4 5 6 Pune: Nearly ten months after the state cabinet announced abolition of non-agricultural (NA) tax for urban housing societies, confusion prevails over it due to absence of a formal govt resolution (GR) in this regard. The managements of housing societies across the state said they are not sure whether they should continue paying the tax till official guidelines are issued in this regard. The state cabinet, under Eknath Shinde-led govt, had approved scrapping of the NA tax in October 2024, ahead of the state assembly elections. The move was aimed at providing relief to societies in urban areas like Pune and Mumbai, where residents have been paying both property tax and NA tax. Housing societies have now approached the state government to issue a formal GR in this respect. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune "We have informed the housing societies that the NA tax has been scrapped. However, many have received payment notices post-October. There is widespread confusion on the issue. We urge the govt to issue a GR in this regard immediately," said Suhas Patwardhan, chairperson, Maharashtra State Housing Federation. The NA tax, which dates back to the British era, is levied on properties situated on agricultural land within the municipal corporation or council limits, excluding those located in designated gaothan areas. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it legal? How to get Internet without paying a subscription? Techno Mag Learn More Undo The abolition was a long-standing demand of housing society federations. Despite the cabinet decision, lack of an official GR has left societies in a dilemma. Some have stopped paying tax based on the cabinet announcement, while others continue to pay to avoid potential penalties. Senior revenue department officials acknowledged the delay, attributing it to the timing of the assembly elections. "The law and judiciary department deferred the issue of GR last year, citing code of conduct during elections. Later, it was left to the new govt to issue the GR," a revenue department official told TOI. A senior official confirmed on Saturday that the GR is likely to be taken up in the next cabinet meeting and could be notified before August 15. "We understand the practical difficulties societies are facing. Clear directives will be issued through the GR shortly, which would give clarity to those who have paid NA tax and those who have not," the official added. In the meantime, housing societies remain divided in their approach. "We are aware that the tax has been scrapped, but without an official GR, we are hesitant to stop payment," said a senior committee member of a housing society in Kondhwa. "We have not received any directive from the state govt. Until the GR is issued, we cannot provide clear instructions to officials or societies," said a senior district administration official. The housing federation said that the issue affects thousands of housing societies and called on the govt to issue a resolution in this regard without any further delay. "This is a critical issue for middle-class homeowners. The longer the delay, the more confusion it will create. The govt must act swiftly," said Patwardhan. Pune: Nearly ten months after the state cabinet announced abolition of non-agricultural (NA) tax for urban housing societies, confusion prevails over it due to absence of a formal govt resolution (GR) in this regard. The managements of housing societies across the state said they are not sure whether they should continue paying the tax till official guidelines are issued in this regard. The state cabinet, under Eknath Shinde-led govt, had approved scrapping of the NA tax in October 2024, ahead of the state assembly elections. The move was aimed at providing relief to societies in urban areas like Pune and Mumbai, where residents have been paying both property tax and NA tax. Housing societies have now approached the state government to issue a formal GR in this respect. "We have informed the housing societies that the NA tax has been scrapped. However, many have received payment notices post-October. There is widespread confusion on the issue. We urge the govt to issue a GR in this regard immediately," said Suhas Patwardhan, chairperson, Maharashtra State Housing Federation. The NA tax, which dates back to the British era, is levied on properties situated on agricultural land within the municipal corporation or council limits, excluding those located in designated gaothan areas. The abolition was a long-standing demand of housing society federations. Despite the cabinet decision, lack of an official GR has left societies in a dilemma. Some have stopped paying tax based on the cabinet announcement, while others continue to pay to avoid potential penalties. Senior revenue department officials acknowledged the delay, attributing it to the timing of the assembly elections. "The law and judiciary department deferred the issue of GR last year, citing code of conduct during elections. Later, it was left to the new govt to issue the GR," a revenue department official told TOI. A senior official confirmed on Saturday that the GR is likely to be taken up in the next cabinet meeting and could be notified before August 15. "We understand the practical difficulties societies are facing. Clear directives will be issued through the GR shortly, which would give clarity to those who have paid NA tax and those who have not," the official added. In the meantime, housing societies remain divided in their approach. "We are aware that the tax has been scrapped, but without an official GR, we are hesitant to stop payment," said a senior committee member of a housing society in Kondhwa. "We have not received any directive from the state govt. Until the GR is issued, we cannot provide clear instructions to officials or societies," said a senior district administration official. The housing federation said that the issue affects thousands of housing societies and called on the govt to issue a resolution in this regard without any further delay. "This is a critical issue for middle-class homeowners. The longer the delay, the more confusion it will create. The govt must act swiftly," said Patwardhan.
