EU open to extending lobster deal in package on Trump tariffs, FT reports
THE EUROPEAN UNION is open to extending a deal allowing the duty-free import of U.S. lobsters as part of a broader package aimed at removing U.S. President Donald Trump's tariffs, the Financial Times reported on Thursday, citing two officials.
The EU's current regulation eliminating customs duties for fresh and frozen lobsters from the U.S. expires on July 31. The lobster deal between the U.S. and EU was struck in 2020 during Trump's first term.
Bernd Lange, chair of the European parliament's trade committee, told the FT that the lobster trade was not very economically important, but led to de-escalation from Trump. '[The deal] is expiring at the end of July. I'm really in favour of extending it.'
The EU faces 25% U.S. import tariffs on its steel, aluminium and cars. It also faces tariffs of 10% for almost all other goods, a levy that could rise to 20% after Trump's 90-day pause expires on July 8.
The European Commission has proposed countermeasures on up to 95 billion euros ($107.60 billion) of U.S. imports if tariff negotiations with Washington fail.
The Commission has repeatedly said it would prefer a negotiated solution rather than tit-for-tat tariffs.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
15 minutes ago
- The Star
Criminals turn to drones and social media to sell illegal cigarettes
FILE PHOTO: Illegal produced cigarettes are seen during a news conference of German customs (Zoll) in Cologne, Germany, August 25, 2020. REUTERS/Stephane Nitschke/File Photo LONDON (Reuters) -Tobacco smugglers and black market salesmen are increasingly using technologies such as social media and drones to deliver cigarettes to smokers in Europe and avoid law enforcers, a report by consulting group KPMG published on Wednesday found. The report, produced annually and commissioned by Philip Morris International, looks at illegal consumption of cigarettes on the continent - which big tobacco companies say costs them sales and authorities say costs them tax revenues. In 2024, KPMG found that almost 40 billion illicit cigarettes were consumed across 38 European nations, based in part on a study of empty packs collected in those countries. It also cited interviews with law enforcement. The gangs' flexible strategies have helped to drive a 10.8% increase in illicit consumption versus 2023, according to KPMG, which also attributed the rise to higher taxes and prices in markets including France and the Netherlands. The report said criminal groups had shifted towards smuggling smaller packages, more often, via budget airlines. They are also making greater use of rail and drones, and are increasingly bypassing physical stores to sell directly to consumers on social media, it continued. The more recent change in tactics follows another shift from 2020, when the groups moved production closer to end-markets, partly in response to the pandemic disruption, but also reducing the chance of detection. KPMG said in 2024 the groups had also begun holding less inventory, which is reflected in a decrease in the size of illicit cigarette seizures as the gangs mitigate their risks and reduce the impact of raids by law enforcers. Big tobacco companies say tax increases have driven growth in illicit cigarette consumption. Public health campaigners and institutions such as the World Bank, however, have said such claims are overblown and that high taxes can support public health by reducing tobacco consumption, while generating revenues for governments. (Reporting by Emma Rumney; editing by Barbara Lewis)
Malay Mail
18 minutes ago
- Malay Mail
China stocks near three-week high as Sino-US trade truce sparks optimism
SHANGHAI, June 11 — China stocks hit their highest levels in nearly three weeks today, lifted by optimism over progress in US-China trade talks, though investors awaited further details on the framework agreed by the two countries. China's blue-chip CSI300 Index rose as much as 1.2 per cent, hitting its highest level since May 23. The Hong Kong's benchmark Hang Seng index climbed up to 1 per cent, reaching its strongest level since March 20. US and Chinese officials said yesterday they had agreed on a framework to put their trade truce back on track and remove China's export restrictions on rare-earths while offering little sign of a durable resolution to longstanding trade differences. 'This is positive news to the market. At least now there's a bottomline that neither side is willing to cross,' said Mark Dong, co-founder of Minority Asset Management. 'Going forward, both sides will move toward reducing the trade imbalance.' The two-day meeting in London followed a rare leader-to-leader call between US President Donald Trump and Chinese counterpart Xi Jinping on Thursday, after tensions between the countries flared with each accusing the other of violating the Geneva deal. The CSI Rare Earth Index jumped nearly 4 per cent and shares of China's semiconductor index edged up 0.2 per cent. 'The details matter, especially around the degree of rare-earths bound for the US, and the subsequent freedom for US produced chips to head East,' said Chris Weston, head of research at Pepperstone. 'But for now as long as the headlines of talks between the two parties remain constructive, risk assets should remain supported.' By the lunch break, the CSI 300 Index had risen nearly 1 per cent, the Shanghai Composite Index gained 0.5 per cent and the Hang Seng Index was up close to 1 per cent. Tech majors traded in Hong Kong gained 1.2 per cent. Chinese stocks have struggled for direction since April 2, when Trump announced sweeping reciprocal tariffs that threatened to upend the global trade order. The CSI300 Index has barely budged from the April 2 level, and Hong Kong's benchmark Hang Seng Index gained around 5 per cent during the period, both lagging the recovery among major global markets. China's auto stocks rose 2.2 per cent today, after several major automakers — including BYD, Chery and Geely — pledged to pay suppliers within 60 days. — Reuters
Hype Malaysia
23 minutes ago
- Hype Malaysia
From Imported Fruits To Beauty Services: Things That Are Set To Become More Expensive From 1st July
With the world reacting to the announcement of President Trump's tariffs in April, Malaysians now have their version of 'Liberation Day' on a smaller scale, of course. Starting 1st July 2025, the government will implement a revised, expanded version of sales and service tax (SST) that will affect everything from beauty services to private education. Announced by Finance Minister II Datuk Seri Amir Hamzah Azizan, the decision for the expansion is part of the MADANI economic reform aimed at strengthening government revenue. 'The additional revenue will go towards improving public services and infrastructure, and increasing direct aid to Malaysians', he states during a closed-door briefing with the press. Here's what's increasing in price next month: 1. 0% Tax Or No Change In Tax Starting next month, here is the list of things that remain in the 0% sales tax bracket: Unprocessed items (Beef, chicken, prawn, fish, etc.) Local fruits Grains (Rice, Oat, Barley and wheat), sugar, cooking oil Milk Flour, pasta, noodles Canned Sardines Medicine, pet food Books, journals, newspapers Items with no changes in the 5% and 10% sales tax bracket: Lobster Quinoa, Cheese, Fruit Jams Smartphones Caviar Alcoholic beverages, Cigarettes Leather goods 2. Revised Items In The 5% Tax Bracket King Crab, Salmon Truffles Imported strawberries Essential oils, Silk 3. Revised Items In The 10% Tax Bracket Racing bicycles Antiques and hand-painted artwork The government has also expanded service tax to these 6 sectors, which include beauty services and rental, and leasing. An extra 8% tax will apply to beauty service businesses earning over RM50,000 in a year, which covers services such as facials, hairdressing, body slimming and tattoo services. An 8% service tax will also be imposed on rental or leasing services earning up to RM500,00 manually, with exemptions for residential rentals, reading materials and MSMEs (Micro, small and medium enterprises). Malaysians are exempt from the 6% private healthcare and private education tax, which only applies to non-citizens. To give companies time to adapt, the government will not take punitive action until the end of the year. What do you think about the revised SST? Sources: The Star, The Edge Malaysia Alyssa Gabrielle contributed to this article What's your Reaction? +1 0 +1 0 +1 0 +1 0 +1 0 +1 0
