
Hungary to Hold Key Rate Steady for 10th Month: Decision Guide
The National Bank of Hungary will hold its benchmark interest rate at 6.5% on Tuesday, according to all 19 economists in a Bloomberg survey. That's tied with neighboring Romania for the highest key rate level in the European Union.
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Yahoo
18 minutes ago
- Yahoo
EU and US agree trade deal, with 15% tariffs for European exports to America
The United States and European Union have reached a trade deal, ending a months-long standoff between two of the world's key economic partners. After make-or-break negotiations between President Donald Trump and European Commission President Ursula Von der Leyen in Scotland, the pair agreed on a blanket US tariff on all EU goods of 15%. That is half the 30% import tax rate Trump had threatened to implement starting on Friday. Trump said the 27-member bloc would open its markets to US exporters with zero per cent tariffs on certain products. Von der Leyen also hailed the deal, saying it would bring stability for both allies, who together account for almost a third of global trade. Trump has threatened tariffs against major US trade partners in a bid to reorder the global economy and trim the American trade deficit. As well as the EU, he has also struck tariff agreements with the UK, Japan, Indonesia and Vietnam, although he has not achieved his goal of "90 deals in 90 days". Sunday's deal was announced after private talks between Trump and Von der Leyen at his Turnberry golf course in South Ayrshire. Trump - who is on a five-day visit to Scotland - said following a brief meeting with the European Commission president: "We have reached a deal. It's a good deal for everybody." "It's going to bring us closer together," he added. Von der Leyen also hailed it as a "huge deal", after "tough negotiations". Under the agreement, Trump said the EU would boost its investment in the US by $600bn (£446bn), purchase hundreds of billions of dollars of American military equipment and spend $750bn on energy. That investment in American liquified natural gas, oil and nuclear fuels would, Von der Leyen said, help reduce European reliance on Russian power sources. "I want to thank President Trump personally for his personal commitment and his leadership to achieve this breakthrough," she said. "He is a tough negotiator, but he is also a dealmaker." The US president also said a 50% tariff he has implemented on steel and aluminium globally would stay in place. Both sides can paint this agreement as something of a victory. For the EU, the tariffs could have been worse: it is not as good as the UK's 10% tariff rate, but is the same as the 15% rate that Japan negotiated. For the US it equates to the expectation of roughly $90bn of tariff revenue into government coffers – based on last year's trade figures, plus there's hundreds of billions of dollars of investment now due to come into the US. How are trade deals actually negotiated? They made America's clothing. Now they are getting punished for it In pictures: President Trump's private visit to Scotland Trade in goods between the EU and US totalled about $975.9bn last year. Last year the US imported about $606bn in goods from the EU and exported around $370bn. That imbalance, or trade deficit, is a sticking point for Trump. He says trade relationships like this mean the US is "losing". If he had followed through on tariffs against Europe, import taxes would have been levied on products from Spanish pharmaceuticals to Italian leather, German electronics and French cheese. The EU had said it was prepared to retaliate with tariffs on US goods including car parts, Boeing planes and beef. British Prime Minister Keir Starmer plans his own meeting with Trump at Turnberry on Monday. Trump will be in Aberdeen on Tuesday, where his family has another golf course and is opening a third next month. The president and his sons plan to help cut the ribbon on the new fairway. Australia to lift import ban on US beef after Trump tariffs tiff


Bloomberg
20 minutes ago
- Bloomberg
EU, US Differ on Pharma Tariffs, Complicating Trump's Trade Deal
The European Union and the US appear to differ on some fundamental details in their new trade agreement, underscoring the difficulty they'll have in turning this deal into a reality. The EU said it would accept a 15% tariff on nearly all its exports to the US. President Donald Trump told reporters that the bloc also agreed to open up its 'countries to trade at zero tariff.'
Yahoo
38 minutes ago
- Yahoo
Oil Prices Caught Between a $70 Summer and Growing Surplus Fears
(Bloomberg) -- Oil traders are grappling with a tension — there's a growing chorus of warnings about the market weakening later this year and into 2026, but for now prices are holding strong near $70 a barrel. The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Trump Administration Sues NYC Over Sanctuary City Policy France's TotalEnergies SE last week warned the market is facing abundant supply as the OPEC+ group unwinds output curbs, even as slowing global growth weighs on demand. Norway's Equinor ASA said its new Johan Castberg field is operating at full pelt, with a Brazilian offshore asset starting soon, a reminder of additional barrels expected from outside the producer group. Both the International Energy Agency and the US Energy Information Administration earlier this month bolstered their estimates for the surplus they see next year. The two widely-followed forecasters expect supply to eclipse demand by the most since the pandemic, with the IEA's projection at 2 million barrels a day. A surplus that pushes prices lower will help tame inflation, hurt high-cost producers and likely please US President Donald Trump who has called for lower prices since taking office. It's a stark contrast with the here and now, where inventories at key storage hubs remain low, reflected in a bullish market structure that indicates tight supplies. Profits from turning crude into fuels are also far above seasonal norms, underpinning demand for crude. 'One of the issues that has been supporting oil has been the seasonal strength of the summer months,' Francisco Blanch, head of commodities and derivatives research at Bank of America Corp. said in a Bloomberg TV interview. 'Second half of the year the surplus is going to be close to 200 million barrels,' which will ultimately weigh on prices, he added. While most of the IEA's revision of next year's outlook centered on output additions by the Organization of the Petroleum Exporting Countries and its allies, who will meet to discuss output levels in early August, there were also some less obvious drivers. Forecasts for the supply of biofuels, which compete with conventional oil, are about 200,000 barrels a day higher than two months ago in the agency's estimates. The US government now sees global oil supplies about 2.1 million barrels a day higher in the fourth quarter of this year than the first, the biggest increase it has seen over the period since February. The two bodies' forecasts constitute an important element in traders' evaluations of how the market will unfold. For now, signs of robust demand remain. Leading oil trader Vitol Group said last week that jet fuel demand has been steadily climbing, with flight numbers reaching all-time highs. US weekly oil-demand figures are the highest this year. That data has been revised higher in final monthly readings for four of the last five periods where complete figures are available. And while the global trade war offers reason to be concerned about consumption, historically demand estimates have tended to be revised higher too, suggesting that the currently-expected surplus could narrow. From 2012 to 2024, the IEA's demand forecasts have ended up being on average close to 500,000 barrels a day higher than when the estimate was first issued, as more data became available. That excludes 2020, when the global pandemic transformed consumption patterns. Still, once the summer's strength wanes, a global surplus is likely to emerge, according to Natasha Kaneva, JPMorgan Chase & Co.'s head of global commodities strategy. 'Supply is increasing,' Kaneva said in a Bloomberg TV interview. 'At some point this inventory build will start showing up in visible inventories in OECD countries like the United States. At the moment it's not priced in.' --With assistance from Julian Lee, Grant Smith, Kari Lundgren, Lisa Abramowicz, Scarlet Fu and Romaine Bostick. Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P.