Brazil Engine Maker Says Tariffs Are Hitting Long-Term Projects
Chief Financial Officer Andre Luis Rodrigues said the company is preparing actions to mitigate potential US tariffs of 50% on Brazil that are scheduled to take effect on Aug. 1.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 minutes ago
- Yahoo
Trump deal with Europe underlines new standard of (at least) 15% tariffs
One thing was clear about a vague trade deal announced Sunday by President Trump and European Commission President Ursula von der Leyen: a headline tariff rate of 15% on European goods. It's the latest example of a new tariff floor for Trump that has been backed by other recent deals and letters, including one with Japan this past week that also saw a 15% rate. "We'll have a straight simple tariff of anywhere between 15% and 50%," Trump asserted. Both Trump and von der Leyen highlighted the 15% rate Sunday after their meeting in Scotland. Trump claimed a 'straight-across tariff of 15%' for 'automobiles and everything else,' adding that US exports to Europe would face a 0% rate. Von der Leyen confirmed the 15% tariffs 'across the board and inclusive," adding that it would bring stability and predictability to US-Europe relations. Comments later in the day from the European Commission President suggested that it might be a little more complex and that the deal also included "zero for zero tariffs on a number of strategic products" including aircraft components and other products like some minerals. Trump added that the deal includes hundreds of billions of dollars in new EU purchases of U.S. energy as well as military equipment. The 15% rate may get a mixed reaction in Europe after negotiators had previously pushed for free trade (or more recently a 10% rate), but it's a halving from the 30% tariffs Trump promised in a letter earlier this month. Sunday's agreement with the European Union — America's largest trading partner — comes following agreements with Vietnam, the Philippines, and Indonesia with saw tariff rates of between 19% and 20%. Only one negotiation has seen Trump agree to a tariff below 15% — a pact with the UK in May — with Treasury Secretary Scott Bessent writing earlier this month that "usually the first person who makes a deal makes the best deal." Some details unclear Trump also said Sunday that many of the remaining countries facing a deadline of Aug. 1 would face a letter dictating rates, saying they would be be 'very universal for most' and that the European deal is 'the big one.' The president said three to four additional countries could be in for deals in the coming days while most nations would simply get letters. In any case, the 15% baseline is a shift — even from recent weeks. Trump earlier this month said that many countries would see a rate of 'probably 10% or 15%, we haven't decided yet.' Even last Sunday, Commerce Secretary Howard Lutnick told CBS: "You should assume that the small countries... will have a baseline tariff of 10%." This new standard is also notable fulfillment of an oft-made campaign trail promise that saw the then-candidate pledge to create a "ring around the collar" of the US economy with a blanket rate of between 10% and 20%. Fulfilling that pledge — which was often dismissed as unrealistic at the time — has now become not only accepted but even a plus for markets after six months of Trump's second term have seen threats of higher duties that have reordered world trade actions. The recent announcement of the deal with Japan with a 15% tariff on goods like autos was welcomed by traders and helped fuel rises in US markets as well as the Japanese Nikkei 225, which immediately surged on the news. Japanese automakers in particular saw a jump after that deal as those companies celebrated a lowering of auto tariffs from 25% to 15%. European automakers now find themselves in a similar position. Trump, meanwhile, says he has no plans to amended his other sector specific tariffs as part of the European Union deal — even as Von der Leyen suggested they would largely be covered by the deal. There are 50% tariffs currently levied on steel and aluminum (with planned duties at the same rate on copper), and Trump said Sunday that those tariffs are a "worldwide thing that stays the way it is." Trump also reiterated his promises of sectoral tariffs on semiconductors and pharmaceuticals to be rolled out, which could be much higher than 15% — unless Europe gets a carveout. And Von der Leyen suggested the 15% rate would apply in comments later Sunday when she said the 15% rate would apply to "the vast majority of EU cars, semiconductors, pharmaceuticals" as she called the rate "a clear ceiling." Also on Sunday, Commerce Secretary Howard Lutnick said that a new semiconductor tariffs are nearly ready and would be unveiled in about "two weeks time." This story has been updated with additional developments. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices
Wall Street Journal
19 minutes ago
- Wall Street Journal
Stock-Market Today: Dow Futures Rise After Trump Strikes EU Deal — Live Updates
Trade-deal progress is buoying markets again. U.S. stock futures and European indexes rose after President Trump reached a trade agreement Sunday with the European Union, marking his biggest deal so far. The dollar strengthened against the euro. The U.S. will set a baseline tariff of 15% for European goods, including automobiles. The steel and aluminum levies of 50% will remain unchanged, and the EU has agreed to buy $750 billion worth of U.S. energy products. The news comes with less than one week to go before the White House's Aug. 1 deadline for making deals. Several trading partners, including Canada, Mexico, India and South Korea, are yet to strike deals. Treasury Secretary Scott Bessent is expected to meet Monday and Tuesday with Chinese officials, with a view to extending the countries' trade truce, set to expire on Aug. 12. Trump hopes to open up China to more American business and technology. "When Japan broke down and made a deal, the EU had little choice. The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold," Jamie Cox, managing partner for Harris Financial. Later in the week, the Federal Reserve is set to give its latest interest-rate decision. Despite Trump's pressure to cut rates, no change is expected.
Yahoo
27 minutes ago
- Yahoo
Cox makes $4.7 billion offer for Iberdrola's Mexican assets, El Confidencial says
(Reuters) -Spanish renewable energy and water company Cox has submitted an offer to take over Iberdrola's assets in Mexico worth around 4 billion euros ($4.69 billion), newspaper El Confidencial said on Monday, citing unnamed sources close to the process. Spanish utility Iberdrola hired investment bank Barclays to sell 15 renewable power plants in Mexico as it seeks to exit the country on concerns about the legal and tax stability in the country, El Confidencial reported last week. Iberdrola already sold 55% of its assets in the country to the Mexican government for $6 billion in 2024, which the Mexican government called at the time a "new nationalisation" of the electricity market. Iberdrola and Cox, which is present in Mexico, did not immediately respond to requests for comment. ($1 = 0.8532 euros)
