EU delays planned retaliatory tariffs on US$107b worth of US goods
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
30 minutes ago
- Straits Times
Mercedes CEO calls for ‘reality check', slamming EU combustion engine ban
Sign up now: Get ST's newsletters delivered to your inbox The German auto boss has instead called for tax incentives and cheap power prices at charging stations. BERLIN - The chief executive of Mercedes-Benz criticised the European Union's plan to ban CO2-emitting vehicles from 2035 in a media interview on Aug 11 , joining a chorus of voices calling the target into question as it comes up for review this year. The ban, which supporters say is crucial to Europe's green ambitions, is up for review in the second half of 2025, with critics saying it would handicap European carmakers already struggling with weak demand, Chinese competition and disappointing electric vehicle sales. 'We need a reality check. Otherwise we are heading at full speed against a wall,' Mercedes chief executive Ola Kaellenius told the Handelsblatt business daily of the 2035 goal, adding that Europe's car market could 'collapse' if it goes ahead. Mr Kaellenius argued that consumers would simply hurry to buy cars with petrol or diesel engines ahead of the ban. Currently serving as head of the European auto lobby Acea, the German auto boss has instead called for tax incentives and cheap power prices at charging stations to encourage the switch to electric cars. 'Of course we have to decarbonise, but it has to be done in a technology-neutral way. We must not lose sight of our economy,' Mr Kaellenius said. REUTERS
CNA
an hour ago
- CNA
India estimates about 55% of goods exported to US will face Trump tariff
MUMBAI :About 55 per cent of India's merchandise exports to the United States will be subject to the tariff imposed by President Donald Trump's administration, the Indian government said on Monday. Last week, Trump imposed an additional 25 per cent tariff on Indian goods as punishment for Delhi's purchases of Russian oil. That raised the total duty on Indian exports to the U.S. to 50 per cent - among the highest on any American trading partner. The Indian government had taken into account the 25 per cent tariff that Trump initially imposed on goods while providing Monday's estimate, Pankaj Chaudhary, India's junior finance minister, said in a written response to a question from a lawmaker. "The Department of Commerce is engaged with all stakeholders including exporters and industry for taking feedback of their assessment of the situation," Chaudhary added. Goods trade between the United States and India - the world's biggest and fifth-largest economies respectively - was worth about $87 billion in the last fiscal year, according to Indian government estimates.
CNA
3 hours ago
- CNA
Indonesia, Peru strike trade agreement as leaders meet
JAKARTA: Indonesia and Peru sealed a trade agreement on Monday (Aug 11) as their leaders met in Jakarta, with Southeast Asia's biggest economy looking to make inroads into South American markets. The agreement comes after US President Donald Trump recently imposed a tariff rate of 19 per cent on imports from Indonesia under a new pact. Peruvian President Dina Boluarte was greeted by a marching band and national anthems at a ceremony at the presidential palace in the Indonesian capital before talks. Indonesian President Prabowo Subianto said the leaders then witnessed the signing of the trade pact, dubbed a Comprehensive Economic Partnership Agreement (CEPA), which will deepen ties between the two nations after he visited Lima last year. "This agreement will expand market access and boost trade activity between the two countries," Prabowo said after their meeting. "Normally, this agreement would have taken years, but Indonesia and Peru managed to finalise this agreement within 14 months." They agreed to boost cooperation in fields including defence, narcotics, food security, energy, fisheries and mining, he said, without providing details. In 2024 Indonesian exports to Peru were worth US$329.4 million while Peru's exports to Indonesia amounted to US$149.6 million, according to trade ministry data. Boluarte's trip was a reciprocal visit after Prabowo travelled to Peru in November for the APEC Summit. Indonesia's trade minister said before Boluarte's state visit that the economic deal would allow Indonesian goods to enter markets in Central and South America. Boluarte, 63, is a highly unpopular leader at home and has faced protests against an explosion of gang violence. Her approval rating hovered around 2 per cent in May.
