EU says could target €72bn of US goods if tariff talks fail
The bloc's trade chief, Commissioner Maros Sefcovic, announced the proposal, "accounting for some €72 billion ' worth of US imports", at a meeting with EU ministers in Brussels.
The move came after US President Donald Trump threw months of painstaking negotiations with the EU into disarray by threatening to impose tariffs of 30% on the bloc's goods if there is no deal by August 1.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
an hour ago
- IOL News
Trending: He's wasting our time & money, isn't fit to be president and never delivers
The country's leader is being roundly lambasted and pilloried for his speech on Sunday night: @Razor896 President Cyril Ramaphosa fired a Deputy Minister for going on a international trip without his permission but fails to fire a Minster accused of working with criminals. Streets are calling us. @Constitution_94 Two salaries Two Police Ministers Full benefits to both Taxpayers are screwed Ramaphosa must take a leave of absence himself @ChrisExcel102 The Zondo Commission cost the country R1.5 trillion and no one was arrested … Ramaphosa doesn't take us seriously. @AfricaisBlack When Kenya's President Ruto disrespected Kenyans, the youth organized themselves, without any political party's leadership, and took to the streets. Now, Cyril Ramaphosa has disrespected us to the core! #PeoplePower. #Accountability @NalaThokozane President Cyril Ramaphosa goes down in history as the most indecisive leader to ever lead South Africa. @bxnzow Yoh guys, this country can't survive another decade with President Cyril Ramaphosa and his comrades. @SdizoRSA President Cyril Ramaphosa, commission will take time while at the end, nothing will happen, the only thing will get is 20 text books (printed copies of the report) again. @LeratoPillayZA Ramaphosa is not fit to be a President. @Shadaya_Knight Many South Africans are disappointed with Cyril Ramaphosa's lack of action against corruption allegations on Senzo Mchunu by General Mkwananzi. It shows how a lot of people don't understand politicians, they're all the same, they will protect each other over the greater good of the country Worldwide it's the same, politicians only care about power not justice. Whatever differences they have, they all agree on one thing – power over everything else. Stop putting any hope in politicians, you'll always be disappointed. @sadi_mosadi I'm afraid we underestimate President Ramaphosa's ability to give us nothing. @PhilMphela President Cyril Ramaphosa has been given so many opportune moments to rise to the occasion, to become THAT GUY, to change the narrative, to be the leader the nation has pined for, the one who will go against the grain ... But, alas, time after time, he disappoints. His will be, like all his ilk, a tenure that served the interest of the individual and the few rather than the nation, as we all hoped for post 1994. What was all that? @tsheko2020 President Cyril Ramaphosa could have addressed us via wasted our time. DAILY NEWS
TimesLIVE
an hour ago
- TimesLIVE
Chinese firms rush to buy Nvidia AI chips as sales set to resume
Chinese firms are scrambling to buy Nvidia's H20 artificial intelligence chips, two sources told Reuters, as the company said it planned to resume sales to the mainland days after its CEO met US President Donald Trump. Nvidia's AI chips have been a key focus of US export controls designed to keep the most advanced chips out of Chinese hands over national security concerns. The US-listed company has said the curbs would cut its revenue by $15bn (R267.01bn). The world's most valuable firm is filing applications with the US government to resume sales to China of the H20 graphics processing unit (GPU), and expects to get the licences soon, Nvidia said in a statement. "The US government has assured Nvidia that licences will be granted, and Nvidia hopes to start deliveries soon," said the company, whose chief executive, Jensen Huang, is visiting Beijing and set to speak at an event on Wednesday. The White House, which has previously expressed concern that the Chinese military could use AI chips to develop weapons, did not respond to a request for comment. Chinese companies have scrambled to place orders for the chips, which Nvidia would then need to send to the US government for approval, the sources familiar with the matter said. They added that internet giants ByteDance and Tencent are in the process of submitting applications.
The Citizen
an hour ago
- The Citizen
US tariff of 30% on SA exports: where to now?
Sky-high duties will hit dozens of US trading partners, as Trump pushes for more "reciprocal" or 'fair' trading terms. The new tariff of 30% president Donald Trump levied on South African exports to the US, as well as tariffs up to 50% on other countries, have reignited global tensions as the 90 day pause on the tariffs announced in April came to an end last week. Bianca Botes, director at Citadel Global, points out that it signals a sharp escalation in Trump's protectionist agenda. The latest round of tariffs include: Japan and South Korea: both were hit with 25% tariffs from 1 August. Trump cited trade imbalances and is pushing for local production in the US as the reason. Dozens are in the firing line, with over a dozen countries, including South Africa (30%), Bangladesh (35%), Brazil (50%) and Thailand (36%) facing increased tariffs. More are expected to follow, with an announcement of 30% tariffs for Mexico and the EU on the weekend. Brics, commodities and pharmaceuticals: A blanket 10% additional tariff on Brics imports was announced, along with a 50% duty on all copper imports, as well as a possible 200% tax on pharmaceuticals. ALSO READ: Ordinary South Africans will feel impact of US tariffs Lacklustre reaction from markets in response to US tariffs The market reaction was lacklustre and Botes says it seems that the markets are waiting for the dust to settle with minor responses in equities, which are currently hovering near record highs and some weakening in emerging market currencies, but not nearly to the extent that we witnessed in April. She also noted a global pushback, with affected countries exploring retaliatory measures or seeking last–minute talks, while the White House insists that 1 August is a firm deadline. 'The rest of July could be pivotal. Between Trump's hard tariff line and the Fed's cautious monetary policy stance, economic uncertainty is running high. Trump's aggressive approach may disrupt global supply chains and relations with allies and emerging markets alike. All eyes are now on incoming data and how markets, governments and central banks respond to what could be an unpredictable end to the month.' ALSO READ: Trump's new 30% tariff less about trade and more about power No mention of 10% US tariff for Brics in South Africa's letter Lisette IJssel de Schepper, chief economist at the Bureau for Economic Research, says although Trump warned that any country adopting the anti-American policies of Brics would face an additional 10% tariff, there was no mention of this in the letter South Africa received. Fellow Brics member Brazil got slapped with a 50% tariff on Wednesday. 'Unlike most countries facing reciprocal tariffs, Brazil runs a trade surplus with the US, importing more from the US than it exports, Trump makes it clear in his letter that the reason is political and he intends to penalise Brazil for the 'witch hunt' on former president Jair Bolsonaro.' De Schepper points out that Brazil is the US's largest coffee supplier and a significant supplier of iron ore. 'Trump, perhaps fearing that some of the reciprocal tariffs may be struck down by the courts, has ordered a so-called section 301 investigation into Brazil specifically. While this will take time, it could be a basis for sustained tariffs going forward.' ALSO READ: China's clever trade deal with Africa – removal of tariffs on most goods Trump: US tariffs based on 'common sense, deficits and raw numbers' President Cyril Ramaphosa responded to the announcement of the US's tariff by saying that the calculation it is based on uses the wrong data. Trump explained later in the week that the reciprocal tariffs are based on 'common sense, deficits, how we have been over the years and raw numbers'. She says arguing about the accuracy of data is therefore unlikely to sway his position. 'Hopefully, by highlighting what South Africa can offer the US and being pragmatic, there is some scope to wiggle down the tariff, as some other countries have successfully done. 'However, the 'worst case' of a 10% universal tariff that government hoped for now looks to be turning into a best case. However, a fair point made by the Financial Times is that there is unlikely to be a 'definitive policy' in a Trump world. While we expect the impact on the entire economy to be relatively small, some motor manufacturing and pockets of agricultural produce will be hit hard.' ALSO READ: Where Trump's tariffs will hurt most US 30% tariff on SA a seismic event, not a diplomatic spat Dr Ernst van Biljon, head lecturer and programme coordinator for M Com in supply chain management at the IMM Graduate School, says the sweeping 30% US tariff on 'any and all South African products,' is far more than a diplomatic spat. It is a seismic event poised to send ripple effects through global and South African supply chains, demanding an urgent re-evaluation of supply chain strategies. 'While global markets have always been dynamic, this escalation signals a deeper shift: the weaponisation of trade policy as a geopolitical tool.' He says from a global perspective, these tariffs immediately compel US-based importers and retailers to de-risk their supply chains. 'The 30% duty instantly inflates the cost of South African goods, making them less competitive on American shelves. This is not just about price but about the very viability of product lines. 'Supply chains in the US will face pressure to absorb costs, pass them to consumers, or seek alternative sourcing. This could accelerate trends towards 'friend-shoring' or 'near-shoring', where companies prioritise suppliers in politically aligned or geographically closer nations. 'The ability to guarantee consistent product availability and predictable pricing, even if it means re-evaluating long-standing supplier relationships, will become a key differentiator.' ALSO READ: Trump tariffs unsettle SA farmers as Africa eyes agricultural growth US tariffs could trigger global re-routing of goods Furthermore, he says, the tariffs could trigger a global re-routing of goods. 'South African products previously destined for the US might now seek new markets, potentially increasing supply in other regions and creating new competitive dynamics.' He warns that South African businesses cannot simply 'find new markets' or pivot messaging but must reimagine their entire value chain strategies. This means investing in regional value chain integration, leveraging SADC, Brics and AfCFTA frameworks and accelerating partial local beneficiation to improve resilience. For South Africa, the implications are immediate and profound, Van Bijon says. 'Businesses, particularly those in export-heavy sectors like agriculture, must urgently identify and cultivate new international markets beyond the US. 'This requires intensive market research and in the case of China, considerable persistence, to understand new consumer preferences and tailor product offerings and brand narratives for diverse audiences in Asia, the Gulf and within the African continent. 'Specific sectors such as citrus, wine, nuts and automotive components are directly in the crosshairs. Producers in these industries should consider building capacity for processing at source and establishing stronger ties with fast-growing Asian and Middle Eastern markets.' ALSO READ: Government must intervene with US tariffs, act stronger with police corruption Waiving US tariffs on goods made in the US? He says the US offer to waive tariffs if companies 'build or manufacture product within the United States' presents a stark choice. 'While some large corporations might consider this, it threatens to hollow out local manufacturing capabilities and job creation. 'From a domestic supply chain standpoint, this situation could galvanise 'Buy Local' campaigns, fostering national pride and consumer loyalty towards South African-made goods to bolster internal demand.' In addition, Van Biljon says, companies should assess opportunities to increase local supplier development and upstream integration to reduce reliance on single-market exports. 'Strengthening links with regional and Asian supply partners can enhance both resilience and cost competitiveness. 'The true opportunity is not in survival but in transformation — future-proofing South Africa's role in global supply chains through strategy, value creation and new market development.'
