Euro currency sees strongest decline in 2 months after US-EU trade deal
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The deal reached by EU Commission President Ursula von der Leyen and US President Donald Trump over the weekend has led the Euro to lose value against the US dollar. This follows wide-ranging criticisms within the bloc over the "asymmetrical" nature of the deal, with French Prime Minister François Bayrou equating it to submission. In this edition, we look back on what's been agreed on, and what still needs to be determined.
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France 24
18 minutes ago
- France 24
France's Macron says EU-US trade deal 'not the end of it'
France 's President Emmanuel Macron said Wednesday the European Union had not been "feared" enough in negotiations with the United States towards a trade deal, pledging to be "firm" in follow-up talks. "It's not the end of it," Macron told ministers during a cabinet meeting, according to participants. European Commission President Ursula von der Leyen clinched the framework accord with US President Donald Trump on Sunday after dashing to Scotland as the August 1 deadline loomed for steep levies that threatened to cripple Europe's economy. EU exports are now set to face tariffs of 15 percent on most products – higher than customs duties before Trump returned to the White House, but lower than his threatened 30 percent. The EU also committed to buy $750 billion of liquefied natural gas, oil and nuclear fuels from the United States split equally over three years, and pour $600 billion more in additional investments in the United States. "Europe does not see itself enough as a power yet. To be free, you have to be feared. We were not feared enough," Macron said. "France has always held a stance of being firm and demanding. It will continue to do so," he added. The European Union could obtain "new exemptions" in follow-up talks to firm up the deal in details, he said. He however said that negotiations had been held in "difficult circumstances" and that the deal at least "offered visibility and predictability" in the short term. "It preserved French and European interests" in important exporting sectors including aviation, he added. French Finance Minister Éric Lombard told reporters later on Wednesday that the EU's negotiating strategy with the US had not been vigorous enough. "There is the issue of the negotiation method, which within the European Union ... has perhaps not been as energetic or vigorous in certain phases, and this is what the President of the Republic said when he stated that we must improve our ability to be feared and to carry weight in negotiations," Lombard said after a meeting at the finance ministry.
Euronews
20 minutes ago
- Euronews
Macron says the EU-US trade deal's not yet done, and calls for more ne
French President Emmanuel Macron has called on the EU Commission to rebalance EU's trade relationship with the US, particularly in the services sector, just days after a deal was reached between EU Commission President Ursula von der Leyen and US President Donald Trump. 'To be free, one must be feared. We haven't been feared enough,' Macron said during a meeting of the French council of ministers, French media reported, calling for 'relentless efforts to rebalance trade, particularly in the services sector.' 'This is not the end of the story, and we will not stop here,' the French president added, as the EU Commission is still negotiating exemptions to the 15% US tariffs on EU imports agreed on 27 July. Since the beginning of the tariff war with the US, France has consistently favoured a hardline approach, brandishing the threat of the anti-coercion instrument — an EU tool that allows foreign companies to be denied access to public procurement, licenses, or intellectual property rights. The tool would enable the EU to target US services, where the bloc runs a trade deficit with the US, unlike in goods. Countermeasures The EU has also adopted a package of countermeasures worth €95 billion targeting US products, but these were suspended until 4 August. The Commission is now awaiting a US executive order confirming that a 15% blanket tariff will apply to imports of EU goods as of 1 August. 'Of course the measures are there,' an EU official said, adding: 'They have been approved by the member states. So if there was a need, we could always bring them back on Tuesday [4 August]. But that is not the assumption from which we start this next phase in transatlantic relations.' The French President acknowledged that negotiations with the US had been difficult, and welcomed exemptions secured for the aerospace sector, considered strategic for Paris. France also hopes that the Commission will manage to negotiate an exemption for wine and spirits, which represent France's leading export market to the US. 'We are continuing to negotiate with the Americans so that, if possible, spirits, perhaps wine, and other sectors can be exempted. It's a work in progress," French Economy Minister Éric Lombard told French radio on Wednesday. On top of aircraft, Von der Leyen on Sunday announced that zero-for-zero tariffs will apply to certain chemicals, generic drugs, semiconductor-making equipment, some agricultural products (but with the exclusion of all sensitive products like beef, rice, ethanol, sugar or poultry), some natural resources and critical raw materials.
France 24
an hour ago
- France 24
Trump hits India with 25% tariff and 'penalty' over Russia ties
The measures will kick in on Friday, Trump posted on his Truth Social platform, adding to a bevy of other tariff hikes set to take effect the same day. In a separate post, Trump said the August 1 deadline "stands strong, and will not be extended." Trump has issued multiple delays to his so-called "reciprocal" tariffs since first announcing them in early April, while instituting an interim 10 percent baseline. The 25 percent tariff on India would be marginally lower than the rate announced in April, but is higher than those of other Asian countries that have struck preliminary trade agreements with Washington. India, the world's most populous country, was one of the first few major economies to engage the Trump administration in broader trade talks. But six months later, Trump's sweeping demands and India's reluctance to fully open its agricultural and dairy sectors have so far prevented New Delhi from sealing a deal. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump said Wednesday morning. He added that India has "always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE." In addition to the 25 percent tariff, India will face "a penalty for the above," Trump said, without any specification. The measure comes as the 79-year-old Republican has signaled he intends to tighten US pressure on Moscow to halt fighting in Ukraine and negotiate a peace deal. On Tuesday, Trump said he was giving Russian President Vladimir Putin 10 days -- which would mean the end of next week -- to change course in Ukraine or face new tariffs. He had previously threatened to impose "secondary tariffs" that would target Russia's remaining trade partners -- such as China and India -- seeking to impede Moscow's ability to survive already sweeping Western sanctions. China trade talks Trump has set out to upend the global economy by trying to leverage US economic power to squeeze trading partners with tariffs and force foreign companies to move to the United States. He has already announced deal outlines with five countries -- Britain, Vietnam, Japan, Indonesia and the Philippines -- as well as the one with the 27-nation EU. US and Chinese officials held talks this week in Stockholm on extending a trade truce that has temporarily lowered tariffs from soaring triple-digits. While no deal was announced at the meetings, both sides are eying an extension ahead of the August 12 deadline. Meanwhile Trump has threatened Brazil with 50 percent tariffs beginning Friday -- in part to pressure the South American ally to shut down the trial of far-right former president Jair Bolsonaro on coup charges.
