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Business Standard
19 minutes ago
- Business Standard
European Union readies €100 bn no-deal plan to match US 30% tariff
The European Union plans to quickly hit the US with 30 per cent tariffs on some €100 billion ($117 billion) worth of goods in the event of no deal and if US President Donald Trump carries through with his threat to impose that rate on most of the bloc's exports after Aug. 1. As a part of a first wave of countermeasures, the EU would combine an already approved list of tariffs on €21 billion of US goods and a previously proposed list on an additional €72 billion of American products into one package, a European Commission spokesman said on Wednesday. The US exports, which include industrial goods such as Boeing Co. aircraft, US-made cars and bourbon whiskey, would face a levy that matches Trump's 30 per cent threat, according to people familiar with the matter. The threatened retaliation from Brussels would hit about one-third of American exports to the EU, based on the €335 billion worth of US goods shipped to the bloc last year. The tariffs would be prepared to come into force next month but only if there is no deal and the US implements its levies after the August deadline, said the people who spoke on condition of anonymity to discuss private deliberations. The euro extended a fall after the report, down 0.3 per cent at $1.1723, leading losses among major currencies. German bonds trimmed an earlier decline. The plans come as EU member states, including Germany, have hardened their positions in response to the US stiffening its negotiating stance. Berlin would be willing to even support the activation of the EU's anti-coercion instrument, or ACI, in a no-deal scenario, a government official said on condition of anonymity. This tool would come into play only if a deal fails to materialise. Trump announced two tariff deals on Tuesday — one with the Philippines and another with Japan, and both featured across-the-board duties on their imports that were lower than initially threatened. Also noteworthy was the 15 per cent US levy on Japanese autos that was lower than the current 25 per cent rate on major car exporters including the EU. European leaders are in Tokyo and Beijing this week for talks with some of the the bloc's biggest trading partners in Asia. US Treasury Secretary Scott Bessent, speaking with Bloomberg Television on Wednesday, said the EU hasn't yet brought anything as innovative as the Japanese offer. 'Talks are going better than they had been,' he said in the interview. 'I think that we are making good progress with the EU, but as I've said before, the EU has a collective action problem with 27 countries.' The EU's most potent trade tool is the ACI, and a growing number of member states is pushing for its use if a deal isn't reached. The instrument is primarily designed as a deterrent and is currently not on the table, with its activation requiring a qualified majority of member states to support the move. The ACI would enable the EU to launch a broad range of retaliatory actions, including new taxes on US tech giants, targeted curbs on US investments, and limiting access to the EU market. 'We are now approaching the decisive phase in the tariff dispute with the USA — we need a fair, reliable agreement with low tariffs,' German Chancellor Friedrich Merz told reporters in Berlin on Tuesday after a meeting with his Czech counterpart Petr Fiala. 'Without such an agreement, we risk economic uncertainty at a time when we actually need exactly the opposite.' The Commission, the EU's executive arm, is discussing the instrument with member states, the people said. While some capitals having been pushing to use the tool, most want to wait to see how the situation develops beyond Aug. 1 before progressing discussions further to try to achieve the required majority, they added. The overwhelming preference is to keep negotiations with Washington on track in a bid for an outcome to the impasse ahead of next month's deadline. EU and US negotiators are scheduled to continue talks on Wednesday. The US is now seen to want a near-universal tariff on EU goods higher than 10 per cent, with increasingly fewer exemptions limited to aviation, some medical devices and generic medicines, several spirits, and a specific set of manufacturing equipment that the US needs, Bloomberg previously reported. The two sides have also discussed a potential ceiling for some sectors, as well as quotas for steel and aluminum and a way to ring-fence supply chains from sources that oversupply the metals. Any agreement would need Trump's sign off – and his position isn't clear. The US president wrote to the EU earlier in the month, warning of a 30 per cent tariff on most of its exports from Aug. 1. Alongside a universal levy, Trump has hit cars and auto parts with a 25 per cent customs tax, and steel and aluminum with double that. He's also threatened to target pharmaceuticals and semiconductors with new duties as early as next month, and recently announced a 50 per cent duty on copper. Hoped-for extension Before Trump's letter, the EU had been hopeful it was edging toward an initial framework that would allow detailed discussions to continue on the basis of a universal rate of 10 per cent on many of the bloc's exports. While most capitals and officials accept that any agreement would be asymmetrical in favor of the US and see the EU facing higher than 10 per cent rates, the bloc has been seeking wider exemptions than the US is offering, as well as looking to shield the bloc from future sectoral tariffs. The EU's €100 billion list would cover its response to Trump's universal duties as well as his tariffs on metals and cars. The level of pain that member states are prepared to accept varies, and some are open to landing on a higher 15 per cent levy if enough exemptions are secured and the scope of the duty was clear, the people said. In addition to the tariffs on goods, the bloc's executive arm is also working on measures that could see export controls as well as restrictions on some services and public procurement contracts introduced in future, they said.
New Indian Express
19 minutes ago
- New Indian Express
'Gaza is dying, we are dying with it': AFP, Al Jazeera says its journalists in Gaza could die of hunger
"We can't even reach coverage sites because we have no energy left due to hunger and lack of food," AFP quoted its reporter, Bashar Taleb as saying. "I've had to stop working multiple times just to search for food for my family and loved ones," he said. "I feel for the first time utterly defeated emotionally," the 35-year-old photojournalist who was shortlisted for the prestigious Pulitzer Prize earlier this year said. "I've tried so much, knocked on many doors to save my family from starvation, constant displacement and persistent fear but so far to no avail," he said. Another Pulitzer nominee, Omar al-Qattaa, 35, is staying in the remains of his wife's family's home after his own apartment was destroyed. "I'm exhausted from carrying heavy cameras on my shoulders and walking long distances... We can't even reach coverage sites because we have no energy left due to hunger and lack of food," he said. Calling for action against Israel's targeting of journalists, Al Jazeera said in its statement, "We owe it to the courageous journalists in Gaza to amplify their voices and put an end to the unbearable suffering they are enduring due to forced starvation and targeted killings by Israeli occupation forces." "The journalistic community and the world bear an immense responsibility; it is our duty to raise our voices and mobilise all available means to support our colleagues in this noble profession. If we fail to act now, we risk a future where there may be no one left to tell our stories. Our inaction will be recorded in history as a monumental failure to protect our fellow journalists and a betrayal of the principles that every journalist strives to uphold," it added. As many as 111 human rights groups have called for action against Israel and warned of more deaths from the mass starvation caused by Israel's continuous blockade of humanitarian aid into the territory. A statement with 111 signatories, including Doctors Without Borders (MSF), Save the Children and Oxfam, warned that "our colleagues and those we serve are wasting away." "Palestinians are trapped in a cycle of hope and heartbreak, waiting for assistance and ceasefires, only to wake up to worsening conditions," the signatories said. "It is not just physical torment, but psychological. Survival is dangled like a mirage," they added. "The humanitarian system cannot run on false promises. Humanitarians cannot operate on shifting timelines or wait for political commitments that fail to deliver access," they stressed. Calling on Israel to allow the entry of crucial aid into Gaza, UN agency for Palestinian refugees (UNRWA) said tons of supplies are packed and waiting for the green light in its warehouses across the border as Palestinians are dying of hunger and diseases. "Thousands of hygiene kits are packed and ready in UNRWA warehouses in Jordan and Egypt, just waiting for the green light. Open the gates. Let aid in," UNRWA said in a social media post. United Nations (UN) Secretary-General Antonio Guterres on Tuesday said that the "horror" Palestinians are facing in Gaza is unprecedented in recent years. "We need look no further than the horror show in Gaza -- with a level of death and destruction without parallel in recent times," he said in a speech. Guterres said ramped-up Israeli operations meant "devastation is being layered upon devastation," with the humanitarian system in its "last gasp." Meanwhile, Israel on Wednesday killed at least 41 Palestinians including 10 people who were waiting for food near the aid distribution sites of US-backed and Israeli military-operated Gaza Humanitarian Foundation (GHF). According to the UN, Israel has killed more than 1,000 Palestinians trying to get food since the GHF started operations in late May. Israel's genocidal war on Gaza has so far killed at least 59,000 Palestinians, more than half of it being women and children. It has also killed over 200 journalists and at least 1000 health care workers and aid workers. (With inputs from AFP)
Indian Express
19 minutes ago
- Indian Express
Israeli ambassador urges MCD to participate in its global tenders for infra projects
Amid the Israeli-Palestinian conflict, Delhi Mayor Raja Iqbal Singh, in a meeting with Israeli ambassador to India Reuven Azar on Wednesday, stressed that India stands with Israel 'during these difficult times'. The countries share a 'strong relationship based on friendship, cooperation, and mutual respect', Singh said as Azar paid a visit to the Municipal Corporation of Delhi (MCD). The meeting, which went on for around an hour, was also attended by MCD Commissioner Ashwani Kumar. Deputy Mayor Jai Bhagwan Yadav, Leader of the House Pravesh Verma, Standing Committee Vice Chairperson Sundar Singh, additional commissioners, and other senior civic officials. At the meeting, discussions were held on improving civic services related to health, education, parks, solid waste management and others with the help of Israel's expertise. 'With Israel being a technologically advanced country, this kind of exchange of ideas and experiences will further strengthen the functioning of the corporation,' said Kumar. 'The ambassador asked us to participate in the global tenders they would issue for infrastructure projects in Israel, as they need manpower post the destruction caused by the war,' Singh said. After the meeting, Singh posted on X, 'Had a fruitful meeting with the Ambassador of Israel and his delegation on key municipal and civic issues such as waste management, urban planning, and innovation in public services.' After the meeting, civic officials said, Azar appreciated Delhi's cultural heritage and civic infrastructure, and extended an invitation to the Mayor to visit Israel to witness its advanced technology and innovations.
