EU's Neliupšienė Says US Trade Deal Brings Stability to Markets
Jovita Neliupšienė, European Union ambassador to the US, says an EU-US trade deal brings stability and predictability to global markets on "Bloomberg The Close." (Source: Bloomberg)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Boston Globe
23 minutes ago
- Boston Globe
Trump's latest tariff deadline is approaching. Here are the trade deals the US has announced so far.
Advertisement But three months later, only two deals emerged: with the U.K. and Vietnam. A separate 'framework' for a deal was hashed out with China. And by early July, Trump began sending warning letters that higher tariffs would be imposed against dozens of countries on Aug. 1. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Since then, the U.S. has announced more trade frameworks. But, key details remain sparse — or not immediately captured in writing. Here's what we know about the agreements so far, in the order of those most recently announced. South Korea The U.S. president said he The countries have also agreed for South Korea to buy $100 billion in energy resources from the U.S. and for South Korea to give to the U.S. $350 billion for 'investments owned and controlled by the United States, and selected by myself, as president,' Trump said. Advertisement European Union The U.S. and the EU announced a trade framework But some key details require more work. The headline of the agreement, unveiled July 27, is that the 15% tariff rate will apply to 70% of European goods brought into the U.S. — with the EU later confirming that that rate applies to pharmaceuticals, semiconductors, and car and car parts. But the remaining 30% of those imports is still open for negotiations. European Commission President Ursula von der Leyen said that both sides had agreed to zero tariffs for a range of 'strategic' goods. Meanwhile, Trump pointed to heightened investments from European companies in the U.S. — including what Trump said was $750 billion (638 billion euros) worth of natural gas, oil and nuclear fuel over three years, as well as an additional $600 billion (511 billion euros) under a political commitment that isn't legally binding, officials said. Japan On July 22, Trump announced a trade framework The newly-agreed on 15% tariff rate also applies to Japanese cars — marking a welcome relief for automakers like Toyota Motor Corp. and Honda — which, like other automakers, have faced a 25% levy on key parts and finished vehicles going into the U.S. since earlier this year. But car companies in other countries, including U.S. competitors, worry that this could put them at a disadvantage. Advertisement Philippines Shortly after a July 22 meeting with Philippine President Ferdinand Marcos, Jr., Trump announced that he would In return, Trump said on Truth Social, the U.S. would not pay tariffs on American goods it shipped to the Philippines. But additional details remained unclear. Marcos said his country was considering options such as having an open market without tariffs for U.S. automobiles, but emphasized details were still left to be worked out. Indonesia On July 15, Trump again took to social media to announce that he's agreed to lower his planned tariffs on Indonesian goods to 19% — down from a previously-threatened levy of 32% — while American goods sent to the southeast Asian country will face no tariffs. A fact sheet from the White House later confirmed that 'over 99% of U.S. products' exported to Indonesia would be sent duty-free. Indonesian President Prabowo Subianto said he will continue to negotiate with Trump, in hopes of further lowering the coming U.S. tariffs. Vietnam On July 2, Trump announced a trade deal with Vietnam that he said would allow U.S. goods to enter the country duty-free. Vietnamese exports to the U.S., by contrast, would face a 20% levy. That's less than half the 46% 'reciprocal' rate Trump proposed for Vietnamese goods back in April. But in addition to the new 20% tariff rate, Trump said the U.S. would impose a 40% tax on 'transshipping'' — targeting goods from another country that stop in Vietnam on their way to the United States. Washington complains that Chinese goods have been dodging higher U.S. tariffs by transiting through Vietnam. Advertisement United Kingdom On May 8, Trump When the deal was announced, for example, the British government notably said that the U.S. agreed to exempt the U.K. from its then-universal 25% duties on foreign steel and aluminum — which would have effectively allowed both metals from the country to come into the U.S. duty-free. But the timing for when those cuts would actually take effect stayed up in the air for almost a month. It wasn't until early June, when Trump hiked his steel and aluminum tariffs to a punishing 50% worldwide, that the U.S. acknowledged it was time to implement the agreement. And even then, U.S. tariffs on British steel and aluminum did not go to zero. The U.K. was the only country spared from Trump's new 50% levies, but still faces 25% import taxes on the metals. China At its peak, Trump's new tariffs on Chinese goods totaled 145% — and China's countertariffs on American products reached 125%. But on May 12, the countries agreed to their own 90-day truce to roll back those levies to 30% and 10%, respectively. And in June, details began trickling in about a tentative trade agreement. Advertisement U.S. Treasury Secretary Scott Bessent said that China had agreed to make it easier for American firms to acquire Chinese magnets and rare earth minerals critical for manufacturing and microchip production. Meanwhile, the Chinese Commerce Ministry said that the U.S. would 'lift a series of restrictive measures it had imposed on China.' Other key details of the deal remain murky — including the timing of implementation for these terms. On July 29, China's top trade official said the two sides had
Bloomberg
24 minutes ago
- Bloomberg
Bloomberg Daybreak Asia: Fed Holds and Big Tech Beats; US-South Korea Trade Deal
US equity-index futures climbed as strong earnings from megacap tech firms bolstered optimism that corporate profits remain resilient. The dollar steadied after gaining on Federal Reserve holding interest rates. Contracts for the Nasdaq 100 rose 1.2% and those for the S&P 500 advanced 0.8% as Microsoft and Meta Platforms surged in after-hours trading. We break down the day's market headlines with Dean Smith, Chief Strategist at FolioBeyond. Plus - US President Donald Trump announced late Wednesday that he had reached a trade deal with South Korea that would impose a 15% tariff on its exports to the US, and see Seoul agree to $350 billion in US investments. We get reaction from Naomi Fink, Chief Global Strategist at Nikko Asset Management. She speaks with Bloomberg's Shery Ahn and Haidi Stroud-Watts on The Asia Trade.
Bloomberg
24 minutes ago
- Bloomberg
China Factory Activity Worsens as Exports Show Signs of Slowing
China's factory activity unexpectedly deteriorated in July despite a tariff truce with the US, as early signs emerge exports are slowing and weak domestic demand persists. The official manufacturing purchasing managers' index was 49.3, versus 49.7 in June, the National Bureau of Statistics said Thursday. The median estimate of economists surveyed by Bloomberg was 49.7. A reading below 50 indicates contraction.
