
In Beijing, Ursula von der Leyen considers China-EU relations to have reached 'an inflection point'
Two major issues proved to be the main sources of tension: trade, with all the disputes it has generated, and the industrial and diplomatic support that China has continued to provide to Russia since Moscow launched its war in Ukraine. Protocol would have dictated that Xi travel to Brussels, since the previous summit was already held in Beijing, but Chinese diplomats ruled that out. The Europeans decided not to take offense, judging it essential to engage in person with the Chinese president, given how power is concentrated around him.
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Fashion Network
an hour ago
- Fashion Network
Europe Inc's trade deal relief tempered by tariff reality
European companies were on edge Monday following the announcement of a new trade agreement between the United States and the European Union. This outcome marks the end of prolonged tariff uncertainty but introduces new cost pressures. The trade deal, announced Sunday, imposes a 15% import tariff on most EU goods. After an initial relief rally—simply because a deal had been reached—shares of carmakers and alcohol producers fell. Leading the way lower were BMW, Volkswagen, Mercedes-Benz and Stellantis, along with Pernod Ricard and Anheuser-Busch InBev, all down between 1% and 2%. The declines reflect a perception that the deal is lopsided—more of a win for U.S. President Donald Trump—and ongoing uncertainty around the fine print of the agreement. The 15% rate is lower than the 30% once threatened by Trump and brings clarity for European producers of cars, aircraft and chemicals. However, it still falls short of early hopes for a 'zero-for-zero' tariff structure, and sits well above last year's average rate of around 2.5%. 'The price is high for both sides. European exports are losing competitiveness. U.S. customers are paying the tariffs,' said Wolfgang Große Entrup, head of the German Chemical Industry Association (VCI). 'But it could have been worse. Those who expect a hurricane are grateful for a storm.' The deal also includes $600 billion in EU investments in the U.S. and $750 billion in EU purchases of U.S. energy over Trump's second term. While some exemptions have been outlined, key details are still pending. For automakers, the 15% tariff marks a reduction from over 25% under the global levy imposed by Trump in April. A senior European Commission official involved in the talks noted that the EU is also cutting its tariff on U.S.-made cars to 2.5%. Auto parts suppliers were among the day's strongest stock market performers. France's Valeo rose around 4%, while peer Forvia—also buoyed by strong earnings earlier Monday—jumped more than 10%. 'Tariffs are lower than those imposed by the U.S. administration in recent months. If this reduces volatility and uncertainty, it's better for all economic players,' said Olivier Durand, chief financial officer at Forvia, during an earnings call. Aircraft and aircraft parts will be exempt from tariffs—good news for French planemaker Airbus—as will certain chemicals, some generic pharmaceuticals, semiconductor equipment, farm products, natural resources and critical raw materials. Shares in drugmakers Sanofi, Roche and Novo Nordisk edged higher, while generics maker Sandoz posted strong gains. 'It's definitely better than 200%. Most had 25% factored in. But I don't think anyone believes it until it's signed,' one pharmaceutical industry source told Reuters, referring to earlier threats from Trump to tax drug imports. Shares in ASML, the world's leading supplier of chipmaking equipment, also rose more than 4%, ranking among the biggest gainers on the pan-European STOXX 600 index. Still to be negotiated: spirits, wine, and cosmetics sectors await clarity Dutch brewer Heineken welcomed the agreement, with CEO Dolf van den Brink praising the certainty it brings. The world's second-largest brewer ships its namesake lager from Europe and Mexico to the U.S. and has also suffered from falling consumer confidence in key markets, such as Brazil. However, tariff levels for spirits—impacting brands such as D iageo, Pernod Ricard and L VMH— remain under negotiation. 'In the coming days, there may be talks for certain agricultural products under a zero-for-zero model, which both the European and U.S. sectors have advocated,' said José Luis Benítez, director of the Spanish Wine Federation. He warned that a 15% tariff could disadvantage European wine exporters against competitors facing only 10% tariffs. 'If there are any exemptions, we hope the European Commission recognizes that wine should be included,' he added. Lamberto Frescobaldi, president of Italian wine consortium UIV, stated Sunday that a 15% tariff on wine would result in a loss of €317 million ($372.6 million) over the next 12 months. The group is waiting for the final text of the deal. Some executives said that while the agreement—following a similar one with Japan—offers clarity, it still poses risks to European industries. 'While this agreement puts an end to uncertainty, it poses a significant threat to the competitiveness of the French cosmetics industry,' said Emmanuel Guichard, secretary general of French cosmetics association FEBEA, whose members include L'Oréal, LVMH and C larins.


France 24
2 hours ago
- France 24
EU accuses online giant Temu over sale of 'illegal' products
EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users. "Evidence showed that there is a high risk for consumers in the EU to encounter illegal products on the platform," the European Commission said in its preliminary finding. It pointed to a mystery shopping exercise that found consumers were "very likely to find non-compliant products among the offer, such as baby toys and small electronics". Temu said only it would "continue to cooperate fully with the commission". Wildly popular in the European Union despite only having entered the continent's market in 2023, Temu has 93.7 million average monthly active users in the 27-country bloc. The EU said Temu's October 2024 risk assessment was "inaccurate and relying on general industry information rather than on specific details about its own marketplace". Temu is under investigation as part of a mammoth law known as the Digital Services Act (DSA) that forces the world's largest tech firms to do more to protect European consumers online and better police content online. Temu will now be able to respond to the EU regulators' findings and defend itself, but there is no time limit on how long an investigation may last. If confirmed to be in breach, the EU can slap a fine on Temu. Fines under the DSA can go as high as six percent of a company's total worldwide annual turnover and force it to make changes to address violations. Launched in October, the EU probe continues to investigate other suspected breaches including the use of addictive design features that could hurt users' physical and mental well-being and how Temu's systems recommend content and products. EU law under attack The DSA is part of the EU's reinforced legal weaponry to curb the excesses of Big Tech, with stricter rules for the world's biggest platforms. It has faced criticism from the US administration under President Donald Trump. The Republican-dominated judiciary committee of the US House of Representatives described the DSA in a scathing report as a "foreign censorship threat" on Friday. Staunch President Donald Trump ally Jim Jordan, committee chair, met EU tech sovereignty chief Henna Virkkunen in Brussels as part of a bipartisan delegation on Monday. "We had a constructive discussion on how to promote digital innovation, AI and regulate this field smartly," she said on X after the meeting. There are currently other DSA probes into Chinese online retailer AliExpress, social media platforms Facebook and Instagram and X as well as TikTok. The EU also wants to crack down on cheap packages that flood into the bloc each year, with a proposal under discussion for a two-euro flat fee per parcel. Last year, 4.6 billion such packages entered the EU -- more than 145 per second -- with 91 percent originating in China. The EU expects the numbers to increase.


Fashion Network
3 hours ago
- Fashion Network
Skechers signs OG Anunoby to global roster
has announced that New York Knicks forward OG Anunoby has joined Team Skechers. In this role, the NBA champion and defensive standout will compete in Skechers Basketball footwear and be featured in the brand's global marketing campaigns. The announcement comes just ahead of Anunoby's participation in a European basketball tour, where he'll represent the brand alongside Brooklyn Nets guard Terance Mann. The tour kicks off July 26 in Belgrade, with additional stops planned in Berlin, Frankfurt, and Zadar. 'Skechers has helped me continue to play basketball at an elite level and I love these shoes,' said Anunoby. 'I play quick and low to the court. I jump and move a lot. Skechers has the shoe to keep me comfortable, keep me protected and keep me playing my best every day.' Born in London and raised in Missouri, Ogugua 'OG' Anunoby was drafted 23rd overall by the Toronto Raptors in 2017 and became the first British-born NBA Champion in 2019. Since being traded to the Knicks in 2024, he has continued to rise, averaging a career-high 18 points per game and notching a personal best 40-point performance against Denver. He joins a growing roster of Skechers basketball athletes, including fellow Knicks teammate Julius Randle, Joel Embiid, Jabari Walker, Josh Green, and Anunoby's former Raptors teammate Norman Powell. On the women's side, the roster includes WNBA stars Rickea Jackson, Jackie Young, and Kiki Iriafen. 'As we grow and continue to innovate our Skechers Basketball shoes, more elite players want to join our team and bring the Comfort That Performs to their games,' said David Weinberg, chief operating officer of Skechers. 'Known for his viral dunks and defensive strength on the court, OG is a fantastic and inspiring addition to our global roster. We look forward to bringing OG and Terance Mann on tour to meet fans and the media at events with our European retail partners in the coming week.'