Top copper producer Chile still without details on U.S. tariffs, officials say
"At this point, we're all waiting," Maximo Pacheco, chairman of state-run Codelco, told Reuters. He added that the upcoming tariffs had influenced record U.S. copper prices, and that global economic uncertainty was causing price volatility.
Chile, the world's biggest supplier of the red metal, is also the top importer of refined copper to the United States.
Mining Minister Aurora Williams, after a meeting with Codelco and other producers, said the government would continue discussions with industry leaders. She declined to comment on whether Chile is developing a counter proposal to present to the United States.
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Daily Mail
30 minutes ago
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Gaza, girders ...but no golf: Keir Starmer meets Donald Trump in Scotland to talk steel tariffs deal and Middle East violence amid Cabinet rift
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Speaking to BBC Breakfast ahead of Sir Keir's meeting with Mr Trump, Jonathan Reynolds said: 'Of course, Gaza will be on the agenda today. 'The intolerable scenes that we're seeing, the world is seeing, are the backdrop to that. 'And of course, the US has itself secured on two occasions ceasefires in the conflict, so they have been actively engaged in it, working with Egypt, the Qataris, and other key partners in the region. 'The US is the country I think we'd all recognise with the leverage here to really make a difference on both sides. So their role is fundamentally important.' Mr Reynolds dismissed the idea that there is a split at the top of Government over when to recognise a Palestinian state. Health Secretary Wes Streeting is among those to have signalled a desire for hastened action calling for recognition 'while there's still a state of Palestine left to recognise'. 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Daily Mail
an hour ago
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Labour admits BREXIT is to thank for Britain securing a better US trade deal than Europe - as bloc's leaders hit out at their 'badly negotiated' agreement
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BBC News
an hour ago
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US-EU deal winners and losers
The US and EU have struck what is being billed as the largest trade deal in history, after talks in actually resembles the framework for an agreement rather than a full trade deal, with details still the headline figures announced by President Donald Trump and EU chief Ursula von der Leyen do offer clues about which sectors and groups could be hit hardest or have most to reaction live Trump - winner After promising new trade deals with dozens of countries, Trump has just landed the biggest of them looks to most commentators that the EU has given up more, with instant analysis by Capital Economics suggesting a 0.5% knock to will also be tens of billions of dollars pouring into US coffers in import the glowing headlines for Trump may not last long if a slew of economic data due later this week show that his radical reshaping of the US economy is on inflation, jobs, growth and consumer confidence will give a clearer picture on whether Trump's tariffs are delivering pain or gain. US consumers - loser Ordinary Americans are already aggrieved at the increased cost of living and this deal could add to the burden by hiking prices on EU not as steep as it could have been, the hurdle represented by a 15% tariff rate is still significant, and it is far more pronounced than the obstacles that existed before Trump returned to are taxes charged on goods bought from other countries. Typically, they are a percentage of a product's value. So, a 15% tariff means that a $100 product imported to the US from the EU will have a $15 dollar tax added on top - taking the total cost to the importer to $ who bring foreign goods into the US have to pay the tax to the government, and they often pass some or all of the extra cost on to customers. Markets - winner Stock markets in Asia and Europe rose on Monday after news emerged of the deal the framework, the US will levy a 15% tariff on goods imported from the EU. While this rate is significant, it is less than what it could have been and at least offers certainty for agreement is "clearly market-friendly, and should put further upside potential into the euro", Chris Weston at Pepperstone, an Australian broker, told AFP. European solidarity - loser The deal will need to be signed off by all 27 members of the EU, each of which have differing interests and levels of reliance on the export of goods to the some members have given the agreement a cautious welcome, others have been critical - hinting at divisions within the bloc, which is also trying to respond to other crises such as the ongoing war in Ukraine.A big Trump win but not total defeat for BrusselsFrench Prime Minister Francois Bayrou commented: "It is a dark day when an alliance of free peoples, brought together to affirm their common values and to defend their common interests, resigns itself to submission."He was joined by at least two other French government ministers as well as Viktor Orban, the Hungarian leader, who said that Trump "ate von der Leyen for breakfast". Carmakers in Germany - loser The tariff faced by importers bringing EU cars to the US has been nearly halved, from the rate of 27.5% that was imposed by Trump in April to a new rate of 15%.Cars are one of the EU's top exports to the US. And as the largest manufacturer of cars in the EU - thanks to VW, Mercedes and BMW - Germany will have been watching leader, Friedrich Merz, has welcomed the new pact, while admitting that he would have welcomed a "further easing of transatlantic trade".That downbeat sentiment was echoed by the German carmaking trade body, the VDA, which warned that even a rate of 15% would "cost the German automotive industry billions annually". Carmakers in the US - winner Trump is trying to boost US vehicle production. American carmakers received a boost when they learned that the EU was dropping its own tariff on US-made cars from 10% to 2.5%. Theoretically that could result in more American cars being bought in could be good for US sales overseas, but the pact is not all good news when it comes to domestic sales. That is down to the complex way that American cars are put of them are actually assembled abroad - in Canada and Mexico - and Trump subjects them to a tariff of 25% when they are brought into the US. That compares with a lower tariff rate of 15% on EU vehicles. So US car makers may now fear being undercut by European manufacturers. EU pharmaceuticals - loser There is confusion around the tariff rate that will be levied on European-made drugs being bought in the US. The EU wants drugs to be subject to the lowest rate possible, to benefit said pharmaceuticals were not covered by the deal announced on Sunday, under which the rate on a number of products was lowered to 15%. But von der Leyen said they were included, and a White House source confirmed the same to the scenario will represent disappointment for European pharma, which initially hoped for a total tariffs exemption. The industry currently enjoys high exposure to the US marketplace thanks to products like Ozempic, a star type-2 diabetes drug made in has been highlighted in Ireland, where opposition parties have pointed out the importance of the industry and criticised the damaging effect of 'not celebrating' Trump's EU deal US energy - winner Trump said the EU will purchase $750bn (£558bn, €638bn) in US energy, in addition to increasing overall investment in the US by $600bn."We will replace Russian gas and oil with significant purchases of US LNG [liquified natural gas], oil and nuclear fuels," said Von der will deepen links between European energy security and the US at a time when it has been pivoting away from importing Russian gas since its full-scale invasion of Ukraine. Aviation industry in EU and US - winner Von der Leyen said that some "strategic products" will not attract any tariffs, including aircraft and plane parts, certain chemicals and some agricultural means firms making components for aeroplanes will have friction-free trade between the huge trading added that the EU still hoped to get more "zero-for-zero" agreements, notably for wines and spirits, in the coming days.
