IFGS Reflections: How The UK Has World-Beating Potential
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Reuters
31 minutes ago
- Reuters
EU pushes for reduced US autos tariff from August 1 as joint text limits exemptions
WASHINGTON/BRUSSELS, Aug 21 (Reuters) - The European Union will work to ensure lower U.S. tariffs on its car exports are applied retroactively to August 1, the bloc's trade chief said on Thursday, as the transatlantic partners set out details of a framework trade deal struck in July. In a 3-1/2-page joint statement, the two sides spelled out that 15% U.S. tariffs would apply to most EU imports and listed the commitments made, including the EU's pledge to eliminate tariffs on U.S. industrial goods and to give preferential market access for a wide range of U.S. seafood and agricultural goods. Washington will take steps to reduce the current 27.5% U.S. tariffs on cars and car parts, a huge burden for European carmakers, once Brussels introduces the legislation needed to enact promised tariff cuts on U.S. goods, it said. The statement said U.S. tariff relief on autos and auto parts would kick in on the first day of the month in which the EU introduced the legislation. EU trade commissioner Maros Sefcovic said it was the European Commission's "firm intention" to make proposals by the end of this month, meaning the U.S. car tariff reduction would apply from August 1. A senior Trump administration official, speaking on condition of anonymity, said European carmakers could see relief from the current U.S. tariffs within "hopefully weeks." "As soon as they're able to introduce that legislation - and I don't mean pass it and fully implement it, but really introduce it - then we will be in a position to provide that relief. And I will say that both sides are very interested in moving quickly," they said. U.S. President Donald Trump and European Commission President Ursula von der Leyen announced the deal on July 27 at Trump's luxury golf course in Turnberry, Scotland after months of negotiations. The two leaders met again this week as part of negotiations aimed at ending Russia's war in Ukraine, with both lauding their trade framework deal as an historic accomplishment. The joint statement said the deal could be expanded over time to cover additional areas and further improve market access. The joint statement was "a play to hold each other accountable" and ensure that both sides carried out the pledges announced last month, the U.S. official said. Ryan Majerus, a former U.S. Commerce Department official now with the King and Spalding law firm, said the statement "could serve as a conceptual model for what we will eventually see with Japan and South Korea." The two major U.S. trading partners negotiated similar reductions in Trump's automotive tariffs but are also waiting for them to be implemented. The EU and U.S. said they intended to accept and provide mutual recognition to each others' automotive safety and other standards, but industry officials said this language was more vague than initially announced. The joint statement noted that the U.S. agreed to apply only pre-existing Most Favored Nation tariffs of below 15% from September 1 on EU aircraft and parts, generic pharmaceuticals and ingredients, chemical precursors and unavailable natural resources, including cork. This exemption did not apply to wine or spirits, a key EU demand, but the two sides agreed to consider other sectors and products for inclusions. "So these doors are not closed forever," Sefcovic said, while acknowledging that securing an exemption for alcoholic drinks would not be easy. SpiritsEUROPE trade group Director General Herve Dumesny urged "both sides to remain at the negotiating table and deliver a swift, full return to zero-for-zero" tariffs on spirits. The U.S.-EU statement reiterated the EU's intention to procure $750 billion in American liquefied natural gas, oil and nuclear energy products, plus an additional $40 billion worth of U.S.-made artificial intelligence chips. It also repeated the intention for EU companies to invest an additional $600 billion across U.S. strategic sectors through 2028. Both sides committed to address "unjustified digital trade barriers," the statement said, and the EU agreed not to adopt network usage fees. They also agreed to negotiate rules of origin to ensure that the agreement's benefits accrued to both trading partners. The statement also left unchanged the 50% U.S. national security tariff on EU-produced steel, aluminum and goods made with the metals, which were expanded this week to hundreds of additional products. "There will be no exemptions, no exclusions for steel and aluminum tariffs," Trump trade adviser Peter Navarro told reporters at the White House, due to what he said were past exclusion abuses. But the joint statement left the door open to a future tariff rate quota for the EU as the two sides discuss "ring-fencing" their domestic markets from overcapacity, a reference to Chinese production. Navarro called the Trump administration's agreement with the EU a "magnificent achievement" for both sides of the Atlantic that U.S. courts should not criticize. A federal appeals court is expected to rule any day on a legal challenge that could strike down a significant portion of Trump's tariffs, those invoked under the International Emergency Economic Powers Act.
The Sun
31 minutes ago
- The Sun
Aldi's selling handy Specialbuy DIY tool that's £15 cheaper than Black & Decker version
BARGAIN hunters can bag a must-have DIY tool at Aldi this week for nearly half the price of a leading brand. The Aldi gadget promises to make fiddly home improvement jobs a breeze. 2 The discounter has launched a pivot handle screwdriver as part of this week's Specialbuys, priced at just £12.99, while a similar Black & Decker version costs £24.99 on Amazon. It's powered by a 4V rechargeable lithium-ion battery and has a soft-grip handle that twists 180 degrees, making it easier to get into awkward corners that standard screwdrivers can't reach. It also comes with a forward and reverse function, six torque settings, LED working light, USB-C charging, and a built-in safety cut-off to stop overheating. With a three-hour charge time and automatic spindle lock, it's designed to be both practical and durable. The Black & Decker cordless rapid screwdriver, while boasting a slightly higher torque, comes with a smaller 3.6V battery and retails for almost double the price. Both models offer similar speeds and features, meaning Aldi's cut-price tool is a clear winner for shoppers wanting value without compromising too much on performance. This isn't the first time Aldi has gone head-to-head with big-name brands in its Specialbuys range. garden furniture to hot tubs and branded tool dupes. But there's a catch. Once Specialbuys sell out, they're rarely restocked and with prices undercutting rivals by as much as 50%, popular items can disappear fast. Shoppers have even discovered 'secret codes' on Aldi's digital price labels to tell when items are about to vanish for good. Have you seen this secret code in Aldi? Savvy bargain hunter Jordon Cox, known as the Coupon Kid, recently revealed that a capital 'D' in the corner of a price tag means a product is being discontinued. Once gone, it won't return, so fans need to grab it while they can. Upcoming Specialbuys are advertised in Aldi's in-store booklets and on its website, with Thursdays and Sundays being the key days for new stock. The supermarket says mornings between 8am and 10am are the quietest time to shop, while late afternoons and evenings are also good for dodging queues. Arriving early on those days gives bargain hunters the best chance of nabbing the most sought-after deals. Aldi opening stores Unlike many retailers, Aldi is planning to open more sites. The brand has earmarked 11 areas for new stores. Jonathan Neale, managing director of national real estate at Aldi, said: "We're now opening an average of one new store a week for the rest of 2025, showing just how ambitious our plans are to build a store network that will help us reach millions of new customers." This is the full list of 11 new stores confirmed as opening: Airfields, Welsh Road, Deeside Rockingham Road, Market Harborough, Leicestershire Fulham Broadway, London Pacific Drive, Eastbourne, East Sussex Mafon Road, Nelson, Treharris Ashford, Waterbrook, Kent Commercial Street, Shoreditch, London Philadelphia Lane, Houghton le Spring, Tyne and Wear Mill Road, Meadowfield, Durham Pendle Drive, Litherland, Liverpool Ringwood Road, Brimington, Chesterfield
Telegraph
31 minutes ago
- Telegraph
Castore kit blunder leaves England short of replicas for Women's Rugby World Cup
England's switch to kits made by Castore was announced in April, ending a previous agreement with Umbro three years early. The first shirt was unveiled in May. The long-term deal is thought to be worth in excess of £5m a season and represents a healthy increase on the rate paid by Umbro. The World Cup, for which England are hosts and hot favourites, is the first significant showcase for the new shirt. John Mitchell's side kick off the tournament against the United States at Sunderland's Stadium of Light on Friday. As well as the online store, many sports and leisure shops up and down the country are unable to sell the official tournament shirt. 'We can confirm that official England Rugby World Cup shirts are now in short supply, as fans continue to show their amazing support for the Red Roses. Online stores are now sold out, but stock will be available at England game match venues,' Castore said in a statement. 'There is a wide range of other Red Roses products available for fans to buy, including official Rugby World Cup branded merchandise, with additional products to be launched in the coming weeks. This is all available on the England Rugby store online. We're confident that Red Roses fans will have plenty of product to purchase and we thank supporters for their amazing support.' The Daily Mail reports a small number of official shirts will be on sale at the Stadium of Light and other England tournament match venues. But they are expected to sell out quickly. This Women's World Cup is set to be the biggest yet, with nearly 500,000 tickets sold. World Cup rules state teams are not allowed to showcase brand deals on their kits. However, the Castore shortfall of World Cup shirts means organiser World Rugby has allowed the RFU to sell its regular women's jerseys, with O2 on the front, at match venues.
