Chinese Rare-Earth Exports Jump After U.S. Trade Truce
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Treasuries Fall as Haven Appeal Wanes on US-Japan Trade Deal
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EU to submit countermeasures on US goods to avert looming tariffs
BRUSSELS (Reuters) -The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members, while its trade chief will hold talks with U.S. Commerce Secretary Howard Lutnick. The Commission said on Wednesday its primary focus was to achieve a negotiated outcome with the United States to avert 30% U.S. tariffs that U.S. President Donald Trump has said he will impose on the 27-nation bloc on August 1. European Trade Commissioner Maros Sefcovic will speak with Lutnick on Wednesday afternoon, the Commission said, before Commission officials brief EU ambassadors on the state of play. The Commission said it would in parallel press on with potential countermeasures. It said it would merge its two sets of possible tariffs of 21 billion euros and 72 billion euros into a single list. It added it would submit this to EU members for approval. No countermeasures would enter force until August 7. So far the EU has not imposed any countermeasures, agreeing to, but then immediately suspending, the first set in April. The Commission may be buoyed by the initial deal struck between the United States and Japan. European shares climbed more than 1% on Wednesday, led by automobile stocks, after Trump revived hopes for a trade deal with the EU following the U.S. agreement with Japan, which includes a 15% baseline rate. EU diplomats were reluctant to provide early comments, instead saying they were picking through details of the U.S.-Japan deal, such as that Japan would buy more rice from the United States, but would keep existing tariffs on agricultural products. Simon Evenett, professor of geopolitics and strategy at IMD Business School, said the 15% rate was lower than what Trump had recently threatened Japan with and it was notable that it appeared to apply to Japanese cars. "Whatever the Japanese got will become the minimum for the EU negotiating objectives," he said. ($1 = 0.8524 euros) Sign in to access your portfolio
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Tech Mahindra joins J.P. Morgan Payments System Integrator Program
Indian IT major Tech Mahindra has announced its participation in the J.P. Morgan Payments System Integrator Program, which focuses on enhancing payment systems. The programme aims to assist clients in developing 'comprehensive' payment strategies by integrating J.P. Morgan Payments solutions with the expertise of professional service partners. This initiative is part of the J.P. Morgan Payments Partner Network, which includes over 80 third-party relationships to address various customer needs for payment solutions. In this role, Tech Mahindra will contribute to the global deployment of J.P. Morgan Payments' solutions, utilising its capabilities and presence across different industries and regions. J.P. Morgan Payments offers a combination of treasury services, trade and working capital, and card and merchant services, facilitating payments in multiple currencies worldwide. The firm processes over $10tn in payments daily, operating in more than 160 countries and dealing with over 120 currencies. By joining the programme, Tech Mahindra will apply its expertise in real-time payments, data reconciliation, and enterprise resource planning (ERP) implementations for clients globally. With experience in over 1,800 SAP implementations, Tech Mahindra's capabilities in enterprise transformation, alongside J.P. Morgan Payments' infrastructure, are expected to assist organisations in improving their financial operations. The collaboration aims to provide businesses with near real-time tracking, enhanced reporting, and improved functionality for business dashboards, utilising advancements in SAP's Generative AI and Build Process Automation. J.P. Morgan Payments Enterprise Application Solutions global head Sam Yen stated: "This collaboration will allow us to offer clients the stability and resiliency of J.P. Morgan Payments combined with Tech Mahindra's technology expertise to help them build future-ready experiences that accelerate their business growth." Last month, Conferma integrated J.P. Morgan Payments' virtual card solutions into its European services. "Tech Mahindra joins J.P. Morgan Payments System Integrator Program " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
