French minister says EU-US trade deal has merits but is also unbalanced
'The trade agreement negotiated by the European Commission with the United States will bring temporary stability to economic actors threatened by the escalation of American tariffs, but it is unbalanced,' wrote Haddad on X.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
3 hours ago
- Business Recorder
Trump's tariffs: What has changed and who is affected
WASHINGTON: A range of new tariffs due to take effect in one week were announced Thursday on most US trading partners, with separate sector specific duties – on copper – also being implemented. President Donald Trump unveiled an array of import levies that ranged as high as 41 percent on Syria and included a hike on Canadian imports from the current 25 percent to 35 percent. AFP takes a look at the most recent developments: India engaged in further trade talks with US, Indian government source says Canada Trump said Thursday the United States would raise tariffs on certain Canadian goods from 25 percent to 35 percent. He had warned of trade consequences for Canada after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September. 'Wow! Canada has just announced that it is backing statehood for Palestine,' Trump wrote on Truth Social. 'That will make it very hard for us to make a Trade Deal with them.' Unlike the new levies hitting dozens of other economies, there is no delay and these begin Friday, according to a White House fact sheet. Products covered by the 2020 United States-Mexico-Canada Agreement – which covers a wide swath of items – will be exempt from the tariff rate. Malaysian pharmaceuticals, semiconductors exempt from US tariffs, minister says Mexico Trump said Thursday he would delay imposing higher tariffs on Mexican imports, pushing back their rollout by 90 days. The decision came after he spoke with Mexican President Claudia Sheinbaum. The US leader had originally threatened to raise tariffs on Mexican products from 25 percent to 30 percent come August 1, citing a lack of progress in flows of illicit fentanyl. Goods entering the United States under the existing North American trade deal were spared. South Korea Just days before the tariff deadline, Washington and Seoul reached a deal to avert a 25 percent duty on South Korean goods, bringing the level down to 15 percent instead. In making the announcement Wednesday, Trump said the country also committed to $350 billion in investments and to purchase $100 billion worth of liquefied natural gas (LNG) or other energy resources. The 15 percent rate matches levels determined from US accords with Japan and the European Union. Tariffs on automobiles will also stay at 15 percent, Seoul said. Bangladesh secures 20% US tariff for garments, exporters relieved Brazil Trump's measures against Brazil are openly political, overriding long-standing trade ties. He announced 50 percent tariffs on Brazilian goods, although delaying their imposition from August 1 to August 6 and exempting products like orange juice and civil aircraft. The tariffs marked Trump's follow-through on threats to use American economic power to punish Brazil – and Supreme Court Justice Alexandre de Moraes – for what he has called a 'witch hunt' against his far-right ally and former president Jair Bolsonaro. US cuts Pakistan tariff to 19% from 29% after trade deal India Trump on Wednesday said Indian goods would face a 25 percent US tariff starting August 1, slightly below an earlier threatened level. The country would also face an unspecified 'penalty' over New Delhi's purchases of Russian weapons and energy, Trump said on social media. 'I don't care what India does with Russia. They can take their dead economies down together, for all I care,' Trump added in a separate post. European Union EU exports to the United States are set to face tariffs of 15 percent on most products after both sides struck a deal to avoid a higher 30 percent level. European Commission President Ursula von der Leyen said some agricultural products would be exempt under the agreement struck Sunday, though she did not specify which. But France's President Emmanuel Macron pledged to be 'firm' in follow-up talks. 'It's not the end of it,' Macron told ministers during a cabinet meeting.
Business Recorder
6 hours ago
- Business Recorder
India engaged in further trade talks with US, Indian government source says
NEW DELHI: India is engaged in trade talks with the United States, an Indian government source with knowledge of the discussions said on Friday, a day after U.S. President Donald Trump signed an order imposing a 25% tariff on New Delhi's exports. Trump set steep import duties on dozens of trading partners, including a 35% tariff on many goods from Canada, 50% for Brazil, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. A U.S. delegation is expected to visit New Delhi later this month, the government source said. 'We remain focused on the substantive agenda that our two countries have committed to and are confident that the relationship will continue to move forward,' India's foreign ministry said in a statement on Friday. Trade talks between Washington and New Delhi have been bogged down by issues including access to India's highly protected agriculture and dairy sector. Nearly $40 billion worth of exports from the South Asian nation - the world's fifth largest economy - could be impacted by Trump's tariff salvo, according to the source. Bangladesh secures 20% US tariff for garments, exporters relieved Without a deal, the rate singles out India for harsher trade conditions than its major peers, potentially damaging the economy of a strategic U.S. partner in Asia that is seen as a counterbalance to Chinese influence. The source said there is no question of compromising on India's agriculture and dairy sectors, especially not allowing import of dairy products due to religiously based opposition to animal feed in these products. On Wednesday, Trump also threatened additional penalties on India for its commercial dealings with Russia and membership in the BRICS group of major emerging and developing economies. There is no clarity yet on the penalty. Trump accuses BRICS of pursuing 'anti-American policies'. Differences between the U.S. and India cannot be resolved overnight to arrive at a trade deal, a senior U.S. official said on Thursday. The U.S. has a trade deficit of $46 billion with India.
Business Recorder
6 hours ago
- Business Recorder
Oil steadies as investors mull US tariff impacts
LONDON: Oil prices were little changed on Friday and heading for a weekly gain as investors weighed the impact of further import tariffs imposed by U.S. President Donald Trump and threats of sanctions. Brent crude futures were down 26 cents, or 0.36%, at $71.44 a barrel by 1212 GMT. U.S. West Texas Intermediate crude was down 18 cents, or 0.26%, at $69.08. Prices stabilised on Friday after losing more than 1% in the previous session, though Brent and WTI remained on course for weekly gains of 4.4% and 6% respectively. Investors have focused on the potential impact of U.S. tariffs on oil prices this week, with tariff rates on U.S. trading partners largely set to take effect from next Friday. Trump signed an executive order on Thursday imposing tariffs ranging from 10% to 41% on U.S. imports from dozens of countries and foreign territories that failed to reach trade deals by his August 1 deadline, including Canada, India and Taiwan. Partners that managed to secure trade deals include the European Union, South Korea, Japan and Britain. 'We think the resolution of trade deals to the satisfaction of the market – more or less, barring a few exceptions – has been the key driver for oil price bullishness in recent days, and further progress on trade talks with China in future could be a further confidence booster for the oil market,' said Suvro Sarkar at DBS Bank. Prices were also supported this week by Trump's threats to impose 100% secondary tariffs on Russian crude buyers as he seeks to pressure Russia into halting its war in Ukraine. This has stoked concern over potential disruption to oil trade flows and the removal of some oil from the market. 'It is not possible to completely replace Russian oil supplies in any case, which is why effective sanctions would lead to significantly higher oil prices,' said Commerzbank analyst Carsten Fritsch. JP Morgan analysts said on Thursday that Trump's threatened penalties on China and India over their purchases of Russian oil potentially put 2.75 million barrels per day (bpd) of Russian seaborne oil exports at risk. China and India are the world's second and third-largest crude consumers respectively. Some analysts, however, remain concerned that U.S. levies will limit economic growth by raising prices, which could weigh on oil demand. June inflation data on Thursday showed signs that existing tariffs are already pushing prices higher in the U.S., the world's biggest economy and oil consumer.
