logo
EU-US tariffs deal dominates news front pages

EU-US tariffs deal dominates news front pages

Irish Times5 days ago
The front pages of European and US newspapers are this morning dominated by the deal reached between the
EU
and
United States
on tariffs
on Sunday.
The two blocs have agreed a deal that will lock in tariffs of 15 per cent on most EU imports to the US, but prevent the prospect of an economically devastating trade war.
The final terms of the deal were worked out during a meeting between European Commission president Ursula von der Leyen and US president
Donald Trump
at his Turnberry golf resort in Scotland.
The headline on the front page of the New York Times states: 'US and Europe find agreement on a 15 per cent tariff'.
READ MORE
'Altogether, while it was clear that major details still needed to be hammered out, the framework seemed likely to permanently reshape the trading relationship between two of the world's largest and most interconnected economies,' the front page piece says.
The Washington Post's lead story explains how both leaders 'sought to paint the accord as the 'biggest deal ever made' but it was unclear if they were on the same page about how steel and other critical products would be affected'.
The New York Post features a large picture of EU president von der Leyen and US president Trump shaking hands with the headline 'EU got a deal!'.
The picture of the two leaders shaking hands dominates the front of the Financial Times also, with its headline 'Brussels accepts 15 per cent US tariffs to fix 'unfair' trade relations, says Trump'.
Spanish newspaper El País leads with the headline 'The European Union gives in to Trump and accepts tariffs of 15 per cent'.
French newspaper Le Figaro goes with: 'Europe reaches agreement with Trump at the last minute'. Belgian newspaper De Morgen states that 'an all-out trade war between the EU and the US has been averted'.
The Times UK and Scotsman focus instead on Mr Trump's meeting with UK prime Keir Starmer later on Monday.
'Starmer to press Trump on Gaza', the front page of the Times states, while the Scotsman says 'Starmer heads to Turnberry talks as Trump holds court'.
Back home, the deal features across the front pages of The Irish Times, the Irish Independent, the Irish Examiner and the Irish Daily Mail.
The Irish Sun's front page is taken up with a picture of Ms von der Leyen and Mr Trump shaking hands with the headline 'Putt it there!' accompanied by a smaller image of Mr Trump golfing on Sunday.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Negotiation on EU-US trade deal continues, with tariffs pushed back for another week
Negotiation on EU-US trade deal continues, with tariffs pushed back for another week

Irish Independent

time26 minutes ago

  • Irish Independent

Negotiation on EU-US trade deal continues, with tariffs pushed back for another week

This gives European Commission negotiators more time to clarify details of the new trade deal, as they try to extend the range of goods to which the 15pc rate will not apply. On Thursday, the commission said it had not been able to achieve a zero-for-zero carve-out for the drinks sector. France is already pressing for parts of the deal to be renegotiated. 'It's a stage and we won't stop here,' French foreign minister Jean-Noël Barrot told broadcaster France Info. 'We want new concessions, guarantees on wine and spirits, a readjustment, [and] a rebalancing on the service sector – in particular digital services.' Speaking after a meeting of the trade forum in Government Buildings, Tánaiste and Foreign Affairs Minister Simon Harris said it was Ireland's understanding that the EU's 15pc rate was fully inclusive – incorporating existing tariffs – unlike the UK's 10pc. Confirming that pharmaceuticals will remain at a zero per cent tariff until the White House completes a Section 232 investigation – which determines how specific imports will affect US national security – Mr Harris said he had been informed by Brussels that this was likely to conclude in about two weeks. 'Without a deal between the US and the EU, today would have seen 30pc tariffs introduced by President Trump on the EU, and significant counter-measures by the EU to the tune of around €90-odd billion,' he said. 'There's absolutely no doubt that would have been a moment of catastrophe in terms of our economic well-being as a country. We'd be in a very different and a much worse position, I think, if we were standing here today with no deal. 'You don't have to take my word for that if you just see the executive order last night and all of the tariffs levelled in other countries, including countries that didn't have deals.' On Thursday night, Mr Trump signed an executive order to introduce tariffs on more than 60 countries. Most of these will take effect on August 7, but a 35pc levy on some exports from Canada came into effect immediately. The highest rates were slapped on Syria, Laos and Myanmar, which now face tariffs of about 40pc. A rate of 35pc was applied in Switzerland. The country has a big trade deficit with the US, reaching $38bn (€33bn) last year, but the White House implied that Switzerland was also being penalised for its pharma industry. ADVERTISEMENT US trade representative Jamieson Greer told BloombergTelevision: 'They ship enormous amounts of pharmaceuticals to our country. We want to be making pharmaceuticals in our country.' As usual, the extended deadline gives these countries more time to negotiate a deal with the US before the tariffs are applied. If introduced, however, it will mean the US is applying an average rate six times higher than when former president Joe Biden was in office. Stephen Innes of SPI Asset Management said: 'The average US tariff jumps from 13.3pc to 15.2pc, a seismic shift from the 2.3pc average before Trump retook office.' In a briefing to its members after the trade forum, Ibec pointed out that clarity was still needed on precisely what goods would drop to a zero tariff after August 7. 'Goods that may benefit from zero tariffs or zero-for-zero tariffs ... (including aircraft and component parts, certain chemicals, certain generic medicines, semiconductor equipment, selected agricultural products, natural resources, and critical raw materials) will require the final EU-US joint statement to confirm which specific HS codes will be exempt,' Ibec's Danny McCoy said. 'Negotiations on additional zero-for-zero arrangements not covered by the joint statement may continue in the weeks ahead.'

The Irish Independent's View: Prudence, rather than largesse, makes most economic sense for Ireland right now
The Irish Independent's View: Prudence, rather than largesse, makes most economic sense for Ireland right now

Irish Independent

time26 minutes ago

  • Irish Independent

The Irish Independent's View: Prudence, rather than largesse, makes most economic sense for Ireland right now

As August begins, we have already seen so many budgetary kites take flight to tell us the making of the next year's budget starts earlier each year. Right now, Ireland is a rich nation and its people have expectations that accord with that. But in a Trumpian discordant world, that situation could change rapidly, as we found to our cost in 2008 when we entered what former finance minister Michael Noonan later called 'a lost decade'. Ireland's small, open economic model leaves us susceptible to swift boom-and-bust switches. In early October, we will learn the 2026 financial plans of 'Mr Prudence' himself, Finance Minister Paschal Donohoe. Many of us believe we deserve more goodies, but this is more a time for caution. If tough global economic times hit soon, we will be in a better position than we were in 2008, but the atypical budget surplus, which contrasts with our European neighbours, can only cushion so much. Ireland cannot be an economic outlier forever. We are reminded that the days of the early 2000s, when taoiseach Bertie Ahern declaimed that the 'boom just got boomier', presaged tough economic times. The impact of Donald Trump's tariffs may diminish the resources available for such largesse Mr Donohoe and his colleagues insist that one-off budget payments, like electricity bill grants, are not going to happen next year, but closer analysis suggests the Government's dilemma is that voters will notice the difference if they do not happen again. This is particularly true for households with children, who benefited from two double welfare payments. For a single worker on €50,000 last year, the budget measures delivered about €860 extra per year. When you add the two energy credits amounting to €250, you find it was a nice bonus that will be missed. The impact of Donald Trump's tariffs may diminish the resources available for such largesse, which should at all events be targeted, rather than blanket, measures. It may also provide some political cover for a more prudent approach to public spending. Last month's Summer Economic Statement indicated that there would be scope for a tax package of about €1.5bn, but a substantial part of that would be taken up by the pledged hospitality Vat rate cut to 9pc. Put this alongside keeping the lower Vat rate on household energy bills and you are suddenly over €1bn for a full year. Yet voters want income tax cuts, which are key to politicians' re-election, assuming there is available cash. Then there is the demand for welfare increases averaging €12 a week last year. All things considered, the Budget 2026 will prove more challenging than in the years of austerity when cutbacks virtually wrote themselves.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store