EU, U.S. heading towards 15% tariff deal, EU diplomats say
The rate, which could also extend to cars, would mirror the framework agreement the United States has struck with Japan.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Pakistan says it's close to US trade deal, Washington gives no timeline
WASHINGTON, July 25 (Reuters) - Pakistani Foreign Minister Ishaq Dar said on Friday the United States and Pakistan were "very close" to a trade deal that could come within days, but comments from the U.S. after Dar met with Secretary of State Marco Rubio mentioned no timeline. "I think we are very close to finalizing a deal with U.S. Our teams have been here in Washington, discussing, having virtual meetings and a committee has been tasked by the prime minister to fine-tune now," Dar said in a discussion at the Atlantic Council think tank in Washington. "It's not going to be months, not even weeks, I would say (just) days," he said. Under U.S. President Donald Trump, Washington has attempted to renegotiate trade agreements with many countries that he threatened with tariffs over what he calls unfair trade relations. Many economists dispute Trump's characterization. The U.S. State Department and Pakistan's foreign ministry, in separate statements after Rubio's meeting with Dar, said the two stressed in their discussion the importance of expanding trade and ties in critical minerals and mining. A post by Rubio on X after the meeting and the State Department's statement mentioned no timeline for finalizing a trade deal. The Pakistan foreign ministry also said Dar "appreciated the pivotal role" by Trump and Rubio "in de-escalating tensions between Pakistan and India by facilitating a ceasefire." The State Department statement did not mention India. Trump has repeatedly taken credit for the India-Pakistan ceasefire he announced on social media on May 10 after Washington held talks with both sides. India disputes Trump's claims that the ceasefire resulted from his intervention and trade threats. India's position is that New Delhi and Islamabad must resolve problems directly with no outside involvement. An April 22 militant attack in India-administered Kashmir killed 26 men and sparked heavy fighting between the nuclear-armed Asian neighbors in the latest escalation of a decades-old rivalry. India struck Pakistan on May 7 and the two nations exchanged hostilities, killing dozens across three days. The ceasefire was declared on May 10. New Delhi blamed the April attack on Pakistan, which denied responsibility and called for a neutral investigation. Washington condemned the attack but did not blame Islamabad.
The Guardian
an hour ago
- The Guardian
Feeling flush? Americans can Venmo government to help pay off US debt
John F Kennedy's sage words from his inaugural address are forever seared into America's political consciousness: 'Ask not what your country can do for you – ask what you can do for your country.' Six decades and some change later, the United States Treasury is keeping Kennedy's spirit alive by offering Americans with a few dollars collecting dust in their Venmo balance a chance to fulfill a new patriotic duty: helping pay off the national debt. The US treasury department has long had a 'Gifts to Reduce the Public Debt' page available for those that dislike traditional charity, feel like they don't pay enough in taxes, or simply want to help the country stay No 1 in an eclectic list of superlatives that includes military spending, Olympic gold medals, prison population, corn subsidies, and healthcare costs. But the new-age, Gen Z-friendly method of payment is a recent addition, first flagged on Twitter by Planet Money's Jack Corbett. A bipartisan punching bag that trades sides of the aisle depending on who's in office and who needs funds earmarked for projects in their state, concern over the national debt is one of few issues that Democrats and Republicans can unite on. Also bipartisan is the debt's growth, which has increased every year since 2001, when it sat at $10.28tn. As of this writing, the debt has ballooned to $36.72tn. America is on track to continue the trend, with the Congressional Budget Office estimating that Trump's Big Beautiful Bill will add $3.4tn to the debt over the coming decade. It is unclear how much money Trump and Elon Musk's 'Doge' saved, although analysis estimates the number at under the advertised $180bn, and a far cry short of the initially advertised $2tn. The federal government spent $6.75tn in Fiscal Year 2024 while collecting $4.92tn in revenue. Highlights of past and present government spending include the $151bn procurement process for the Trump administration's Golden Dome missile defense project, over $2tn on Lockheed Martin's long delayed F-35 fighter jet, and roughly $800bn in annual spending on the Pentagon, which recently failed its seventh audit in a row. Kind-hearted Americans have gone above and beyond their regular tax-paying duties contributing around $67.3m since 1996. That's enough to fund 20 minutes of the US government's spending habit. If Americans could dig into their couch cushions, eat less takeout, and tighten their belts, they might be able to tackle the problem once and for all. It would only take about $107,000 per person, payable via ACH, Paypal, credit or debit card, and now, Venmo.
BBC News
2 hours ago
- BBC News
Matcha: World's thirst for the tea swallows global supplies
Matcha mania is sweeping the world. The bright green Japanese tea can be found in everything from Starbucks' lattes in the UK to Krispy Kreme doughnuts in global matcha craze is being driven by social media, with influencers sharing brewing tips, reviews and recipes. The "Matcha Tok" hashtag has clocked up tens of millions of growing popularity is also linked to Japan's post-pandemic tourism boom, with the country's weak currency making it an attractive destination as well as boosting demand for Japanese the midst of the hype, demand for the powder is soaring. US-based tea importer Lauren Purvis tells the BBC her customers are seeing what was once a month's supply of matcha running out in days."Some cafes are even asking for a kilo a day. They're desperate to keep up," says Ms Purvis, who runs Mizuba Tea that surging demand, combined with smaller tea crops due to heatwaves and US tariffs on Japan, is also pushing up matcha prices. Traditionally, Matcha - which is sought for its health benefits, caffeine and flavour - is the product of a centuries-old and highly-specialised is made from green tea leaves called tencha, which are kept under shade for weeks while they're still growing. This step is crucial for developing the tea's signature "umami" flavour - a savoury taste that complements its natural leaves are harvested, dried and ground into powder using stone mills, which can produce just 40g (1.4oz) of matcha an in recent months growers have struggled, as record-breaking heatwaves have hit the Kyoto region, where about a quarter of Japan's tencha comes from, hot weather has led to poor harvests even as demand country also faces a shortage of farmers as its population ages and not enough younger people go into the in Uji, a city in Kyoto famous for matcha, often see their shelves emptied by tourists as soon as their doors a result, many retailers have set limits on how much customers can Camellia Tea Ceremony allows customers to purchase only one tin of matcha each as visitor numbers doubled over the last year, says director Atsuko master Rie Takeda says she also has to closely monitor her stocks of matcha, as orders that would previously arrive in just days can now take more than a works for Chazen, a tea ceremony chain based in Tokyo, which hosts traditional rituals serving matcha to guests. Shortages mean tea prices at Chazen's outlets have risen by around 30% this year."[The demand] is good," Ms Takeda said through a translator. "It's a gateway for more people to know about Japanese culture."It has also attracted more production nearly tripled between 2010 and 2023, according to Japan's agricultural also says green tea exports, including matcha, also rose 25% last year to 36.4bn yen (£180m; $250m). Savour, not hoard The matcha craze has sparked a movement to promote more mindful call out people they see as hoarding matcha or profiteering from its popularity. Others urge tea drinkers to be careful about how much they use, and to savour matcha in its purest form rather than as an ingredient in "a bit sad" to see high-grade matcha used in cooking - where its delicate flavour is often lost - or stockpiled for resale, said Ms Mori."Matcha is the highest grade of tea and it's so special to us. So there's a bit of a contradiction when I hear stories about how it's resold or used in food." The Global Japanese Tea Association is encouraging people to use lower-grade matcha from later harvests, which is more abundant and better-suited for matcha often loses its delicate flavour when used in drinks like lattes, it adds."Promoting awareness of these distinctions helps ensure Japanese tea is enjoyed with respect, while supporting the craft and tradition behind it," the association also says matcha prices are likely to rise further due to tariffs the US is imposing on Tuesday, Washington and Tokyo announced a trade deal that will mean a 15% import tax on Japanese products going into the distributors like Ms Purvis are bracing for the impact. The Oregon-based entrepreneur says orders surged by more than 70% in early July ahead of a deadline for the two countries to reach a trade agreement."As Japanese tea is not grown in the US, there is no American industry under threat that tariffs need to protect," she said. "We hope there will be a realisation that specialty tea should be exempt."Even as soaring demand and limited supplies push up prices, there is some light on the least one matcha cafe chain thinks prices could ease in the future - although not for a while."Low quality matcha is selling for a high price, and we think that this will no longer be a viable business," Masahiro Nagata, co-founder of the Matcha Tokyo, told the BBC."There is a boom at the moment and demand is growing rapidly, but we think that will calm down a bit in two to three years."
