EU ready to hit US with $37b tariff list: Italy
President Donald Trump on Saturday threatened to impose a 30 per cent tariff on imports from Mexico and the EU starting on August 1 after weeks of negotiations with major US trading partners failed to reach a comprehensive deal.
Tajani told daily newspaper Il Messaggero that to help the euro zone economy the European Central Bank should consider a new "quantitative easing" bond-buying-program, and more interest rate cuts.
The European Union said on Sunday it would extend its suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement.
Tajani said the 21-billion-euro package of tariffs the EU had already prepared could be followed by a second set if a deal with the US proved impossible.
He said, however, he was confident that progress could be made in negotiations.
"Tariffs hurt every one, starting with the United States," he said.
"If stock markets fall that puts at risk the pensions and the savings of the Americans."
He said the goal should be "zero tariffs" and an open market among Canada, the United States, Mexico and Europe.
German Chancellor Friedrich Merz said on Sunday he would work intensively with French President Emmanuel Macron and European Commission President Ursula von der Leyen to resolve the escalating trade war with the United States.
European Trade Commissioner Maros Sefcovic said on Monday that Washington and Brussels were approaching a positive outcome for both sides, and warned that a 30 per cent tariff would practically eliminate trade.
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The Advertiser
an hour ago
- The Advertiser
World stocks slip as US tariff threats heat up
World shares are ticking lower, with European shares slipping as the latest salvo of threats in the US President Donald Trump's tariff wars keep investors on edge. The pan-European STOXX 600 index was last down 0.3 per cent in morning trade on Monday. Other regional indices also declined, barring the UK's FTSE 100, which was up 0.4 per cent. MSCI's broadest index of world shares dipped 0.1 per cent. Trump on Saturday said he would impose a 30 per cent tariff on most imports from the European Union and Mexico from August 1, even as they are locked in long negotiations. The EU said it would extend a suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement, though Germany's finance minister called for firm action if the levies went ahead. German 10-year government bond yields briefly hit their highest since early April on Monday after settling back to 4.63 per cent. Yields move inversely to price. "To use the biggest cliche in the book, it continues to be a rollercoaster ride for all of us following the trade story, even if the market has increasingly overcome its queasiness and ensured it has been well stocked up on motion sickness tablets," said Deutsche Bank strategist Jim Reid in a note to clients. A rise in Japanese government bond yields also added to upward pressure on borrowing costs elsewhere, said Jens Peter Soerensen, chief analyst at Danske Bank. Japanese bond yields surged as concerns grew that an upcoming election could pave the way for increased fiscal spending. Chinese blue chips closed 0.1 per cent higher as data showed annual export growth topped forecasts at 5.8 per cent in June, even as exports to the US fell almost 10 per cent. Retail sales figures, industrial output and gross domestic product are due Tuesday. S&P 500 futures and Nasdaq futures both eased 0.4 per cent. Earnings season kicks off this week with the major banks leading the pack on Tuesday. In bond markets, Treasuries got a very marginal safety bid and 10-year yields held at 4.41 per cent. US consumer prices data for June are due on Tuesday and could finally start to show early upward pressure from tariffs, though retailers still have pre-levy inventory to draw on and some companies are absorbing the costs into margins. The impact on supply chain costs could show in producer price and import price figures this week, while a reading on retail sales will indicate how consumers are faring. Among currencies, the euro dipped 0.1 per cent to $US1.1684, edging away from its recent four-year top of $US1.1830. The dollar lost 0.1 per cent on the yen to 147.29 while the dollar index was little changed about 97.89. Bitcoin crossed the $US120,000 level for the first time to reach a top around $US123,153. Gold picked up a modest safe-haven bid and rose 0.1 per cent to $US3,359 an ounce. Oil prices rose more than one per cent on speculation Trump could announce stiffer sanctions on Russia later on Monday, including levies on major customers buying Russian oil. Brent jumped 67 cents to $US71.03 a barrel, while US crude added 70 cents to $US69.15 per barrel. World shares are ticking lower, with European shares slipping as the latest salvo of threats in the US President Donald Trump's tariff wars keep investors on edge. The pan-European STOXX 600 index was last down 0.3 per cent in morning trade on Monday. Other regional indices also declined, barring the UK's FTSE 100, which was up 0.4 per cent. MSCI's broadest index of world shares dipped 0.1 per cent. Trump on Saturday said he would impose a 30 per cent tariff on most imports from the European Union and Mexico from August 1, even as they are locked in long negotiations. The EU said it would extend a suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement, though Germany's finance minister called for firm action if the levies went ahead. German 10-year government bond yields briefly hit their highest since early April on Monday after settling back to 4.63 per cent. Yields move inversely to price. "To use the biggest cliche in the book, it continues to be a rollercoaster ride for all of us following the trade story, even if the market has increasingly overcome its queasiness and ensured it has been well stocked up on motion sickness tablets," said Deutsche Bank strategist Jim Reid in a note to clients. A rise in Japanese government bond yields also added to upward pressure on borrowing costs elsewhere, said Jens Peter Soerensen, chief analyst at Danske Bank. Japanese bond yields surged as concerns grew that an upcoming election could pave the way for increased fiscal spending. Chinese blue chips closed 0.1 per cent higher as data showed annual export growth topped forecasts at 5.8 per cent in June, even as exports to the US fell almost 10 per cent. Retail sales figures, industrial output and gross domestic product are due Tuesday. S&P 500 futures and Nasdaq futures both eased 0.4 per cent. Earnings season kicks off this week with the major banks leading the pack on Tuesday. In bond markets, Treasuries got a very marginal safety bid and 10-year yields held at 4.41 per cent. US consumer prices data for June are due on Tuesday and could finally start to show early upward pressure from tariffs, though retailers still have pre-levy inventory to draw on and some companies are absorbing the costs into margins. The impact on supply chain costs could show in producer price and import price figures this week, while a reading on retail sales will indicate how consumers are faring. Among currencies, the euro dipped 0.1 per cent to $US1.1684, edging away from its recent four-year top of $US1.1830. The dollar lost 0.1 per cent on the yen to 147.29 while the dollar index was little changed about 97.89. Bitcoin crossed the $US120,000 level for the first time to reach a top around $US123,153. Gold picked up a modest safe-haven bid and rose 0.1 per cent to $US3,359 an ounce. Oil prices rose more than one per cent on speculation Trump could announce stiffer sanctions on Russia later on Monday, including levies on major customers buying Russian oil. Brent jumped 67 cents to $US71.03 a barrel, while US crude added 70 cents to $US69.15 per barrel. World shares are ticking lower, with European shares slipping as the latest salvo of threats in the US President Donald Trump's tariff wars keep investors on edge. The pan-European STOXX 600 index was last down 0.3 per cent in morning trade on Monday. Other regional indices also declined, barring the UK's FTSE 100, which was up 0.4 per cent. MSCI's broadest index of world shares dipped 0.1 per cent. Trump on Saturday said he would impose a 30 per cent tariff on most imports from the European Union and Mexico from August 1, even as they are locked in long negotiations. The EU said it would extend a suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement, though Germany's finance minister called for firm action if the levies went ahead. German 10-year government bond yields briefly hit their highest since early April on Monday after settling back to 4.63 per cent. Yields move inversely to price. "To use the biggest cliche in the book, it continues to be a rollercoaster ride for all of us following the trade story, even if the market has increasingly overcome its queasiness and ensured it has been well stocked up on motion sickness tablets," said Deutsche Bank strategist Jim Reid in a note to clients. A rise in Japanese government bond yields also added to upward pressure on borrowing costs elsewhere, said Jens Peter Soerensen, chief analyst at Danske Bank. Japanese bond yields surged as concerns grew that an upcoming election could pave the way for increased fiscal spending. Chinese blue chips closed 0.1 per cent higher as data showed annual export growth topped forecasts at 5.8 per cent in June, even as exports to the US fell almost 10 per cent. Retail sales figures, industrial output and gross domestic product are due Tuesday. S&P 500 futures and Nasdaq futures both eased 0.4 per cent. Earnings season kicks off this week with the major banks leading the pack on Tuesday. In bond markets, Treasuries got a very marginal safety bid and 10-year yields held at 4.41 per cent. US consumer prices data for June are due on Tuesday and could finally start to show early upward pressure from tariffs, though retailers still have pre-levy inventory to draw on and some companies are absorbing the costs into margins. The impact on supply chain costs could show in producer price and import price figures this week, while a reading on retail sales will indicate how consumers are faring. Among currencies, the euro dipped 0.1 per cent to $US1.1684, edging away from its recent four-year top of $US1.1830. The dollar lost 0.1 per cent on the yen to 147.29 while the dollar index was little changed about 97.89. Bitcoin crossed the $US120,000 level for the first time to reach a top around $US123,153. Gold picked up a modest safe-haven bid and rose 0.1 per cent to $US3,359 an ounce. Oil prices rose more than one per cent on speculation Trump could announce stiffer sanctions on Russia later on Monday, including levies on major customers buying Russian oil. Brent jumped 67 cents to $US71.03 a barrel, while US crude added 70 cents to $US69.15 per barrel. World shares are ticking lower, with European shares slipping as the latest salvo of threats in the US President Donald Trump's tariff wars keep investors on edge. The pan-European STOXX 600 index was last down 0.3 per cent in morning trade on Monday. Other regional indices also declined, barring the UK's FTSE 100, which was up 0.4 per cent. MSCI's broadest index of world shares dipped 0.1 per cent. Trump on Saturday said he would impose a 30 per cent tariff on most imports from the European Union and Mexico from August 1, even as they are locked in long negotiations. The EU said it would extend a suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement, though Germany's finance minister called for firm action if the levies went ahead. German 10-year government bond yields briefly hit their highest since early April on Monday after settling back to 4.63 per cent. Yields move inversely to price. "To use the biggest cliche in the book, it continues to be a rollercoaster ride for all of us following the trade story, even if the market has increasingly overcome its queasiness and ensured it has been well stocked up on motion sickness tablets," said Deutsche Bank strategist Jim Reid in a note to clients. A rise in Japanese government bond yields also added to upward pressure on borrowing costs elsewhere, said Jens Peter Soerensen, chief analyst at Danske Bank. Japanese bond yields surged as concerns grew that an upcoming election could pave the way for increased fiscal spending. Chinese blue chips closed 0.1 per cent higher as data showed annual export growth topped forecasts at 5.8 per cent in June, even as exports to the US fell almost 10 per cent. Retail sales figures, industrial output and gross domestic product are due Tuesday. S&P 500 futures and Nasdaq futures both eased 0.4 per cent. Earnings season kicks off this week with the major banks leading the pack on Tuesday. In bond markets, Treasuries got a very marginal safety bid and 10-year yields held at 4.41 per cent. US consumer prices data for June are due on Tuesday and could finally start to show early upward pressure from tariffs, though retailers still have pre-levy inventory to draw on and some companies are absorbing the costs into margins. The impact on supply chain costs could show in producer price and import price figures this week, while a reading on retail sales will indicate how consumers are faring. Among currencies, the euro dipped 0.1 per cent to $US1.1684, edging away from its recent four-year top of $US1.1830. The dollar lost 0.1 per cent on the yen to 147.29 while the dollar index was little changed about 97.89. Bitcoin crossed the $US120,000 level for the first time to reach a top around $US123,153. Gold picked up a modest safe-haven bid and rose 0.1 per cent to $US3,359 an ounce. Oil prices rose more than one per cent on speculation Trump could announce stiffer sanctions on Russia later on Monday, including levies on major customers buying Russian oil. Brent jumped 67 cents to $US71.03 a barrel, while US crude added 70 cents to $US69.15 per barrel.
The Advertiser
an hour ago
- The Advertiser
EU ready to hit US with $37b tariff list: Italy
The European Union has already prepared a list of tariffs worth 21 billion euros ($A37 billion) on US goods if the two sides fail to reach a trade deal, Italy's Foreign Minister Antonio Tajani says. President Donald Trump on Saturday threatened to impose a 30 per cent tariff on imports from Mexico and the EU starting on August 1 after weeks of negotiations with major US trading partners failed to reach a comprehensive deal. Tajani told daily newspaper Il Messaggero that to help the euro zone economy the European Central Bank should consider a new "quantitative easing" bond-buying-program, and more interest rate cuts. The European Union said on Sunday it would extend its suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement. Tajani said the 21-billion-euro package of tariffs the EU had already prepared could be followed by a second set if a deal with the US proved impossible. He said, however, he was confident that progress could be made in negotiations. "Tariffs hurt every one, starting with the United States," he said. "If stock markets fall that puts at risk the pensions and the savings of the Americans." He said the goal should be "zero tariffs" and an open market among Canada, the United States, Mexico and Europe. German Chancellor Friedrich Merz said on Sunday he would work intensively with French President Emmanuel Macron and European Commission President Ursula von der Leyen to resolve the escalating trade war with the United States. European Trade Commissioner Maros Sefcovic said on Monday that Washington and Brussels were approaching a positive outcome for both sides, and warned that a 30 per cent tariff would practically eliminate trade. The European Union has already prepared a list of tariffs worth 21 billion euros ($A37 billion) on US goods if the two sides fail to reach a trade deal, Italy's Foreign Minister Antonio Tajani says. President Donald Trump on Saturday threatened to impose a 30 per cent tariff on imports from Mexico and the EU starting on August 1 after weeks of negotiations with major US trading partners failed to reach a comprehensive deal. Tajani told daily newspaper Il Messaggero that to help the euro zone economy the European Central Bank should consider a new "quantitative easing" bond-buying-program, and more interest rate cuts. The European Union said on Sunday it would extend its suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement. Tajani said the 21-billion-euro package of tariffs the EU had already prepared could be followed by a second set if a deal with the US proved impossible. He said, however, he was confident that progress could be made in negotiations. "Tariffs hurt every one, starting with the United States," he said. "If stock markets fall that puts at risk the pensions and the savings of the Americans." He said the goal should be "zero tariffs" and an open market among Canada, the United States, Mexico and Europe. German Chancellor Friedrich Merz said on Sunday he would work intensively with French President Emmanuel Macron and European Commission President Ursula von der Leyen to resolve the escalating trade war with the United States. European Trade Commissioner Maros Sefcovic said on Monday that Washington and Brussels were approaching a positive outcome for both sides, and warned that a 30 per cent tariff would practically eliminate trade. The European Union has already prepared a list of tariffs worth 21 billion euros ($A37 billion) on US goods if the two sides fail to reach a trade deal, Italy's Foreign Minister Antonio Tajani says. President Donald Trump on Saturday threatened to impose a 30 per cent tariff on imports from Mexico and the EU starting on August 1 after weeks of negotiations with major US trading partners failed to reach a comprehensive deal. Tajani told daily newspaper Il Messaggero that to help the euro zone economy the European Central Bank should consider a new "quantitative easing" bond-buying-program, and more interest rate cuts. The European Union said on Sunday it would extend its suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement. Tajani said the 21-billion-euro package of tariffs the EU had already prepared could be followed by a second set if a deal with the US proved impossible. He said, however, he was confident that progress could be made in negotiations. "Tariffs hurt every one, starting with the United States," he said. "If stock markets fall that puts at risk the pensions and the savings of the Americans." He said the goal should be "zero tariffs" and an open market among Canada, the United States, Mexico and Europe. German Chancellor Friedrich Merz said on Sunday he would work intensively with French President Emmanuel Macron and European Commission President Ursula von der Leyen to resolve the escalating trade war with the United States. European Trade Commissioner Maros Sefcovic said on Monday that Washington and Brussels were approaching a positive outcome for both sides, and warned that a 30 per cent tariff would practically eliminate trade. The European Union has already prepared a list of tariffs worth 21 billion euros ($A37 billion) on US goods if the two sides fail to reach a trade deal, Italy's Foreign Minister Antonio Tajani says. President Donald Trump on Saturday threatened to impose a 30 per cent tariff on imports from Mexico and the EU starting on August 1 after weeks of negotiations with major US trading partners failed to reach a comprehensive deal. Tajani told daily newspaper Il Messaggero that to help the euro zone economy the European Central Bank should consider a new "quantitative easing" bond-buying-program, and more interest rate cuts. The European Union said on Sunday it would extend its suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement. Tajani said the 21-billion-euro package of tariffs the EU had already prepared could be followed by a second set if a deal with the US proved impossible. He said, however, he was confident that progress could be made in negotiations. "Tariffs hurt every one, starting with the United States," he said. "If stock markets fall that puts at risk the pensions and the savings of the Americans." He said the goal should be "zero tariffs" and an open market among Canada, the United States, Mexico and Europe. German Chancellor Friedrich Merz said on Sunday he would work intensively with French President Emmanuel Macron and European Commission President Ursula von der Leyen to resolve the escalating trade war with the United States. European Trade Commissioner Maros Sefcovic said on Monday that Washington and Brussels were approaching a positive outcome for both sides, and warned that a 30 per cent tariff would practically eliminate trade.
Sky News AU
2 hours ago
- Sky News AU
Albanese's ‘strange' response to US commitment in a China-Taiwan war questioned
Strategic Analysis Australia Director Peter Jennings discusses Prime Minister Anthony Albanese's inability to answer questions on Australia's role in a potential China–Taiwan war. '[America] is really just asking, 'hey Australia, are you still with us … because you are behaving in a strange way if you are,'' Mr Jennings told Sky News host Peta Credlin. 'I think it's perfectly reasonable for the Americans to be asking those questions, seeing as it's their technology, they're proposing to sell to us. 'Unfortunately, the PM just seems to be incapable of saying that, and Albanese is now letting himself be played by the Pentagon."
