Polish power company Enea signs $2.4 billion loan deal for grid upgrades
The funds will be used to upgrade Enea's power distribution infrastructure in northwestern Poland, aiming to improve the quality and security of electricity supply and enhance grid capacity to integrate renewable energy sources.
($1 = 3.7420 zlotys)
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Rhyl Journal
30 minutes ago
- Rhyl Journal
Irish leaders welcome clarity on EU-US trade deal and pharma tariffs cap of 15%
Taoiseach Micheal Martin said the trade agreement represented a 'significant win' for the EU while Tanaiste Simon Harris said it offered an 'important shield' for Irish exporters. The EU struck a trade deal with the US on July 27, five days before Mr Trump said a 30% tariff would kick in for the bloc. The deal sees 15% tariffs on most EU goods including cars, semiconductors and pharmaceuticals entering the US. There are 'zero for zero' tariffs on a number of products including aircrafts and aircraft parts, some agricultural goods and certain chemicals – as well as EU purchases of US energy worth 750 billion dollars over three years. In the aftermath of the deal, it was not clear whether 15% would remain the rate for the pharma sector or be increased. The EU-US statement published on Thursday said that as of September 1, the US will apply a maximum tariff rate of 15% on generic pharmaceuticals, their ingredients and chemical precursors. 'The United States intends to promptly ensure that the tariff rate, comprised of the MFN (Most Favored Nation) tariff and the tariff imposed pursuant to Section 232 of the Trade Expansion Act of 1962, applied to originating goods of the European Union subject to Section 232 actions on pharmaceuticals, semiconductors, and lumber does not exceed 15%.' Mr Harris, Ireland's deputy premier and Minister for Foreign Affairs and Trade, welcomed the assurances for the pharmaceutical and semiconductor sectors. 'We welcome clarity that the deal includes a single, all-inclusive 15% tariff on EU goods,' Mr Harris said. 'We also now have assurance that this rate will extend to pharmaceuticals and semiconductors. 'This provides an important shield to Irish exporters that could have been subject to much larger tariffs pending the outcomes of Section 232 US investigations into these sectors.' Mr Harris said this offered a 'first step' to a more 'comprehensive and formal agreement with the US in the future'. 'Our intention now is to see what other carve outs can be made in areas of interest for Irish exporters.' Irish premier Micheal Martin said the statement brought 'greater clarity and certainty' to what the EU-US agreement would mean in practice. 'This is especially important for enterprises that either import from or export to the US,' he said. 'Given the scale of the pharmaceutical and semiconductor sectors in Ireland, it is important that the Joint Statement confirms that 15% is a ceiling that will apply to EU exports in these areas in all circumstances, including when the current US Section 232 investigations are concluded. 'While I have been clear all along that I do not support tariffs, this is a significant win for the EU. 'Given the significance of the airline sector to Ireland, a specific carve-out for aircraft and aircraft parts is also welcome. 'There are areas where further work remains to be done, including a potential carve-out for med-tech products and spirits. 'I hope this will be advanced as quickly as possible. We will continue to advocate for these sectors given their significant importance to our domestic economy.'
Reuters
31 minutes ago
- Reuters
EU pushes to secure lower US car tariff from August 1
WASHINGTON/BRUSSELS, Aug 21 (Reuters) - The European Union will strive to ensure lower U.S. tariffs apply to its car exports retroactively, EU trade chief Maros Sefcovic said on Thursday, as the transatlantic partners set out details of their framework trade deal struck in July. In a 3-1/2-page joint statement, the two sides spelled out that 15% U.S. tariffs would apply to most EU imports and listed the commitments made, including the EU's pledge to eliminate tariffs on U.S. industrial goods and to give preferential market access for a wide range of U.S. seafood and agricultural goods. Washington will take steps to reduce the current 27.5% U.S. tariffs on cars and car parts, a huge burden for European carmakers, once Brussels introduces the legislation needed to enact promised tariff cuts on U.S. goods, it said. The statement said U.S. tariff relief on autos and auto parts would kick in on the first day of the month in which the EU introduced the legislation. Sefcovic said it was the European Commission's "firm intention" to make proposals by the end of the month, meaning the U.S. car tariff reduction would apply from August 1. A senior administration official, speaking on condition of anonymity because they were not authorized to speak publicly, said European carmakers could see relief from the current U.S. tariffs within "hopefully weeks." "As soon as they're able to introduce that legislation -- and I don't mean pass it and fully implement it, but really introduce it -- then we will be in a position to provide that relief. And I will say that both sides are very interested in moving quickly," they said. U.S. President Donald Trump and European Commission President Ursula von der Leyen announced the deal on July 27 at Trump's luxury golf course in Turnberry, Scotland after months of negotiations. The two leaders met again this week as part of negotiations aimed at ending Russia's war in Ukraine, with both lauding their trade framework deal as an historic accomplishment. The joint statement said the deal could be expanded over time to cover additional areas and further improve market access. The joint statement was "a play to hold each other accountable" and ensure that both sides carried out the pledges announced last month, the official said. The joint statement noted that the U.S. agreed to apply only pre-existing Most Favored Nation (MFN) tariffs of below 15% from September 1 on EU aircraft and parts, generic pharmaceuticals and ingredients, chemical precursors and unavailable natural resources, including cork. This exemption did apply to include wine or spirits, a key EU demand, but the two sides agreed to consider other sectors and products for inclusions. "So these doors are not closed forever," Sefcovic said, while acknowledging that securing an exemption for alcoholic drinks would not be easy. The statement reiterated the EU's intention to procure $750 billion in U.S. liquefied natural gas (LNG), oil and nuclear energy products, plus an additional $40 billion of U.S.-made artificial intelligence chips. It also repeated the intention for EU companies to invest an additional $600 billion across U.S. strategic sectors through 2028. Both sides committed to address "unjustified digital trade barriers," the statement said, and the EU agreed not to adopt network usage fees. They also agreed to negotiate rules of origin to ensure that the agreement's benefits accrued predominantly to both trading partners. In addition, they said they would consider cooperation to ring-fence their respective steel and aluminum markets from overcapacity, while ensuring secure supply chains between each other, including through tariff quotas.
Evening Standard
an hour ago
- Evening Standard
Irish leaders welcome clarity on EU-US trade deal and pharma tariffs cap of 15%
'Given the scale of the pharmaceutical and semiconductor sectors in Ireland, it is important that the Joint Statement confirms that 15% is a ceiling that will apply to EU exports in these areas in all circumstances, including when the current US Section 232 investigations are concluded.
