Latest news with #Bruegel
Euronews
2 days ago
- Business
- Euronews
Chances of solving US-EU trade dispute over tariffs slim, expert says
Brussels and Washington have little chance of breaking the trade deadlock they have been in since mid-March and the imposition of the first US tariffs on steel and aluminium, Ignacio García Bercero, a former senior EU official and expert of the Bruegel think tank, told Euronews. 'It seems to me very clear that if the US is not ready to take action to substantially mitigate the impact of the tariffs on steel, aluminium and cars. I don't really see how it is going to be possible to reach any kind of negotiated agreement,' García Bercero said. "The increase of US tariffs on steel and aluminium from 25% to 50% hardens the position of the US, which is the only country capable of deciding how to end the crisis.' US President Donald Trump announced last Friday an increase in US tariffs imposed in mid-March on steel and aluminium coming into the country — including EU imports — from 25% to 50%, as of June 4. Those tariffs come on top of 25% US tariffs on cars and 10% US levies on all EU imports. However on 28 May, the US Court of International Trade ruled that an emergency law invoked by Trump did not give him unilateral authority to impose the 10% tariffs and ordered an immediate block on them. The day after, a US court of appeals paused the lower court's ruling to consider the government's appeal on 9 June. But the tariffs of 25% on steel, aluminium and cars were not challenged by the judges as they were grounded on a different law regarding national security. Several investigations are currently being conducted by the US on the same legal basis into the pharmaceutical, semiconductor and aircraft industries, which could lead to further US tariffs. 'It is very clear that the US has already indicated that it is not ready to do anything on the 10% tariffs, which in any case are being challenged by a US court," García Bercero said. "And it now appears that it is not very easy to do anything on the other tariffs which are based on national security – the tariffs targeting steel, aluminium and cars or cars parts,' the former EU official explained. 'Quite frankly, I don't really see how it is possible to reach any kind of agreement.' 'Therefore the EU need to adopt rebalancing action at least on steel, aluminium, cars and car parts increase,' García Bercero added. The EU has currently suspended until 15 July a first list of US products worth €21 billion to retaliate against US tariffs on steel and aluminium, after Trump decided a 90-day pause in the trade conflict until 9 July. A second package is under discussion in Brussels until 10 June to target €95 billion worth of US goods in retaliation for the 25% tariff on cars and 10% on EU imports, if negotiations with the US fail. Further countermeasures on steel and aluminium would need to be adopted by EU member states. After the negotiation between the EU and the US seemed to kick off 10 days ago, the US president already threatened to impose 50% tariffs on all EU imports. But a call between Trump and European Commission President Ursula von der Leyen eased the pressure with the promise from both sides to "fast-track" the trade talks. Brussels stated that it did not alter its offer in the negotiation, which includes zero-to-zero tariffs on all industrial goods and the purchase of certain strategic US products, such as energy, AI, or agricultural products. 'I'm not optimistic. But it doesn't mean that it's not the right tactic to continue to discuss and to see whether or not finally there is a willingness of the US to put something on the table,' García Bercero concluded.
Time of India
5 days ago
- Business
- Time of India
EU gains leverage in trade talks as US court casts doubt on tariffs, EU officials say
The European Union has gained leverage in trade talks with the United States after a U.S. court cast doubt on the legality of Washington's "reciprocal" tariffs, EU officials said on Friday. A U.S. federal appeals court temporarily reinstated President Donald Trump's tariffs on Thursday, a day after a U.S. trade court ruled that Trump had exceeded his authority in imposing the duties and ordered an immediate block on them. "The uncertainty as to the legality of the 'reciprocal' tariffs certainly gives us extra leverage," one EU official close to the talks said. "The talks will continue, as formally we still look for zero-for-zero tariffs." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Tìm hiểu thêm If the court system ultimately rules against Trump's use of the IEEPA emergency act, the administration could make use of other provisions in the U.S. Trade Act such as Section 301, which has been broadly used with China. "You'd need to establish 'injury' and a legal basis and it takes months. Administratively, they might still do a hatchet job ... given checks and balances are not that strong in the U.S. right now but it won't be as easy or done as quickly as IEEPA," Niclas Poitiers, research fellow at EU Brussels think tank Bruegel, told Reuters Live Events "It would at least buy the EU some time." The EU was willing to discuss some non-trade barriers with the U.S., EU officials said, but would not touch the EU's taxation system -- such as the value added tax or digital tax -- or food safety standards. The EU officials said the uncertainty created by the court rulings and the Trump administration's tariff policy had a positive aspect for Europe, which was seen by markets as an oasis of stability in comparison. "This is the watchword: uncertainty. It is impossible to know what the status of the tariffs will be next week, not to mention next month," one of the EU officials said. "If you want sane, stable, even boring, rules-based order and predictable business environment, Europe is the place for you." Meanwhile, some European companies, worried over the uncertainty and possible major hits to their business, are holding their own talks with U.S. authorities. Volkswagen CEO Oliver Blume said his company was holding "fair" and "constructive" talks with the U.S. government on tariffs and wanted to make further investments in the country. The European Commission conducts all trade negotiations on behalf of the 27-nation bloc and companies, or even individual EU countries, cannot legally get a deal outside that framework. "Now it looks like we're not in the most damaging economic scenario ... but it still maintains the uncertainty and maybe increases it because there is a new player that people have not taken into account so far - the courts," Poitiers at Bruegel said. EU-US TRADE TALKS The European Commission would not comment on the U.S. court rulings because they were internal U.S. procedures. But it said trade talks between Brussels and Washington would continue, with Europe sticking to its offer of mutual zero tariffs on industrial goods. "There's no change in our approach, we proceed as planned with both technical and political meetings next week," a Commission spokesperson said. EU Trade Commissioner Maros Sefcovic in a post on the X social media platform said he held a phone call with U.S. Commerce Secretary Howard Lutnick on Friday. "Our time and effort fully invested, as delivering forward-looking solutions remains a top EU priority. Staying in permanent contact," Sefcovic said on X. More trade talks between the U.S. and the EU are scheduled for next week, on the sidelines of the OECD Ministerial Council Meeting in Paris on June 3-4. The EU officials said the U.S. courts' rulings validated the EU view that the sweeping "reciprocal" tariffs, imposed on all goods from the EU and many other countries around the world on April 2, were unjustified. They also said that while U.S. courts did not question Washington's 25% tariffs imposed on European steel, aluminium and cars, the rulings could also play a role in the EU's efforts to get those tariffs lowered or removed.
CNBC
27-05-2025
- Business
- CNBC
Why Europe is pivoting back to nuclear — one of its most divisive energy sources
A European-wide shift to nuclear power appears to be gathering momentum as countries hedge their bets in pursuit of more energy independence. In just the last few weeks, Denmark announced plans to reconsider a 40-year ban on nuclear power as part of a major policy shift, Spain reportedly signaled an openness to review a shutdown of its nuclear plants and Germany dropped its long-held opposition to atomic power. The renewed European interest in nuclear shows how some countries are hedging their bets in pursuit of more energy independence. The burgeoning trend appears to be driven, at least in part, by some of the costs associated with renewables, notably solar and wind technologies. "Solar and wind are still the cheapest and fastest way to drive the green transition, and that remains our focus. But we also need to understand whether new nuclear technologies can play a supporting role," Lars Aagaard, Denmark's minister for climate, energy and utilities, told CNBC via email. The renewables-heavy Scandinavian country said in mid-May that it plans to analyze the potential benefits and risks of new advanced nuclear technologies, such as small modular reactors, to complement solar and wind technologies. Denmark's government, which banned the use of atomic energy in 1985, added that it does not plan a return to traditional nuclear power plants. "We have no recent experience with nuclear power, and we lack the necessary knowledge regarding safety and waste management. That's why we must begin a serious analysis — not to replace solar and wind, but to see whether new nuclear can complement our energy system in the future," Aagaard said. Georg Zachmann, senior fellow at Bruegel, a Brussels-based think tank, said nuclear power remains the most divisive electricity generation technology in Europe. "Thereby, the renaissance of nuclear in the political discourse is somewhat surprising, given that the cost of main competing technologies, new wind and solar plants, have dropped by more than 80 percent, while those of nuclear plants have rather increased," Zachmann said. The so-called "hidden cost" of balancing and transporting electricity from renewables has been increasing with rising shares of wind and solar generation, Zachmann said, noting that this theme has recently become more apparent. Spain signaled its openness to atomic energy late last month. In an interview reported by Bloomberg, Spanish Environmental Transition Minister Sara Aagesen said that while the government is proceeding with plans to retire nuclear energy reactors over the next decade, extensions beyond 2035 could not be ruled out. Aagsen said at the time that the government was not considering anything, and no specific proposals had yet been tabled. Widely regarded as anti-nuclear power, the southern European country has been mired in a blackout blame game over green energy in recent weeks. It follows a catastrophic power outage affecting much of Spain, Portugal and the south of France. Some external observers have flagged renewables and net-zero emissions targets as possible reasons for the outage, particularly given Spain and Portugal both rely on high levels of wind and solar for their electricity grid. Spanish Prime Minister Pedro Sanchez and the country's grid operator Red Electrica de Espana (REE), however, have both said record levels of renewable energy were not at fault for the blackout. Germany, which closed the last of its three remaining nuclear plants in 2023, recently scrapped its opposition to nuclear power in what marked a rapprochement with France. Led by Chancellor Friedrich Merz, the newly elected government was said to have dropped its objection to French efforts to ensure that nuclear power is treated on a par with renewables in EU legislation, the Financial Times reported on May 19, citing French and German officials. Spokespeople for France and Germany's respective governments were not immediately available to comment when contacted by CNBC. As it is low-carbon, advocates argue that nuclear power has the potential to play a significant role in helping countries generate electricity while slashing emissions and reducing their reliance on fossil fuels. Some environmental groups, however, say the nuclear industry is an expensive and harmful distraction to cheaper and cleaner alternatives. Bruegel's Zachmann said the ability of fully depreciated nuclear power plants to continue operating much beyond their lifetime, as well as the "highly uncertain" hope that next-generation small modular reactors "can be built very cheaply captures the imagination of industry and policymakers." In all likelihood, Zachmann said "new nuclear power plants will remain difficult to finance and will at very best only pay off in decades. In the meantime, the discussion whether to prefer nuclear or renewables only helps natural gas — that continues to be burnt as long as investments in clean electricity do not happen at scale." Data published by energy think tank Ember found that the EU's electricity system continued a rapid shift toward renewables in the first half of last year. Indeed, wind and solar power rose to record highs over the six-month period, reaching a share of 30% of the bloc's electricity generation and overtaking fossil fuels for the first time. Alongside renewables growth, Ember said at the time that nuclear generation across the EU increased by 3.1%.
Times
09-05-2025
- Times
My Michelin-starred restaurant tour of Antwerp
Artificial intelligence doesn't have all the answers, you know. Ask for the best European cities for a food-heavy short break and it will trot out the usual French, Italian and Spanish candidates. It even finds room for Belgrade and Budapest. Good suggestions, all of them. But ask me and I'd put Antwerp ahead of the lot. Yes, Antwerp, the de facto capital of Belgium's Dutch-speaking north. It might be known mainly for its diamond trade and legacy of fine arts (famous sons include Rubens, Bruegel and Van Dyck), its guild houses and narrow streets on which luxury brands sit happily alongside milliners and glove shops unchanged in almost a century. But beyond all this there is plenty for the food lover. Amid the contemporary coffee shops and bakeries and charmingly old-school brasseries such as Bitterpeeen and Ciro's (where, yes, the Black Beauty steak is just what you fear it is) lies one of the densest concentrations of Michelin-starred restaurants anywhere in the world. There are 16 of them, all within a 20-minute walk. Top of the tree is the three-star Zilte, on the ninth floor of the MAS museum, where you dine with the city as your backdrop. But if you want to spare your legs, base yourself at Antwerp's first five-star hotel, Botanic Sanctuary, an oasis of calm set alongside a public garden in a converted 17th-century monastery. It sits on the foodiest street in the city, with five restaurants within the grounds alone, three of them Michelin-starred. It's worth timing a trip to grab one of the 24 seats at the two-star Hertog Jan, which is open only two weeks of the month, such is the head chef Gert De Mangeleer's uncompromising quest for perfection. Some restaurants are worth clearing the calendar for. 'Simplicity isn't simple' is De Mangeleer's mantra, and his Asian-influenced €375 omakase (Japanese for 'let the chef decide') deluxe menu takes you on a 13-course, sight-unseen voyage of culinary theatre. To start, a potato sushi — where caviar is delicately tweezered onto a soft confit quail's egg yolk balanced on discs of blanched and crisped potato and a smoked sturgeon cream — looks like the bacon and eggs of my dreams. Next, 'toro no toro', his creation of the endangered bluefin tuna's prized belly cut, made instead from amberjack fish that is ground to a paste with aged beef fat and ponzu to replicate the fattiness of toro. It is then served with fermented watermelon for pops of salty sweetness, and champagne and thyme oyster sauce. The food is hypnotising. There's more caviar, this time unsalted — the better to taste its delicate flavour — in a saké beurre blanc with dry-aged beetroot with the same chew as nuggets of beef. At one stage we decamp to the kitchen for bowls of poached egg and shrimp in a beer sauce with hop shoots (a seasonal delicacy in this beer-loving country); a laminated brioche roll with vivid green 'plankton' butter; curls of squid with red mullet singed at the table with binchotan charcoal. One dish of asparagus, fermented tomato sauce, spring lamb and herb-flecked oyster and seaweed butter sauce had me almost licking the plate such was the perfect harmony of sweetness, salt and acidity. Where do you go after that? To the one-star Het Gebaar, a light, airy, weekdays and daytime-only spot in a Hansel and Gretel cottage within the botanical gardens. Roger van Damme is a celebrated pastry chef and his afternoon high tea is a showcase for his creativity — although he is no slouch at savoury either. Pad thai followed by steak tartare hardly sounds groundbreaking, but both were reimagined to startling effect, the latter adorned with trompe l'oeil fruit that burst open to reveal foie-gras mousse and tomato and basil creams. Or head to the one-star Fine Fleur, where it's back to more familiar fine-dining terrain with salmon mousses, cappuccinos of truffle and celeriac with the crunch of macadamia nuts, and perfectly cooked langoustine tails with salsify, chicory and pomelo. Each course, as I had come to expect in Antwerp, a gem. This article contains affiliate links that can earn us revenue B&B doubles at Botanic Sanctuary Antwerp from €450,
Free Malaysia Today
09-05-2025
- Business
- Free Malaysia Today
‘High expectations', EU looks to Merz for boost in tough times
Germany's new Chancellor Friedrich Merz will be spelling out his priorities in a succession of press conferences today, with EU chiefs. (AFP pic) BRUSSELS : Germany's Friedrich Merz makes his maiden trip to Brussels today with expectations riding high that the changing of the guard in Berlin can bring fresh momentum to Europe at a time of dizzying global challenges. After back-to-back trips to Paris and Warsaw signalling his intent to cement ties with both neighbours, Merz's swift visit to the EU capital shows his resolve to restore Germany's role in Europe following months of political paralysis. 'It was high time,' summed up one EU diplomat. 'We are waiting for, and we need, a strong Germany, one that's able to tackle the tough work ahead,' the diplomat said. Germany's EU comeback is not expected to be all plain sailing. Elected on a pledge to clamp down on migration, one of the conservative chancellor's first steps in office was a unilateral move to reject most asylum seekers at Germany's borders, to the notable displeasure of Poland. However, it is no secret many in Brussels will be glad to see the back of Merz's predecessor, Olaf Scholz, after what was often seen as an underwhelming tenure at the helm of Europe's largest economy, from 2021 to 2025. 'Germany under the leadership of Olaf Scholz had a pretty negative reputation,' said Guntram Wolff, of the Bruegel think tank. 'Scholz would always call Washington first,' he said. 'I think there is hope that Friedrich Merz will be more turned towards the EU,' he added. 'We have very high expectations of the German government,' confirmed Finland's foreign minister, Elina Valtonen. A 'very European' leader In an interview upon taking office this week, the chancellor – who speaks fondly of his youthful years as an EU lawmaker from 1989 to 1994 – promised to be a 'very European' leader. Merz will be spelling out his priorities in a succession of press conferences today, with EU chiefs Ursula von der Leyen and Antonio Costa, and Nato secretary-general Mark Rutte. However, he has already made them clear: supporting new trade partnerships, including with the US, striking a balance between EU climate action and support for industry, curbing migration, and most crucially, bolstering Europe's defence capability. Brussels is looking to Germany to play a key role in driving the continent's rearmament – faced with US disengagement and war on its doorstep in Ukraine. The chancellor's visit will come as Vladimir Putin gathers a cohort of allied leaders for a World War II victory parade in Moscow – underscoring the growing threat posed by Russia on Europe's eastern rim. 'Same language' Merz and his Social Democrat (SPD) coalition partners have already affected a sea change in fiscally conservative Germany, changing the constitution to enable mass borrowing to upgrade the country's defence and infrastructure. In that spirit, he has given strong backing to steps by Brussels to free up hundreds of billions in additional defence spending by member states, including by relaxing the bloc's fiscal rules. Merz's most closely watched meeting will be with commission chief von der Leyen – a fellow German conservative who has described the incoming chancellor as a 'friend'. 'They speak the same language,' summed up Wolff. 'They come from the same party, they have ideas in common, a shared background, they grew up in a period of European integration.' The two are expected to collaborate closely on the critical matter of trade – where Germany's export-driven economy is especially vulnerable to President Donald Trump's tariffs campaign. Yet that does not rule out the scope for disagreements – particularly on immigration, where von der Leyen advocates EU-wide action and Merz has so far taken a go-it-alone national approach.
