Latest news with #EU-Canada
RTÉ News
3 days ago
- Business
- RTÉ News
Tánaiste to convene Trade Forum meeting on EU-US deal
The Tánaiste and Minister for Foreign Affairs and Trade Simon Harris is to convene a meeting of the Government Trade Forum on Friday to provide an update on the trade deal between the EU and US. The group is comprised of State agencies, business groups, unions and senior ministers. Mr Harris will use the forum to give an update on the latest analysis of the agreement and its implications. The meeting will also provide an opportunity for the Tánaiste to hear from stakeholders. Mr Harris said: "As we continue to analyse the full implications of the deal over the coming days, the Trade Forum meeting on Friday will be a timely opportunity to share and gain insights on what this deal will mean for the future of Irish businesses, jobs, and the economy." "Whilst the agreement between the EU and the US is welcome, we know that the imposition of any tariffs will have implications and that now is the time to intensify efforts to find and secure more markets for Irish businesses and Irish jobs," he added. The Tánaiste is also set to update the forum on other issues including plans to accelerate the passage of the Arbitration (Amendment) Bill 2025, which will allow for the ratification of the EU-Canada trade deal, known as CETA. It follows the Oireachtas Foreign Affairs and Trade Committee's decision to waive pre-legislative scrutiny of the bill following a request from the Tánaiste. An update will also be provided on the decision to defer the implementation of alcohol labelling following concerns raised at the trade forum around the potential of the labelling to impact competitiveness.
The Journal
3 days ago
- Business
- The Journal
Scrutiny of laws to facilitate Ireland's trade deal with Canada scrapped after US tariffs
LAWS TO FACILITATE a trade deal between Ireland, Canada and other EU member states will not be scrutinised following the announcement that a 15% tariff will be placed on Irish goods exported to the US . The contentious EU-Canada trade agreement, known as CETA, is to be ratified after politicians on the Oireachtas foreign affairs committee have waived their right to investigate the potential outcomes and consequences of the bill. Amendments to the Arbitration Act, which dictates the legality of, and set petametres around, civil lawsuits that can be taken in Ireland, were due to be examined in order to facilitate the creation of a free-trade zone between Europe and Canada. Ten member states previously rejected the deal and declined to ratify it , and the Irish Supreme Court previously said that CETA would be unconstitutional over clauses that could allow foreign investors to sue the state over any potential breaches. Trade minister and Tánaiste Simon Harris announced today that he intends to bring forward and accelerate the updates to the Arbitration Act, which will allow for CETA to be ratified without any constitutional breaches. Advertisement Government previously earmarked the expedited implementation of the deal in May , following crunch talks over Ireland's challenges with economic competitiveness and the threat of harsh US tariffs. The decision to scrap pre-legislative scrutiny, when politicians invite experts to discuss the potential consequences and outcomes of new laws, was welcomed by Harris. He said that the deal will 'open the door to one of the world's largest economies' and allow Irish firms, farmers and exports to have new opportunities. He claimed that Irish exports to Canada have increased 'fourfold' since its framework was agreed. 'This is about more trade, more jobs, and more stability for Ireland,' Harris added. Two members of the foreign affairs committee, Senators Patricia Stephenson and Alice Mary Higgins, have said they are alarmed by the decision. Stephenson said it was shameful that the government would ignore the Supreme Court decision. 'This is a disgraceful decision given the fraught legal background of this issue and the hugely controversial investor court system that ratification of CETA will usher in,' the Social Democrats senator said. Independent Senator Higgins, who has been a long-time critic of the trade deal, said the untested bill could have 'significant implications for our sovereignty', which could expose Ireland to millions 'or even billions' in potential claims. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Japan Today
13-07-2025
- Business
- Japan Today
Trump demands more concessions as EU holds off on U.S. tariff countermeasures
FILE PHOTO: European Commission President Ursula von der Leyen looks on during a joint news conference with Canadian Prime Minister Mark Carney and European Council President Antonio Costa, during an EU-Canada summit in Brussels, Belgium June 23, 2025. REUTERS/Gonzalo Fuentes/File Photo By Julia Payne The European Union said on Sunday it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement as U.S. President Donald Trump's administration demanded more concessions from trading partners. Trump said on Saturday he would impose a 30% tariff on most imports from the EU and Mexico from August 1, adding to similar warnings for other countries and leaving them less than three weeks to hammer out framework deals that could lower the threatened tariff rate. White House Economic Adviser Kevin Hassett said on Sunday that countries' trade deal offers so far have not satisfied Trump and "the tariffs are real" without improvements. "The president thinks that deals need to be better," Hassett told ABC's This Week program. "And to basically put a line in the sand, he sent these letters out to folks, and we'll see how it works out." Ursula von der Leyen, head of the EU's executive Commission which handles trade policy for the 27 member states, said the bloc would maintain its two-track approach: keep talking and prepare retaliatory measures. "We have always been very clear that we prefer a negotiated solution. This remains the case, and we will use the time that we have now," von der Leyen told a press conference, adding that the bloc would extend its halt on countermeasures until August. Von der Leyen's decision to resist immediate retaliatory measures points to the European Commission's desire to avoid a spiralling tit-for-tat escalation in the trade war while there remains a chance of negotiating an improved outcome. German Chancellor Friedrich Merz on Sunday said he was "really committed" to finding a trade solution with the U.S., telling German public broadcaster ARD that he will work intensively on this with von der Leyen and French President Emmanuel Macron over the next two and a half weeks. Asked about the impact of a 30% U.S. tariff on Germany, Merz said: "If that were to happen, we would have to postpone large parts of our economic policy efforts because it would interfere with everything and hit the German export industry to the core." TEST OF UNITY The latest salvo from Trump and the question of how to respond may test the unity of member states, with France appearing to take a tougher line than Germany, the bloc's industrial powerhouse whose economy leans heavily on exports. Macron said the Commission needed more than ever to "assert the Union's determination to defend European interests resolutely", and that retaliation might need to include so-called anti-coercion instruments. German Finance Minister Lars Klingbeil said on Sunday the EU should be ready to take firm action if talks failed. "If a fair negotiated solution does not succeed, then we must take decisive countermeasures to protect jobs and companies in Europe," Finance Minister Lars Klingbeil, also vice chancellor in the ruling coalition, told Sueddeutsche Zeitung newspaper. While the EU has held back from retaliating against the U.S. in the months since Trump hit the bloc with tariffs, it has readied two packages that could hit a combined 93 billion euros of U.S. goods. A first package, in response to U.S. levies of 50% on imported steel and aluminium that would hit 21 billion euros in U.S. goods, was suspended in April for 90 days to allow time for negotiations. The suspension had been due to expire on Monday before the extension was announced. A second package in retaliation against Trump's "reciprocal" tariffs has been in the works since May and was set to target 72 billion euros of U.S. goods. These measures have not been made public and the final list requires approval by member states. ANTI-COERCION INSTRUMENT Von der Leyen said on Sunday that the use of the EU's Anti-Coercion Instrument was not yet on the table. The instrument allows the bloc to retaliate against third countries that put economic pressure on EU members to change their policies. "The (anti-coercion) instrument is created for extraordinary situations, we are not there yet," she said. Possible retaliatory steps could include restricting EU market access to goods and services, and other economic measures related to areas including foreign direct investment, financial markets and export controls. In a sign of the EU's desire to strike deals with more trading partners at a time of deepening uncertainty in trans-Atlantic relations, von der Leyen said a political agreement had been reached to advance an EU-Indonesia trade deal. France's cheese producers warned of the damaging consequences of a 30% tariff for the local dairy industry, which exports nearly half its produce, including to the United States. "It's a new environment we will have to get used to - I don't think this is temporary," Francois Xavier Huard, CEO of dairy association FNIL, told Reuters. © Thomson Reuters 2025.
Straits Times
13-07-2025
- Business
- Straits Times
EU holds off on US tariff countermeasures for now to pursue talks
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: European Commission President Ursula von der Leyen looks on during a joint news conference with Canadian Prime Minister Mark Carney and European Council President Antonio Costa, during an EU-Canada summit in Brussels, Belgium June 23, 2025. REUTERS/Gonzalo Fuentes/File Photo BRUSSELS - The European Union said on Sunday it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement, after U.S. President Donald Trump ratcheted up his trade war on the bloc. Trump said on Saturday he would be imposing a 30% tariff on most imports from the EU from August 1, though his deadline gave the EU, like other targeted countries, time to hammer out agreements that could lower the threatened tariff rate. Ursula von der Leyen, head of the EU's executive Commission which handles trade policy for the 27 member states, said the bloc would maintain its two-track approach: keep talking and prepare retaliatory measures. "We have always been very clear that we prefer a negotiated solution. This remains the case, and we will use the time that we have now," von der Leyen told a press conference, adding that the bloc would extend its halt on countermeasures until August. Von der Leyen's decision to resist immediate retaliatory measures points to the European Commission's desire to avoid a spiralling tit-for-tat escalation in the trade war while there remains a chance of negotiating an improved outcome. White House economic adviser Kevin Hassett said Trump had seen some trade deal offers and thinks they need to improve, adding that without that, he would proceed with the threatened tariffs on Mexico, the EU and other countries. "These tariffs are real if the president doesn't get a deal that he thinks is good enough," Hassett told ABC's This Week programme. "But you know, conversations are ongoing, and we'll see where the dust settles." Top stories Swipe. Select. Stay informed. Singapore Govt will continue to support families, including growing group of seniors: PM Wong at PCF Family Day Singapore From Normal stream to Parliament: 3 Singapore politicians share their journeys World Israeli strikes kill over 40 as truce talks deadlocked, says Gaza civil defence Singapore Segregated recycling bins found to lower contamination rate as more spring up Asia Mahathir discharged from hospital after feeling fatigued during birthday gathering Business 29 Jollibean workers get help from MOM, other agencies, over unpaid salaries Singapore Medics treat 7 after blaze at HDB block lift lobby in Chai Chee Singapore I lost my daughter to Kpod addiction: Father of 19-year-old shares heartbreak and lessons TEST OF UNITY The latest salvo from Trump and the question of how to respond may test the unity of member states, with France appearing to take a tougher line than Germany, the bloc's industrial powerhouse whose economy leans heavily on exports. French President Emmanuel Macron said the Commission needed more than ever to "assert the Union's determination to defend European interests resolutely", and that retaliation might need to include so-called anti-coercion instruments. Germany's economy minister called for a "pragmatic solution" immediately after Trump's latest threat, though on Sunday the country's finance minister said the EU should be ready to take firm action if talks failed. "If a fair negotiated solution does not succeed, then we must take decisive countermeasures to protect jobs and companies in Europe," Finance Minister Lars Klingbeil, also vice chancellor in the ruling coalition, told Sueddeutsche Zeitung newspaper. While the EU has held back from retaliating against the U.S. in the months since Trump hit the bloc with tariffs, it has readied two packages that could hit a combined 93 billion euros of U.S. goods. A first package, in response to U.S. levies of 50% on imported steel and aluminium that would hit 21 billion euros in U.S. goods was suspended in April for 90 days to allow time for negotiations. The suspension had been due to expire on Monday before the extension was announced. A second package in retaliation against Trump's "reciprocal" tariffs has been in the works since May and was set to target 72 billion euros of U.S. goods. These measures have not been made public and the final list requires approval by member states. ANTI-COERCION INSTRUMENT Von der Leyen said on Sunday that the use of the EU's Anti-Coercion Instrument was not yet on the table. The instrument allows the bloc to retaliate against third countries that put economic pressure on EU members to change their policies. "The (anti-coercion) instrument is created for extraordinary situations, we are not there yet," she said. Possible retaliatory steps could include restricting EU market access to goods and services, and other economic measures related to areas including foreign direct investment, financial markets and export controls. In a sign of the EU's desire to strike deals with more trading partners at a time of deepening uncertainty in trans-Atlantic relations, von der Leyen said a political agreement had been reached to advance an EU-Indonesia trade deal. France's cheese producers warned of the damaging consequences of a 30% tariff for the local dairy industry, which exports nearly half its produce, including to the United States. "It's a new environment we will have to get used to - I don't think this is temporary," Francois Xavier Huard, CEO of dairy association FNIL, told Reuters. REUTERS
Straits Times
13-07-2025
- Business
- Straits Times
EU to keep US trade countermeasures on hold until August, says von der Leyen
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: European Commission President Ursula von der Leyen looks on during a joint news conference with Canadian Prime Minister Mark Carney and European Council President Antonio Costa, during an EU-Canada summit in Brussels, Belgium June 23, 2025. REUTERS/Gonzalo Fuentes/File Photo BRUSSELS - The EU will extend its suspension of countermeasures to U.S. tariffs until early August as it aims for a negotiated solution on trade with the United States, European Commission President Ursula von der Leyen said on Sunday. U.S. President Donald Trump escalated his global trade war on Saturday and threatened to impose a 30% tariff on imports from the European Union from Aug. 1, separate from sector-specific duties, despite months of intense talks. Announcing the extension of the halt on retaliatory measures, von der Leyen told reporters the bloc would "continue to prepare further countermeasures so we are fully prepared". A first package of countermeasures to U.S. tariffs on steel and aluminium that would hit 21 billion euros ($24.6 billion) in U.S. goods was suspended in April for 90 days to allow time for negotiations. The suspension had been due to expire on Monday. A second package has been in the works since May and would target 72 billion euros of U.S. goods, but these measures have not yet been made public and the final list requires approval by member states. Von der Leyen added that use of the EU's Anti-Coercion Instrument was not yet on the table. Top stories Swipe. Select. Stay informed. Singapore Govt will continue to support families, including growing group of seniors: PM Wong at PCF Family Day Singapore From Normal stream to Parliament: 3 Singapore politicians share their journeys World Israeli strikes kill over 30 as truce talks deadlocked, says Gaza civil defence Singapore Segregated recycling bins found to lower contamination rate as more spring up Asia Mahathir discharged from hospital after feeling fatigued during birthday gathering Business 29 Jollibean workers get help from MOM, other agencies, over unpaid salaries Singapore Medics treat 7 after blaze at HDB block lift lobby in Chai Chee Singapore I lost my daughter to Kpod addiction: Father of 19-year-old shares heartbreak and lessons "The (anti-coercion) instrument is created for extraordinary situations, we are not there yet," she said. The instrument allows the bloc to retaliate against third countries that put economic pressure on EU members to change their policies. Possible retaliatory steps could include restricting EU market access to goods and services, and other economic measures related to areas including foreign direct investment, financial markets and export controls. REUTERS
