Latest news with #EU-CentralAsia
Euronews
04-04-2025
- Business
- Euronews
Unlike others 'we're reliable', EU tells Central Asia, as it seeks greater access to rare earths
ADVERTISEMENT The EU pitched itself to Central Asia as "reliable" amid a turbulent geopolitical context as it seeks increased access to the region's critical raw materials and clean energy supplies as well as greater alignment over Russia's war in Ukraine. EU and Central Asian countries - Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan - on Friday agreed to upgrade their cooperation to a strategic partnership, with the EU also announcing a new €12 billion package for the region through its Global Gateway Initiative. The first EU-Central Asia summit, held in Samarkand, Uzbekistan, came just two days after US President Donald Trump unveiled tariffs on dozens of countries, including allies such as the EU and the UK, prompting condemnation from world leaders and global markets. "New global barriers arise, investments are being re-directed or cut. Powers around the world are carving out new spheres of influence," European Commission President Ursula von der Leyen told the leaders' plenary session in veiled references to the US, Russia and China. "Reliable partners have never been so important. Our Strategic Partnership is a commitment to be there for each other," she added. The new package will finance projects in transport (€3 billion), critical raw materials (€2.5 billion), water, energy and climate (€6.4 billion), as well as digital connectivity - some of which have already been greenlighted and allocated by the European Bank for Reconstruction and Development (EBRD). Access to clean energy and rare earths is critical for the EU as it seeks to achieve climate neutrality by 2050 and boost its autonomy in strategic sectors. But sizeable shares of the global mining, processing and recycling of some of the critical raw materials, like lithium, that are indispensable to the development of renewable energy, everyday items as well as defence systems, are controlled by China, from which the EU wants to 'decouple' due to its aggressive and protectionist trade and foreign policy practices. Central Asia holds large deposits, including 38.6% of the world's manganese ore, 30.07% of chromium, 20% of lead, 12.6% of zinc, and 8.7% of titanium. "These raw materials are the lifeblood of the future global economy. Yet they are also a honeypot for global players. Some are only interested in exploiting and extracting," von der Leyen told Central Asian leaders. "Europe's offer is different. We also want to be your partners in developing your local industries. The added value has to be local. Our track-record speaks for itself," she added. Multilateralism and Ukraine The protection of the "rules-based multilateral order" was meanwhile the focus of António Costa's address. "We must work together not only to defend multilateralism but to reform it so that it is more effective, inclusive, and better suited to today's realities," he said. The president of the European Council emphasised that "security threats are now of a transnational nature" and called for greater cooperation at bilateral, regional, and multilateral levels, including on Russia, which he said has been violating the UN Charter and international law with its full-scale invasion of Ukraine. The five Central Asian countries have abstained on votes in the UN relating to Russia's aggression on its neighbour, choosing to stay neutral, but they have benefitted to some extent by re-exporting sanctioned Western goods to Russia. ADVERTISEMENT The EU, which has imposed 16 packages of sanctions against Russia for its unprovoked belligerence, has appointed a Special Envoy for sanctions circumvention who has travelled to the region on numerous occasions over the last three years. EU officials speaking on condition of anonymity said ahead of the summit that Central Asian countries had displayed a "willingness to cooperate" but that the bloc would like "to see more", especially given the ongoing talks between US and Russia from which Europe has been largely sidelined, sparking fears its interests won't be protected. However, the same source also said that further efforts on the topic are "an important element in order to advance our relations" but not a precondition. Costa made a thinly-veiled reference to sanctions circumvention, telling the plenary that Europe will "continue to increase pressure where necessary" on Russia and that Central Asia's "cooperation is invaluable". ADVERTISEMENT "We count on your continued efforts in this regard," he said. President Shavkat Mirziyoyev, said his country, Uzbekistan, "share(s) the commitment of the European side to the principles and norms of international law" and "welcome(s) and fully support(s) the negotiation process on the peaceful settlement of the situation in Ukraine." The summit also saw leaders agree to hold an Investors Forum later this year to secure more investments - notably for the Trans-Caspian Transport Corridor that will drastically reduce the time needed to export goods between the two regions while bypassing Russia - and establish a local EBRD office in Uzbekistan. They also supported the idea of holding similar summits every two years. ADVERTISEMENT
Yahoo
03-04-2025
- Business
- Yahoo
EU plans countermeasures to new US tariffs, says EU chief
By Philip Blenkinsop and Benoit Van Overstraeten BRUSSELS (Reuters) - European Commission President Ursula von der Leyen described U.S. President Donald Trump's universal tariffs as a major blow to the world economy and said the European Union was prepared to respond with countermeasures if talks with Washington failed. Von der Leyen said the EU was already finalising a first package of tariffs on up to 26 billion euros ($28.4 billion) of U.S. goods for mid-April in response to U.S. steel and aluminium tariffs that took effect on March 12. "And we're now preparing for further countermeasures to protect our interests and our businesses if negotiations fail," von der Leyen said in a statement she read out in the Uzbek city of Samarkand on Thursday, ahead of an EU-Central Asia partnership summit. Trump on Wednesday unveiled a 10% minimum tariff on most goods imported to the United States, with a higher 20% rate for the European Union. Von der Leyen did not provide details of future EU measures. A French government spokesperson said further measures on a broader range of goods and services would come into force at the end of April. Nothing is yet decided, she added, but services, notably digital services, are likely to be a focus. Italian Prime Minister Giorgia Meloni said late on Wednesday the EU would strive for a deal with the United States to avoid a trade war, but did not rule out an "adequate" European response. The nature of that response is likely to be a topic for EU trade ministers when they meet in Luxembourg on Monday. In a war of tariffs on goods, Brussels has less to hit than Washington, as U.S. goods imports into the EU totalled 334 billion euros ($365.6 billion) in 2024, against 532 billion euros of EU exports to the United States. The EU would also be reluctant to target U.S. oil and gas exports, which make up nearly a quarter of its U.S. imports, and the 10% share for pharmaceuticals. TARGETED RETALIATION? Ignacio Garcia Bercero, a fellow of think-tank Bruegel and the EU's former chief negotiator for a planned EU-U.S. trade deal, said the EU needed smarter, more targeted retaliation that maximised the political impact in the United States. He said the EU might use much broader counter-measures that could limit U.S. companies' access to EU public procurement tenders or to EU services markets from financials to tech. The Trump administration's inclusion of EU taxation and regulation in its "reciprocal tariff" calculations could amount to coercion, Garcia Bercero said. Washington said the EU's effective tariff was 39%, with Trump criticising EU value-added tax and public health rules that exclude U.S. poultry from its market. The EU says VAT is not a tariff and is similar to the U.S. sales tax. The World Trade Organization says the EU's average tariff rate is 5.0%, while the Commission says the average tariff on goods traded between the EU and the U.S. is about 1% for both sides. The EU rate for cars at 10% is above the U.S. duty of 2.5%, but the United States imposes 25% duty on imported pick-up trucks, the largest segment of the U.S. auto market. The European Central Bank has estimated that a blanket U.S. tariff of 25% on European imports would lower euro zone growth by 0.3 percentage points in the first year. EU counter-tariffs on the U.S. would raise this to half a percentage point. A February report by consultants Frontier Economics estimated a 20% blanket tariff would hit EU goods exports by $209 billion, with a slight pick-up for services exports. The EU also faces 25% U.S. tariffs on steel and aluminium tariffs, on cars from Thursday and on car parts within a month, with pharmaceuticals possibly to come. French President Emmanuel Macron on Thursday will host representatives of business sectors that will be hit by the new tariffs, which apply from Saturday. Von der Leyen said she deeply regretted the U.S. move and warned of "immense consequences" for the global economy. She said she agreed with Trump that others had taken unfair advantage of global trade rules and was ready to support efforts to reform them. "It is not too late to address concerns through negotiations," she said. ($1 = 0.9137 euros) Sign in to access your portfolio
Jordan News
03-04-2025
- Business
- Jordan News
European Commission: U.S. Tariffs a Major Blow to the Global Economy - Jordan News
European Commission President Ursula von der Leyen described the sweeping tariffs imposed by U.S. President Donald Trump as a severe blow to the global economy and confirmed that the European Union is prepared to respond with countermeasures if negotiations fail. اضافة اعلان In a statement on Thursday, ahead of a summit on the EU-Central Asia partnership, she said, "We are already finalizing the first package of countermeasures in response to the tariffs on steel." She added, "We are now preparing further countermeasures to protect our interests and businesses if negotiations fail." On Wednesday, Trump announced tariffs of at least 10% on most imports into the United States, with higher tariffs of 20% on the European Union. (Reuters)
MTV Lebanon
03-04-2025
- Business
- MTV Lebanon
EU plans countermeasures to new US tariffs
European Commission President Ursula von der Leyen described U.S. Donald Trump's universal tariffs as a major blow to the world economy and said the European Union was prepared to respond with countermeasures if talks with Washington failed. "We are already finalising the first package of countermeasures in response to tariffs on steel," she said in a statement read out in Uzbek city Samarkand on Thursday, ahead of an EU-Central Asia partnership summit. "And we're now preparing for further countermeasures to protect our interests and our businesses if negotiations fail." She did not provide any details of future EU measures. The EU plans to impose counter tariffs on up to 26 billion euros ($28.4 billion) of U.S. goods this month in response to U.S. steel and aluminium tariffs that took effect on March 12. Trump on Wednesday unveiled a 10% minimum tariff on most goods imported to the United States - with a higher 20% rate for the European Union - kicking into high gear a global trade war that threatens to drive up inflation and stall U.S. and worldwide economic growth. Von der Leyen said she deeply regretted the U.S. move and warned of "immense consequences" for the global economy, including vulnerable countries facing some of the highest U.S. tariffs. "Uncertainty will spiral and trigger the rise of further protectionism," she said, pointing to higher consumer costs for groceries, medication and transport and disruption for businesses. "What is more, there seems to be no order in the disorder, no clear path to the complexity and chaos that is being created as all U.S. trading partners are hit," she continued. Von der Leyen said she agreed with Trump that others had taken unfair advantage of global trade rules and was ready to support efforts to reform them. "It is not too late to address concerns through negotiations," she said.
Saudi Gazette
03-04-2025
- Business
- Saudi Gazette
EU preparing 'further countermeasures' to protect its interest, von der Leyen says
BRUSSELS — The EU is "preparing for further countermeasures" to protect its interest, Ursula von der Leyen said after Donald Trump announced a 20% levies on European goods, urging the US to "move from confrontation to negotiation". "We are already finalizing a first package of countermeasures in response to tariffs on steel. And we are now preparing for further countermeasures, to protect our interests and our businesses if negotiations fail," the Commission president said on Thursday from Samarkand, Uzbekistan, where she will attend the first-ever EU-Central Asia summit. "We will also be watching closely what indirect effects these tariffs could have, because we cannot absorb global overcapacity nor will we accept dumping on our market," she added. The US President on Wednesday imposed a minimum 10% tariff on all countries, with the EU put on a list of 60 "worst offenders" and slapped with a higher tailored rate of 20%. The levies are scheduled to come into force next Wednesday. Tariffs on automobiles made outside the US of 25% were also announced with immediate effect. Sweden and Ireland have already said in statements that they "regret" the additional tariffs. "We don't want growing trade barriers. We don't want a trade war. That would make our populations poorer and the world more dangerous in the long run," Swedish Prime Minister Ulf Kristersson said. "But – Sweden and the Swedish Government are well prepared for what's happening now. We stand on solid economic ground, with world-class public finances," he added. Ireland's Tanaiste, Simon Harris, said in a statement that the bloc "must remain calm and measured in our response", adding that "the EU and Ireland stand ready to find a negotiated solution with the US". "Together with my government colleagues, my officials and the EU we will be reviewing the situation and the best way to respond in the coming hours and days. The EU will have to respond in a proportionate manner which protects our citizens, our workers and our businesses," he added. The bloc, von der Leyen said earlier this week in an address to the European Parliament, holds a lot of cards: from trade to technology to the size of our market" and would "approach these negotiations from a position of strength". The EU recorded a surplus of goods with the US €156.6 billion in 2023 but a deficit of services worth €108.6 billion. Brussels already has two lists of US products that could be hit with tariffs, EU officials previously said, including one that contains goods that have been subject to suspended tariffs since 2018. Further measures may be necessary, the officials said, that could potentially target services. In her short address on Thursday, von der Leyen said she agrees with Trump "that others are taking advantage of the current rules" and that she is "ready to support any efforts to make the global trading system fit for the realities of the global economy." "But I also want to be clear: Reaching for tariffs as your first and last tool will not fix it," she said, adding: "Let's move from confrontation to negotiation." — Euronews
