Latest news with #EUSingleMarket
Irish Post
15-05-2025
- Business
- Irish Post
Tánaiste to discuss Trump tariffs with EU Trade Commissioner Maroš Šefčovič in Brussels
TÁNAISTE Simon Harris is in Brussels today to meet with EU Trade Commissioner Maroš Šefčovič and trade ministers from fellow EU nations. Discussions are due to tackle the impending trade tariffs set to be imposed on inports from the EU into the US. 'Ireland's consistent position remains that we need to get into a substantive, calm, measured and comprehensive dialogue with the United States,' Mr Harris said ahead of the visit. 'Negotiations remain the main focus for both the EU and Ireland,' he added. 'At the same time, we understand the need for the EU to undertake further internal preparations in case negotiations are unsuccessful. 'This is a sensible and measured approach. I look forward to engaging with Commissioner Šefčovič and my European counterparts this morning where I will re-affirm Ireland's commitment to EU unity on this issue.' Following the Tánaiste's will bilateral meeting with Commissioner Šefčovič a meeting of the Foreign Affairs Council on Trade will take place. This will allow EU trade ministers to 'exchange policy views on EU trade relations with the US and the Commission will update Ministers on the negotiations to reach a balanced and mutually acceptable solution', Mr Harris' office explains. 'There will also be a discussion on the EU's list of possible countermeasures, published last week, to defend its consumers and industry only in case negotiations with the US fail,' they added, before confirming that the Tánaiste will 'set out Ireland's position as it seeks to avoid any unintended consequences for the Irish economy'. 'Europe must take a balanced approach to economic security,' Mr Harris said. 'We of course must always seek to protect the EU Single Market, but at the same time we must also promote the EU's com.' While in Brussels Mr Harris will also hold bilateral talks with the Spanish Minister of Economy, Trade and Business Carlos Cuerpo.
Russia Today
07-04-2025
- Business
- Russia Today
EU to wield ‘every tool' against US tariffs
The EU is ready to deploy 'every tool' to shield its market from the impact of US President Donald Trump's new tariffs if negotiations fail, Trade Commissioner Maros Sefcovic has said. Trump announced last week that Washington would impose levies ranging from 10% to 50% on imports from countries it accuses of unfair trade practices. The EU faces a blanket 20% tariff starting Wednesday. Speaking at a press conference on Monday, Sefcovic said the trade relationship with the bloc's largest partner was in a 'tough spot.' He stressed that Brussels remained open to talks, but 'will not wait endlessly.' The new tariffs will hit a 'significant portion' of EU exports, Sefcovic warned, noting that around €380 billion ($410 billion) worth of goods – or about 70% of the bloc's total exports to the US – are now facing duties of 20% or higher. READ MORE: Trump's tariffs send European stocks tumbling The additional charges would exceed €80 billion, compared with the €7 billion Washington currently collects, he added. 'We are prepared to use every tool in our trade defense arsenal to protect the EU Single Market, EU producers, and EU consumers,' Sefcovic stated. He also noted that European Commission President Ursula von der Leyen had offered a 'zero-for-zero' tariff deal on cars and industrial goods to defuse tensions. According to Sefcovic, the Commission has prepared a 'robust list of countermeasures,' which will be voted on April 9 and formally adopted on April 15. The first wave of retaliatory duties will come into effect that day, with a second round following on May 15. Trump has framed his 'Liberation Day' tariffs as a move to restore balance to global trade, accusing other nations of 'ripping off' the US through 'harmful policies.' He argued that the bloc's total levies on US goods amounted to 39% and claimed that American firms pay more than $200 billion a year in value-added taxes across Europe. Von der Leyen called the tariffs a 'major blow to the world economy.' Global stocks have tumbled since the tariff announcement, a selloff that deepened in many markets on Monday. Trump defended the move, writing on Monday on Truth Social that the levies were delivering significant economic gains.
Al Arabiya
27-03-2025
- Business
- Al Arabiya
China hopes Europe will make ‘rational choice' as transatlantic alliance shifts
The European Union should safeguard its interests and make the 'rational choice' of turning further towards China given the uncertainty generated by the new administration in the United States, China's state-run Global Times said in an editorial. The EU's trade chief, Maros Sefcovic, is due to land in China this week after visiting the United States on Tuesday to soothe ties strained this month when both sides threatened retaliatory counter tariffs on goods worth billions of dollars. On Wednesday, a day after Sefcovic's visit, US President Donald Trump said he would impose new tariffs on imported vehicles in a move that would batter European automakers, particularly German car producers, which count on the United States for almost 25 percent of their auto exports. European Commission President Ursula von der Leyen said the US decision was 'bad for businesses, worse for consumers,' and that the EU would continue to seek negotiated solutions while safeguarding its economic interests. 'As the uncertainty of US policy increases, China, as a major global power, is becoming increasingly prominent for its stability and reliability,' the Global Times, a nationalist tabloid, wrote in the editorial published late on Wednesday. Sefcovic is expected to raise concerns on the EU-China trade imbalance, as well as longstanding challenges faced by European companies operating in China, including a lack of reciprocal access to procurement opportunities, market access barriers and issues related to cross-border data transfer, according to European Union Chamber of Commerce in China President Jens Eskelund. But Sefcovic is also likely to stress 'the growing importance of strengthening EU-China relations, particularly in the context of the EU Single Market being a major export destination for Chinese goods,' Eskelund said. Sefcovic is one of several senior European officials to visit China this week, including the foreign ministers of France and Portugal. Meeting Portugal's top diplomat on Tuesday, China's Foreign Minister Wang Yi said Beijing supported Europe in 'maintaining its strategic autonomy' and would work with Portugal to improve China-Europe ties. China has also been hit with sweeping US sanctions and has announced its own countermeasures. 'Facing a rapidly changing international landscape, Europe should adopt a pragmatic approach and develop its relations with China in a more balanced way, making a rational choice to turn further towards China,' the Global Times said.
Reuters
27-03-2025
- Business
- Reuters
China hopes Europe will make 'rational choice' as transatlantic alliance shifts
BEIJING, March 27 (Reuters) - The European Union should safeguard its interests and make the "rational choice" of turning further towards China given the uncertainty generated by the new administration in the United States, China's state-run Global Times said in an editorial. The EU's trade chief, Maros Sefcovic, is due to land in China this week after visiting the United States on Tuesday to soothe ties strained this month when both sides threatened retaliatory counter tariffs on goods worth billions of dollars. On Wednesday, a day after Sefcovic's visit, U.S. President Donald Trump said he would impose new tariffs on imported vehicles in a move that would batter European automakers, particularly German car producers, which count on the United States for almost 25% of their auto exports. European Commission President Ursula von der Leyen said the U.S. decision was "bad for businesses, worse for consumers," and that the EU would continue to seek negotiated solutions while safeguarding its economic interests. "As the uncertainty of U.S. policy increases, China, as a major global power, is becoming increasingly prominent for its stability and reliability," the Global Times, a nationalist tabloid, wrote in the editorial published late on Wednesday. Sefcovic is expected to raise concerns on the EU-China trade imbalance, as well as longstanding challenges faced by European companies operating in China, including a lack of reciprocal access to procurement opportunities, market access barriers and issues related to cross-border data transfer, according to European Union Chamber of Commerce in China President Jens Eskelund. But Sefcovic is also likely to stress "the growing importance of strengthening EU-China relations, particularly in the context of the EU Single Market being a major export destination for Chinese goods," Eskelund said. Sefcovic is one of several senior European officials to visit China this week, including the foreign ministers of France and Portugal. Meeting Portugal's top diplomat on Tuesday, China's Foreign Minister Wang Yi said Beijing supported Europe in "maintaining its strategic autonomy" and would work with Portugal to improve China-Europe ties. China has also been hit with sweeping U.S. sanctions and has announced its own countermeasures. "Facing a rapidly changing international landscape, Europe should adopt a pragmatic approach and develop its relations with China in a more balanced way, making a rational choice to turn further towards China," the Global Times said.
Yahoo
27-03-2025
- Business
- Yahoo
China hopes Europe will make 'rational choice' as transatlantic alliance shifts
BEIJING (Reuters) - The European Union should safeguard its interests and make the "rational choice" of turning further towards China given the uncertainty generated by the new administration in the United States, China's state-run Global Times said in an editorial. The EU's trade chief, Maros Sefcovic, is due to land in China this week after visiting the United States on Tuesday to soothe ties strained this month when both sides threatened retaliatory counter tariffs on goods worth billions of dollars. On Wednesday, a day after Sefcovic's visit, U.S. President Donald Trump said he would impose new tariffs on imported vehicles in a move that would batter European automakers, particularly German car producers, which count on the United States for almost 25% of their auto exports. European Commission President Ursula von der Leyen said the U.S. decision was "bad for businesses, worse for consumers," and that the EU would continue to seek negotiated solutions while safeguarding its economic interests. "As the uncertainty of U.S. policy increases, China, as a major global power, is becoming increasingly prominent for its stability and reliability," the Global Times, a nationalist tabloid, wrote in the editorial published late on Wednesday. Sefcovic is expected to raise concerns on the EU-China trade imbalance, as well as longstanding challenges faced by European companies operating in China, including a lack of reciprocal access to procurement opportunities, market access barriers and issues related to cross-border data transfer, according to European Union Chamber of Commerce in China President Jens Eskelund. But Sefcovic is also likely to stress "the growing importance of strengthening EU-China relations, particularly in the context of the EU Single Market being a major export destination for Chinese goods," Eskelund said. Sefcovic is one of several senior European officials to visit China this week, including the foreign ministers of France and Portugal. Meeting Portugal's top diplomat on Tuesday, China's Foreign Minister Wang Yi said Beijing supported Europe in "maintaining its strategic autonomy" and would work with Portugal to improve China-Europe ties. China has also been hit with sweeping U.S. sanctions and has announced its own countermeasures. "Facing a rapidly changing international landscape, Europe should adopt a pragmatic approach and develop its relations with China in a more balanced way, making a rational choice to turn further towards China," the Global Times said.
