Latest news with #EUexports
Reuters
3 days ago
- Business
- Reuters
China says it may speed up rare earths application approvals from EU
SHANGHAI, June 7 (Reuters) - China said on Saturday it was willing to accelerate the examination and approval of rare earth exports to European Union firms. A statement on the commerce ministry's website also said it plans to issue a final announcement on its trade investigation of brandy imports from the EU on July 5, saying that the two sides were discussing a price pledge.
Yahoo
3 days ago
- Business
- Yahoo
China says it may speed up rare earths application approvals from EU
SHANGHAI (Reuters) - China said on Saturday it was willing to accelerate the examination and approval of rare earth exports to European Union firms. A statement on the commerce ministry's website also said it plans to issue a final announcement on its trade investigation of brandy imports from the EU on July 5, saying that the two sides were discussing a price pledge. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
23-05-2025
- Automotive
- Reuters
The EU's top exports, most vulnerable to Trump's new tariffs
May 23 (Reuters) - U.S. President Donald Trump on Friday once again threatened to ramp up his trade war, recommending a 50% tariff on European Union goods starting June 1, sending European stocks tumbling. The United States was the trading bloc's biggest export partner in 2024, making up 20.6% of exports, according to Eurostat. Medicinal and pharmaceutical products were the EU's most exported group to the U.S in 2024, followed by motor vehicles and aircrafts and associated equipment, according to the data. The three largest exporters to the United States in the EU were Germany, which exported 161 billion euros ($182.62 billion) worth of goods, Ireland, at 72 billion euros, and Italy, at 65 billion euros. Below is an overview of the biggest EU exports to the U.S. by sector: The EU exported around 120 billion euros worth of pharmaceutical products and medicaments to the U.S in 2024, according to Eurostat data. Although the Trump Administration initially spared pharmaceutical products from reciprocal tariffs on "Liberation Day", it was not immediately clear if the industry would continue to be shielded from them after Trump's statement on Friday. Some of the EU's top pharmaceutical companies are - Novo Nordisk ( opens new tab - Bayer ( opens new tab - Roche (ROG.S), opens new tab - Novartis (NOVN.S), opens new tab AUTOMAKERS The U.S. was the second largest market for EU car exports accounting for 22% of EU vehicle exports in 2024 in terms of value, according to figures from auto industry group ACEA. Automakers including Mercedes-Benz ( opens new tab, Stellantis ( opens new tab and Volvo Cars ( opens new tab have pulled their 2025 financial guidance, citing the uncertainty caused by U.S. trade policy. German Volkswagen Group is highly exposed to the tariffs, as its premium brand Audi does not manufacture in the U.S., though it has said it plans to announce a location to build some of its top-selling models in the market this year. Toulouse-based Airbus is France's second-biggest exporter and delivers some 12% of its jets to the United States, some of which are assembled locally, according to Cirium data. Among the biggest supplier to Airbus and Boeing is CFM International, the world's largest engine maker by volume, co-owned by France's Safran ( opens new tab, and GE Aerospace (GE.N), opens new tab. Alongside cars and planes, the European Union also delivers a lot of car parts and engines into the U.S. Companies potentially affected by tariffs could include MTU Aero Engines, which besides manufacturing military aircraft engines also repairs and maintains commercial engines. Some European companies manufacturing car parts including engines and motors: - Steyr Motors ( opens new tab - MTU Aero Engines ( opens new tab - DEUTZ ( opens new tab ALCOHOL Of the around 9 billion euros worth of alcoholic beverages that the EU supplies to the U.S., European spirits made up 2.9 billion euros in 2024, according to trade group spiritsEurope. U.S. spirits companies are also invested in Europe and throughout the sector's supply chain, so hurting them puts jobs at risk, SpiritsEurope had told Reuters in March. Some of the biggest European alcohol producers include: - Dutch brewer Heineken ( opens new tab - British spirits maker Diageo (DGE.L), opens new tab, owner of many European brands - Beer maker Carlsberg ( opens new tab Exports of perfumes, essential oils, cosmetics, and toiletries to the United States was made up of $10.47 billion in 2024, according to the United Nations Comtrade database. Of this, French cosmetics exports to the U.S., from the likes of L'Oreal ( opens new tab, make up about 2.5 billion euros per year. The sector's largest groups sell roughly a quarter of their products to U.S. consumers, while exposure among smaller brands varies, from 14% at outerwear company Moncler to 46% at sandals-maker Birkenstock. France's luxury industry - the world's largest - employs over 600,000 people, data from the economy ministry shows. The two countries are the largest exporters of most luxury products to the United States. S&P analysts cited the luxury sector in a recent note as one of those most exposed to U.S. tariffs, as companies have only limited ability to move production to the United States. ($1 = 0.8816 euros)
Yahoo
06-05-2025
- Business
- Yahoo
EU Commission warns of new US tariffs on pharmaceuticals, chips
Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Generate Key Takeaways European Trade Commissioner Maroš Šefčovič warned on Tuesday that the United States might impose new tariffs on European exports, targeting up to 97% of exported goods. In addition to an ongoing investigation on lumber, the US administration recently opened six further investigation to determine the effect of imports on national security, said Šefčovič. The additional targeted sectors include pharmaceutical products, semiconductors, critical minerals, and trucks and truck parts, he said, addressing the European Parliament in the French city of Strasbourg. If all these investigations lead to additional tariffs, 97% of EU exports to the US would be subject to import duties representing a trade volume of €549 billion ($622.8 billion), he said. "The situation as such is not acceptable, and we cannot afford to stay idle," Šefčovič said. The trade commissioner reiterated the EU's ambition to find a negotiated solution with the US. "We now need the US to show its readiness to make progress towards a fair and balanced solution," he said. In addition to pursuing talks, Brussels was "preparing for litigation to preserve and reinforce the multilateral rules-based trading system," Šefčovič said, and accelerating free-trade negotiations with other global trading partners. "The US represents 13% of global trade. It's a lot. But we must not forget about the remaining 87%," he said. In April US President Donald Trump paused special levies on imports from most trading partners including the EU for 90 days, prompting the bloc to suspend its planned countertariffs to allow for further talks.
