Latest news with #EuropeanCompanies
Reuters
2 days ago
- Business
- Reuters
Oil steady amid economic concerns, US rate decision awaited
SINGAPORE, July 29 (Reuters) - Oil prices were steady on Tuesday amid uncertainty about the global economic outlook following the U.S.-EU trade deal, and as investors awaited the U.S. Federal Reserve's interest rate decision. Brent crude futures were up 1 cent at $70.05 a barrel at 0610 GMT, while U.S. West Texas Intermediate crude was at $66.69, down 2 cents. Both contracts settled more than 2% higher in the previous session, and Brent touched its highest level since July 18 on Monday. The trade agreement between the United States and the European Union, while imposing a 15% import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand. The agreement also calls for $750 billion of EU purchases of U.S. energy in the coming years, which analysts say the EU has virtually no chance of meeting, while European companies are to invest $600 billion in the U.S. over the course of President Donald Trump's second term. While the U.S.-EU trade deal finalisation came as a relief for global markets amid heightened uncertainty, the timeline and milestones targeted for the investments are unclear, said ANZ analysts in a note. "We think the 15% rate will pose headwinds to the Euro area's growth outlook but is unlikely to push the economy into recession." Meanwhile, top economic officials from the U.S. and China met in Stockholm on Monday for more than five hours of talks to resolve longstanding economic disputes at the centre of a trade war between the world's top two economies. The discussions are expected to resume on Tuesday. Oil market participants are also awaiting the U.S. Federal Open Market Committee meeting on July 29-30, where the Fed is widely expected to hold rates but could signal a dovish tilt amid signs of cooling inflation, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova. "Momentum favors the upside in the near term, but the market is vulnerable to volatility triggered by central bank surprises or a breakdown in trade negotiations," said Sachdeva. "The likelihood of an economic slowdown and the Federal Reserve's potential rate cuts remain uncertain, limiting the upside in oil." Meanwhile, Trump set a new deadline on Monday of "10 or 12 days" for Russia to make progress toward ending the war in Ukraine or face sanctions. Trump has threatened sanctions on both Russia and buyers of its exports unless progress is made.
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
How Trump Got the Upper Hand Over the EU on Tariffs
Soon after he sat down to negotiate Sunday with European officials on a potential tariff agreement at his Scotland golf club, President Trump said he wanted assurances that Europe would follow through on its pledges to increase investment in the U.S. Trump questioned how the U.S. could be sure European companies wouldn't shrug off their plans, which came with a 15% levy on EU imports into the U.S. rather than the 30% Trump had threatened, according to people familiar with the matter. After EU leaders assured him that the investment plans they were talking about were real, Trump responded: 'prove it,' according to one of the people.
France 24
06-07-2025
- Business
- France 24
China retaliates against EU with a ban on major medical equipment contracts
China said Sunday that European medical device companies will be barred from selling to the Chinese government as a countermeasure for the European Union 's restrictions on the sale of similar products from China, in the latest trade salvo between the two economies. European companies will be excluded if the budget for procurement is above 45 million yuan ($6.28 million), according to a notice from the finance ministry on Sunday with the restrictions in place the same day. The move will not apply to European companies that have invested in China and that manufacture goods in the country. China on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France. While the duties on brandy include several exceptions for major brandy producers, China and the EU have multiple trade disputes across a range of industries. China protested after many European countries levied duties on EVs made in China. Since then, China has also launched investigations into European pork and dairy products. In June, the EU announced that Chinese companies were to be excluded from any government purchases of more than 5 million euros ($5.89 million). The measure seeks to incentivise China to cease its discrimination against EU firms, the EU said, accusing China of erecting "significant and recurring legal and administrative barriers to its procurement market". In response, China has said it had 'no choice but to implement countermeasures". 'China has repeatedly expressed through bilateral dialogues that it is willing to properly handle differences with the EU through dialogue and consultation and bilateral government procurement arrangements,' said a statement from a spokesman with the Ministry of Commerce. 'Unfortunately, the EU has ignored China's goodwill and sincerity and still insisted on taking restrictive measures and building new protectionist barriers.'
South China Morning Post
06-07-2025
- Business
- South China Morning Post
In retaliatory move, China blocks EU companies from medical device contracts
China has barred European companies from major Chinese government medical device contracts, hitting back against similar EU restrictions imposed on Chinese firms last month. In a notice on Sunday, the Ministry of Finance said that European Union companies without operations in China were excluded from government medical device contracts valued at more than 45 million yuan (US$6.3 million). Taking effect on Sunday, the restriction does not apply to EU-funded companies operating in China. Non-EU companies taking part in such government tenders must not allocate more than half of the total contract value to importing medical devices from the EU, according to the finance ministry. The Ministry of Commerce said the move was a last resort, after Beijing had 'repeatedly expressed through bilateral dialogues its willingness to resolve the differences through consultation and arrangements on government procurement'. 'Despite China's goodwill and sincerity, the EU has persisted in taking restrictive measures and building new protectionist barriers,' it said. 'As a result, China has no choice but to adopt reciprocal countermeasures.'
Yahoo
06-07-2025
- Business
- Yahoo
China retaliates against EU with a ban on European medical devices
BANGKOK (AP) — China said Sunday that European medical device companies will be barred from selling to the Chinese government as a countermeasure for the European Union's restrictions on the sale of similar products from China. European companies will be excluded if the budget for procurement is above 45 million yuan ($6.28 million), according to a notice from the Finance Ministry on Sunday with the restrictions in place the same day. The move will not apply to European companies that have invested in China and that manufacture goods in the country. China on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France. While the duties on brandy include several exceptions for major brandy producers, China and the EU have multiple trade disputes across a range of industries. China protested after many European countries levied duties on EVs made in China. Since then, China has also launched investigations into European pork and dairy products. In June, the EU announced that Chinese companies were to be excluded from any government purchases of more than 5 million euros ($5.89 million). The measure seeks to incentivise China to cease its discrimination against EU firms, the EU said, accusing China of erecting "significant and recurring legal and administrative barriers to its procurement market.' In response, China has said it had 'no choice but to implement countermeasures.' 'China has repeatedly expressed through bilateral dialogues that it is willing to properly handle differences with the EU through dialogue and consultation and bilateral government procurement arrangements,' said a statement from a spokesman with the Ministry of Commerce. 'Unfortunately, the EU has ignored China's goodwill and sincerity and still insisted on taking restrictive measures and building new protectionist barriers.'
