Latest news with #MarošŠefčovič
Dubai Eye
2 days ago
- Business
- Dubai Eye
UAE, EU hold talks on trade agreement
The UAE and European Union have held talks on the Comprehensive Economic Partnership Agreement (CEPA) that will deepen trade ties and open opportunities for investment and innovation. The proposed UAE-EU CEPA aims to remove trade barriers, enhance market access for goods and services, and create investment in priority sectors. During the investment roundtable, representatives from the UAE and the European private sectors explored mutual investment opportunities, particularly those aimed at fostering innovation and sustainable development. Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, emphasised the importance of the CEPA with the EU, adding that it "represents an extraordinary opportunity... to enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity". "By working together, we will strengthen our supply chains, drive innovation, and create jobs that will benefit our communities and economies for many years to come." Commenting on the negotiations, EU Commissioner for Trade and Economic Security Maroš Šefčovič said: 'A bilateral FTA would unlock tremendous business opportunities for European and Emirati businesses alike. Our aim is to reach an ambitious deal — one that brings lasting benefits and commercial predictability.' The EU currently accounts for 8.3 per cent of the UAE's non-oil trade, which reached $67.6 billion in 2024 - an increase of 3.6 per cent from the previous year. Foreign direct investment between the two is strong, with recent UAE partnerships spanning data centres in Italy, solar energy in Spain and urban redevelopment in Budapest. Looking ahead, the CEPA could facilitate further high-impact deals, including a proposed $50 billion AI data centre collaboration with France and a $40 billion investment in Italy's energy and defence sectors. The UAE's CEPA programme is central to its foreign trade strategy, designed to boost economic diversification through open, rules-based trade. In 2024, the initiative contributed to record non-oil trade of $816 billion — a 14.6 per cent year-on-year increase.
Hi Dubai
3 days ago
- Business
- Hi Dubai
Dubai Chambers Strengthens Trade and Investment Ties with the European Union
Dubai Chambers hosted a high-level roundtable on Wednesday with senior European Union officials to deepen trade and investment cooperation between Dubai and EU member states. Led by Maroš Šefčovič, European Commissioner for Trade and Economic Security, the delegation met with top UAE officials including Sultan bin Saeed Al Mansoori, Chairman of Dubai Chambers, and Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade. The meeting brought together public and private sector leaders from both regions to discuss strategic collaboration in sectors aligned with economic diversification. Dr. Al Zeyoudi highlighted the EU's position as the UAE's second-largest trading partner, stressing the importance of building robust platforms for private-sector engagement. 'This roundtable is an opportunity to strengthen business ties and unlock new areas for growth,' he said. Al Mansoori reinforced Dubai's commitment to supporting European businesses and positioning the city as a gateway to broader markets. 'We are focused on fostering partnerships that support sustainable economic development on both sides,' he noted. Dubai's trade with EU countries reached AED 206 billion in non-oil transactions in 2024, marking an 8% annual increase. The emirate also attracted 380 FDI projects from EU nations last year, totaling AED 11.3 billion—a 106% surge in investment value. Dubai's outbound investments into EU markets between 2020 and 2024 stood at AED 9.5 billion, generating 8,000 jobs. Meanwhile, membership of EU firms in the Dubai Chamber of Commerce rose by 27% year-over-year, with 4,693 new European companies joining in 2024 alone. The roundtable underscores Dubai's role as a growing global hub for European investors seeking long-term strategic partnerships. News Source: Emirates News Agency
Yahoo
3 days ago
- Business
- Yahoo
Trump tariffs live updates: Court of International Trade deems majority of tariffs 'unlawful'
The US Court of International Trade has voted to block the vast majority of President Trump's global tariffs after deeming the method used to enact them 'unlawful'. This places most of the tariffs on an indefinite hold while the administration appeals the decision through the Supreme Court. Tariffs impacted include the flat-rate 'reciprocal' tariffs aimed at US trade partners as well as and key China-focused duties, while leaving some duties, specifically those covering steel, aluminum, and certain Chinese goods, intact. Prior to the court's decision, President Trump on Wednesday criticized an emerging Wall Street trading philosophy in response to his ever-shifting tariff policies. The term "TACO" trade — short for "Trump Always Chickens Out" — has come in response to Trump's frequent pattern with tariffs: High tariffs send markets reeling until Trump backs off. Trump called a reporter who asked him about the term "nasty" before defending his strategy as one that has helped the US gain leverage in trade negotiations. "It's called negotiation," he said. Negotiations have continued in earnest this week, with an FT report on Wednesday saying India has offered the US steep tariff cuts but is seeking to retain high duties on some agricultural commodities. India is not the only trading partner seeking a tariff reprieve. On Wednesday, the EU trade chief Maroš Šefčovič said the European Commission is discussing with the US possible cooperation in sectors such as semiconductors, steel, and aerospace, and is in search of a deal to limit tariffs. The European Union has agreed to fast-track trade talks with the US in a bid to avoid Trump's 50% tariffs — which, in an about-face, he announced would be delayed until July 9. Šefčovič said the EU held "good calls" with Trump administration officials on Monday after the close trading partners moved forward with negotiations amid Trump's tariff-fueled push to rework global trade relationships. Trump had been frustrated with the pace of negotiations, saying last week that the bloc has been "very difficult to deal with." Meanwhile, Apple (AAPL) remains in high focus after Trump said the company would face 25% tariffs if it didn't move iPhone production to the US. He later said that would apply to other phone makers, including Samsung ( Nvidia (NVDA) is also set for a high-stakes earnings report Wednesday, its first since many of the tariffs went into effect. Its stock has swung wildly this year amid Trump's tariffs and other moves. Live updates: Nvidia's earnings report Here are the latest updates as the policy reverberates around the world. The decision's focus on IEEPA immediately throws into doubt some of the most far-reaching of Trump's tariff actions since taking office. Most notably, those include his "Liberation Day" tariffs of 10% on nearly the entire world, as well as the current threat of higher tariffs on countries that fail to reach a deal during his 90-day pause. The president has also relied on IEEPA to impose duties on nations such as Mexico, Canada, and China, claiming that the nations' failure to curb the flow of illegal drugs and migration into the US threatened US national security. [...] Duties based on other laws like those Trump has imposed on certain aluminum and steel products are not included in the court's decision. Recent duties on automobiles imposed by the president use so-called Section 232 tariff authority derived from a separate law called the Trade Expansion Act of 1962. The tariffs on steel and aluminum also rely on Section 232. Read more here. President Donald Trump's tariffs have been deemed illegal and blocked in a landmark trade court ruling that ruled the president used unlawful emergency powers by imposing broad levies on imports. The decision suspends Trump's flat-rate tariffs and key China-focused duties, while leaving some tariffs, specifically those covering steel, aluminum, and some Chinese goods, intact. The ruling, issued by the Court of International Trade, is set to be appealed and could reach the Supreme Court. Investors are watching closely, as the outcome will reshape the global trade landscape and has huge ramifications on trust in Trump as a market manager. Markets, already volatile amid ongoing tariff uncertainty since the April 2 executive order, reacted swiftly to the news with major gauge futures making leaps of up to 2%. Bloomberg reports: Read more here. President Trump on Wednesday criticized an emerging Wall Street trading philosophy in response to his ever-shifting tariff policies. The term "TACO trade" — apparently first coined by the Financial Times early this month — has been flying around Wall Street in recent weeks and entered even more into the public consciousness over the past few days. The acronym stands for "Trump Always Chickens Out." The pattern is clear: Trump announces heavy tariffs, sending markets reeling until he backs off, sending markets flying. A reporter asked Trump at the White House on Wednesday for his response to the school of thought. He did not appear to be aware of the acronym, but was also not pleased to learn its meaning. "Isn't that nice ... I've never heard that," he said, before launching into a defense of recent moves. Earlier in May, the US reached a detente with China after the countries imposed massive tariffs on each other. Then last week, Trump announced massive 50% tariffs on EU imports, only to backtrack a couple days later and push back his deadline for more negotiating time. "After I did what I did, they said, 'We'll meet anytime you want,'" Trump said of the EU. He said of China, "In many ways, I think we really helped China tremendously." "Don't ever say what you said," Trump then told the reporter. "That's a nasty question." AutoZone's (AZO) management said on Tuesday that inflation from tariffs hasn't had a major impact on costs yet because it takes a while for its products to ship to the US. However, executives at the auto parts retailer said they expect inflation to accelerate if substantial tariffs remain in place. "I think one of the reasons that you haven't seen a lot of the tariff cost in our side of the business is ... most of our inventory turns relatively slow compared to many other industries, hard parts in particular," AutoZone CEO Philip Daniele said on the company's fiscal third quarter earnings call. "And that product just hasn't shown up here in the country. And as you know, this stuff has changed pretty significantly over the last 90 days or 120 days. I mean there will be an impact to tariffs on the cost of goods." AutoZone reported SKU inflation of 1% for the quarter and said it expects to see inflation of 3% over time. The company sources many of its products from China and other East Asian countries, Eastern Europe, and Mexico. AutoZone CFO Jamere Jackson noted that, other than tariffs, a lot of the drivers of cost increases have come down, particularly freight prices. "However, if we do see significant tariffs, that will indeed have an inflationary impact," Jackson stated. Reuters reports: German carmakers BMW, Mercedes-Benz and Volkswagen are in talks with the U.S. Department of Commerce on a tariff deal that would involve a mechanism to offset imports and exports, the Handelsblatt business daily reported on Wednesday. In return for tariff relief, the companies could invest billions in the United States, the report said citing company sources. It did not give a more exact sum. Reuters reports: Read more here. Yahoo Finance's senior reporter Hamza Shaban reports on Wall Street's dilemma with Trump's tariffs: Read more here. More retailers are feeling the impact of Trump's tariffs as both Macy's (M) and Michael Kors parent company Capri (CAPR) lowered their annual profit and revenue forecasts on Wednesday, citing tariffs as the cause. Capri cut its revenue forecast for 2026, signaling that tariff-related uncertainty was weighing on demand for its handbags and accessories in North America and Asia. Macy's followed in a similar fashion: Yahoo Finance senior reporter Brooke DiPalma said the company reaffirmed its sales guidance, but revised its earnings outlook due to uncertainty surrounding tariffs, consumer sentiments, and the competitive landscape. Macy's is facing multiple macro headwinds as consumer sentiment sags, costs rise with Trump's tariffs, and trends grow toward e-commerce and direct-to-consumer. Read more here. Reuters reports: Read more here. India has offered steep cuts to its import tariffs on a range of goods in talks with the US, but is said to be retaining high duties on certain agricultural commodities, according to people familiar with the negotiations. The FT reports: Read more here. Reuters reports: Read more here. As the US and European Union negotiate a new trade deal to avoid President Trump-imposed tariffs, it's worth taking a moment to note that the US and the EU have the largest bilateral trade relationship in the world. According to the Council of the European Union (and converted to USD), the transatlantic trade in goods and services topped 1.8 trillion in 2023 after a post-pandemic surge: A measure of tariff revenue has spiked this month as importers paid the baseline "Liberation Day" tariffs that went into effect on April 5, along with other duties set by President Trump. Government receipts for "Customs and Certain Excise Taxes" have already topped $22.3 billion this month, according to Treasury Department data. Yahoo Finance's Ben Werschkul reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. Yahoo Finance's Josh Schafer reports: Read more here. The Chinese Premier Li Qiang has urged Southeast Asian and Gulf states to help create a 'big market', in a bid to counter US efforts to isolate China's economy. Bloomberg News reports: Read more here. Reuters reports: Read more here. Retailers, who have suffered under Trump's tariffs, are increasingly warming to offers to sell in order to escape market volatility that has caused company valuations to seesaw in recent months, according to a report in Reuters. Reuters reports: Read more here. Bloomberg News reports: Read more here. Malaysia's Trade and Industry minister Zafrul Aziz said that the US reducing its proposed tariffs on Malaysia to 10% is a positive move, conceding that a previously hoped for levy of zero may not be possible. Bloomberg News reports: Read more here. The decision's focus on IEEPA immediately throws into doubt some of the most far-reaching of Trump's tariff actions since taking office. Most notably, those include his "Liberation Day" tariffs of 10% on nearly the entire world, as well as the current threat of higher tariffs on countries that fail to reach a deal during his 90-day pause. The president has also relied on IEEPA to impose duties on nations such as Mexico, Canada, and China, claiming that the nations' failure to curb the flow of illegal drugs and migration into the US threatened US national security. [...] Duties based on other laws like those Trump has imposed on certain aluminum and steel products are not included in the court's decision. Recent duties on automobiles imposed by the president use so-called Section 232 tariff authority derived from a separate law called the Trade Expansion Act of 1962. The tariffs on steel and aluminum also rely on Section 232. Read more here. President Donald Trump's tariffs have been deemed illegal and blocked in a landmark trade court ruling that ruled the president used unlawful emergency powers by imposing broad levies on imports. The decision suspends Trump's flat-rate tariffs and key China-focused duties, while leaving some tariffs, specifically those covering steel, aluminum, and some Chinese goods, intact. The ruling, issued by the Court of International Trade, is set to be appealed and could reach the Supreme Court. Investors are watching closely, as the outcome will reshape the global trade landscape and has huge ramifications on trust in Trump as a market manager. Markets, already volatile amid ongoing tariff uncertainty since the April 2 executive order, reacted swiftly to the news with major gauge futures making leaps of up to 2%. Bloomberg reports: Read more here. President Trump on Wednesday criticized an emerging Wall Street trading philosophy in response to his ever-shifting tariff policies. The term "TACO trade" — apparently first coined by the Financial Times early this month — has been flying around Wall Street in recent weeks and entered even more into the public consciousness over the past few days. The acronym stands for "Trump Always Chickens Out." The pattern is clear: Trump announces heavy tariffs, sending markets reeling until he backs off, sending markets flying. A reporter asked Trump at the White House on Wednesday for his response to the school of thought. He did not appear to be aware of the acronym, but was also not pleased to learn its meaning. "Isn't that nice ... I've never heard that," he said, before launching into a defense of recent moves. Earlier in May, the US reached a detente with China after the countries imposed massive tariffs on each other. Then last week, Trump announced massive 50% tariffs on EU imports, only to backtrack a couple days later and push back his deadline for more negotiating time. "After I did what I did, they said, 'We'll meet anytime you want,'" Trump said of the EU. He said of China, "In many ways, I think we really helped China tremendously." "Don't ever say what you said," Trump then told the reporter. "That's a nasty question." AutoZone's (AZO) management said on Tuesday that inflation from tariffs hasn't had a major impact on costs yet because it takes a while for its products to ship to the US. However, executives at the auto parts retailer said they expect inflation to accelerate if substantial tariffs remain in place. "I think one of the reasons that you haven't seen a lot of the tariff cost in our side of the business is ... most of our inventory turns relatively slow compared to many other industries, hard parts in particular," AutoZone CEO Philip Daniele said on the company's fiscal third quarter earnings call. "And that product just hasn't shown up here in the country. And as you know, this stuff has changed pretty significantly over the last 90 days or 120 days. I mean there will be an impact to tariffs on the cost of goods." AutoZone reported SKU inflation of 1% for the quarter and said it expects to see inflation of 3% over time. The company sources many of its products from China and other East Asian countries, Eastern Europe, and Mexico. AutoZone CFO Jamere Jackson noted that, other than tariffs, a lot of the drivers of cost increases have come down, particularly freight prices. "However, if we do see significant tariffs, that will indeed have an inflationary impact," Jackson stated. Reuters reports: German carmakers BMW, Mercedes-Benz and Volkswagen are in talks with the U.S. Department of Commerce on a tariff deal that would involve a mechanism to offset imports and exports, the Handelsblatt business daily reported on Wednesday. In return for tariff relief, the companies could invest billions in the United States, the report said citing company sources. It did not give a more exact sum. Reuters reports: Read more here. Yahoo Finance's senior reporter Hamza Shaban reports on Wall Street's dilemma with Trump's tariffs: Read more here. More retailers are feeling the impact of Trump's tariffs as both Macy's (M) and Michael Kors parent company Capri (CAPR) lowered their annual profit and revenue forecasts on Wednesday, citing tariffs as the cause. Capri cut its revenue forecast for 2026, signaling that tariff-related uncertainty was weighing on demand for its handbags and accessories in North America and Asia. Macy's followed in a similar fashion: Yahoo Finance senior reporter Brooke DiPalma said the company reaffirmed its sales guidance, but revised its earnings outlook due to uncertainty surrounding tariffs, consumer sentiments, and the competitive landscape. Macy's is facing multiple macro headwinds as consumer sentiment sags, costs rise with Trump's tariffs, and trends grow toward e-commerce and direct-to-consumer. Read more here. Reuters reports: Read more here. India has offered steep cuts to its import tariffs on a range of goods in talks with the US, but is said to be retaining high duties on certain agricultural commodities, according to people familiar with the negotiations. The FT reports: Read more here. Reuters reports: Read more here. As the US and European Union negotiate a new trade deal to avoid President Trump-imposed tariffs, it's worth taking a moment to note that the US and the EU have the largest bilateral trade relationship in the world. According to the Council of the European Union (and converted to USD), the transatlantic trade in goods and services topped 1.8 trillion in 2023 after a post-pandemic surge: A measure of tariff revenue has spiked this month as importers paid the baseline "Liberation Day" tariffs that went into effect on April 5, along with other duties set by President Trump. Government receipts for "Customs and Certain Excise Taxes" have already topped $22.3 billion this month, according to Treasury Department data. Yahoo Finance's Ben Werschkul reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. Yahoo Finance's Josh Schafer reports: Read more here. The Chinese Premier Li Qiang has urged Southeast Asian and Gulf states to help create a 'big market', in a bid to counter US efforts to isolate China's economy. Bloomberg News reports: Read more here. Reuters reports: Read more here. Retailers, who have suffered under Trump's tariffs, are increasingly warming to offers to sell in order to escape market volatility that has caused company valuations to seesaw in recent months, according to a report in Reuters. Reuters reports: Read more here. Bloomberg News reports: Read more here. Malaysia's Trade and Industry minister Zafrul Aziz said that the US reducing its proposed tariffs on Malaysia to 10% is a positive move, conceding that a previously hoped for levy of zero may not be possible. Bloomberg News reports: Read more here.
Gulf Today
3 days ago
- Business
- Gulf Today
Non-oil trade between UAE and EU reached $67.6 billion in 2024
Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, welcomed Maroš Šefčovič, EU Commissioner for Trade and Economic Security, to the United Arab Emirates for ongoing talks regarding the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the EU. The visit also included an investment roundtable with representatives from leading private sector companies aimed at exploring opportunities for increased collaboration and investment flows between the EU and UAE. The EU is already one of the UAE's key trading partners, accounting for 8.3 per cent of non-oil trade. In 2024, non-oil trade between the two reached $67.6 billion, representing a growth of 3.6 per cent over 2023. The UAE-EU CEPA is poised to be a significant milestone in strengthening economic ties and unlocking new avenues for trade and cooperation. The agreement will pave the way for the removal of trade barriers, enhance market access for goods and services, and stimulate investment in key sectors. By consolidating access to the EU market, the second largest economic bloc in the world, the CEPA will reinforce the UAE's status as a global trade and logistics hub. Al Zeyoudi emphasised the importance of the CEPA with the EU, stating, 'Our negotiations toward a UAE-EU Comprehensive Economic Partnership Agreement is of great importance to both the UAE and the EU and represents an extraordinary opportunity for us both to enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity. By working together, we will strengthen our supply chains, drive innovation, and create jobs that will benefit our communities and economies for many years to come.' Al Zeyoudi: 'Our negotiations toward a UAE-EU CEPA is of great importance to both the UAE and the EU and represents an extraordinary opportunity for us both to enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity.' Maroš Šefčovič commented: 'Europe continues to be a reliable trading partner, which respects the deals it makes. And it is natural to seek to grow our relations with long-standing and trusted partners like the United Arab Emirates. A bilateral FTA would unlock tremendous business opportunities for European and Emirati businesses alike. Our aim is therefore to reach an ambitious deal that is commercially meaningful on both sides – one that brings tangible, lasting benefits, along with predictability, so essential to any successful business. This would add strength to our regional cooperation with the Gulf Cooperation Council countries.' During the investment roundtable, representatives from the UAE and the European private sectors, engaged in discussions to identify mutual investment opportunities that can drive innovation and sustainable economic development. FDI flows between the UAE and EU are strong and robust, with recent partnerships in data centers in Italy, solar plants in Spain, and neighbourhood redevelopment in Budapest. A UAE-EU CEPA has the potential to unlock further opportunities, including a $50 billion AI data centre deal with France and a $40 billion commitment in Italy's energy and defense sectors. The CEPA programme is a key pillar of the UAE's foreign trade agenda, reflecting the nation's commitment to open, rules-based trade to drive economic growth and diversify its economy. By enhancing access to global markets and establishing stronger trade and investment flows with partners around the world, the CEPA programme has contributed to a record non-oil trade of $816 billion in 2024, marking a 14.6 per cent increase over 2023. Meanwhile Dubai Chambers explored prospects for enhancing trade and investment cooperation between Dubai and European Union countries on Wednesday during a roundtable with a high-level delegation led by Maroš Šefčovič, European Commissioner for Trade and Economic Security. The roundtable was attended by Sultan Bin Saeed Al Mansoori, Chairman of Dubai Chambers; Dr. Thani Bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade; Lucie Berger, Ambassador of the European Union to the United Arab Emirates; Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers; and Leon Delvaux, Director at the Directorate-General for Trade and Economic Security, together with representatives from Dubai and the European private sectors. Dr. Thani Al Zeyoudi commented, 'The European Union is one of the main pillars of the global economy and our second-most important trade partner. As we accelerate efforts to bring our markets closer together, it is important we build the platforms for our private sectors to identify and explore areas for collaboration, particularly in sectors that align with our economic diversification objectives. The EU-UAE Investment Roundtable is an important opportunity for business leaders from across all industries to build the relationships that can drive trade and investment to even greater heights.' Sultan Bin Saeed Al Mansoori stated, 'Dubai and the European Union share deep-rooted economic ties built on common interests, mutual aspirations, and a joint commitment to developing a diversified and sustainable economy. Today's roundtable is designed to advance collaboration in high-potential sectors and identify new avenues for growth. We are committed to supporting European companies and enabling them to expand and thrive while leveraging Dubai as a strategic hub to access new opportunities across local and regional markets.' WAM
Yahoo
3 days ago
- Business
- Yahoo
Trump tariffs live updates: Trump criticizes Wall Street meme that he's 'chickening out' on tariffs
President Trump on Wednesday criticized an emerging Wall Street trading philosophy in response to his ever-shifting tariff policies. The term "TACO" trade — short for "Trump Always Chickens Out" — has come in response to Trump's frequent pattern with tariffs: High tariffs send markets reeling until Trump backs off. Trump called a reporter who asked him about the term "nasty" before defending his strategy as one that has helped the US gain leverage in trade negotiations. "It's called negotiation," he said. Negotiations have continued in earnest this week, with an FT report on Wednesday saying India has offered the US steep tariff cuts but is seeking to retain high duties on some agricultural commodities. India is not the only trading partner seeking a tariff reprieve. On Wednesday, the EU trade chief Maroš Šefčovič said the European Commission is discussing with the US possible cooperation in sectors such as semiconductors, steel, and aerospace, and is in search of a deal to limit tariffs. The European Union has agreed to fast-track trade talks with the US in a bid to avoid Trump's 50% tariffs — which, in an about-face, he announced would be delayed until July 9. Šefčovič said the EU held "good calls" with Trump administration officials on Monday after the close trading partners moved forward with negotiations amid Trump's tariff-fueled push to rework global trade relationships. Trump had been frustrated with the pace of negotiations, saying last week that the bloc has been "very difficult to deal with." Meanwhile, Apple (AAPL) remains in high focus after Trump said the company would face 25% tariffs if it didn't move iPhone production to the US. He later said that would apply to other phone makers, including Samsung ( Nvidia (NVDA) is also set for a high-stakes earnings report Wednesday, its first since many of the tariffs went into effect. Its stock has swung wildly this year amid Trump's tariffs and other moves. Live updates: Nvidia's earnings report Here are the latest updates as the policy reverberates around the world. President Trump on Wednesday criticized an emerging Wall Street trading philosophy in response to his ever-shifting tariff policies. The term "TACO trade" — apparently first coined by the Financial Times early this month — has been flying around Wall Street in recent weeks and entered even more into the public consciousness over the past few days. The acronym stands for "Trump Always Chickens Out." The pattern is clear: Trump announces heavy tariffs, sending markets reeling until he backs off, sending markets flying. A reporter asked Trump at the White House on Wednesday for his response to the school of thought. He did not appear to be aware of the acronym, but was also not pleased to learn its meaning. "Isn't that nice ... I've never heard that," he said, before launching into a defense of recent moves. Earlier in May, the US reached a detente with China after the countries imposed massive tariffs on each other. Then last week, Trump announced massive 50% tariffs on EU imports, only to backtrack a couple days later and push back his deadline for more negotiating time. "After I did what I did, they said, 'We'll meet anytime you want,'" Trump said of the EU. He said of China, "In many ways, I think we really helped China tremendously." "Don't ever say what you said," Trump then told the reporter. "That's a nasty question." AutoZone's (AZO) management said on Tuesday that inflation from tariffs hasn't had a major impact on costs yet because it takes a while for its products to ship to the US. However, executives at the auto parts retailer said they expect inflation to accelerate if substantial tariffs remain in place. "I think one of the reasons that you haven't seen a lot of the tariff cost in our side of the business is ... most of our inventory turns relatively slow compared to many other industries, hard parts in particular," AutoZone CEO Philip Daniele said on the company's fiscal third quarter earnings call. "And that product just hasn't shown up here in the country. And as you know, this stuff has changed pretty significantly over the last 90 days or 120 days. I mean there will be an impact to tariffs on the cost of goods." AutoZone reported SKU inflation of 1% for the quarter and said it expects to see inflation of 3% over time. The company sources many of its products from China and other East Asian countries, Eastern Europe, and Mexico. AutoZone CFO Jamere Jackson noted that, other than tariffs, a lot of the drivers of cost increases have come down, particularly freight prices. "However, if we do see significant tariffs, that will indeed have an inflationary impact," Jackson stated. Reuters reports: German carmakers BMW, Mercedes-Benz and Volkswagen are in talks with the U.S. Department of Commerce on a tariff deal that would involve a mechanism to offset imports and exports, the Handelsblatt business daily reported on Wednesday. In return for tariff relief, the companies could invest billions in the United States, the report said citing company sources. It did not give a more exact sum. Reuters reports: Read more here. Yahoo Finance's senior reporter Hamza Shaban reports on Wall Street's dilemma with Trump's tariffs: Read more here. More retailers are feeling the impact of Trump's tariffs as both Macy's (M) and Michael Kors parent company Capri (CAPR) lowered their annual profit and revenue forecasts on Wednesday, citing tariffs as the cause. Capri cut its revenue forecast for 2026, signaling that tariff-related uncertainty was weighing on demand for its handbags and accessories in North America and Asia. Macy's followed in a similar fashion: Yahoo Finance senior reporter Brooke DiPalma said the company reaffirmed its sales guidance, but revised its earnings outlook due to uncertainty surrounding tariffs, consumer sentiments, and the competitive landscape. Macy's is facing multiple macro headwinds as consumer sentiment sags, costs rise with Trump's tariffs, and trends grow toward e-commerce and direct-to-consumer. Read more here. Reuters reports: Read more here. India has offered steep cuts to its import tariffs on a range of goods in talks with the US, but is said to be retaining high duties on certain agricultural commodities, according to people familiar with the negotiations. The FT reports: Read more here. Reuters reports: Read more here. As the US and European Union negotiate a new trade deal to avoid President Trump-imposed tariffs, it's worth taking a moment to note that the US and the EU have the largest bilateral trade relationship in the world. According to the Council of the European Union (and converted to USD), the transatlantic trade in goods and services topped 1.8 trillion in 2023 after a post-pandemic surge: A measure of tariff revenue has spiked this month as importers paid the baseline "Liberation Day" tariffs that went into effect on April 5, along with other duties set by President Trump. Government receipts for "Customs and Certain Excise Taxes" have already topped $22.3 billion this month, according to Treasury Department data. Yahoo Finance's Ben Werschkul reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. Yahoo Finance's Josh Schafer reports: Read more here. The Chinese Premier Li Qiang has urged Southeast Asian and Gulf states to help create a 'big market', in a bid to counter US efforts to isolate China's economy. Bloomberg News reports: Read more here. Reuters reports: Read more here. Retailers, who have suffered under Trump's tariffs, are increasingly warming to offers to sell in order to escape market volatility that has caused company valuations to seesaw in recent months, according to a report in Reuters. Reuters reports: Read more here. Bloomberg News reports: Read more here. Malaysia's Trade and Industry minister Zafrul Aziz said that the US reducing its proposed tariffs on Malaysia to 10% is a positive move, conceding that a previously hoped for levy of zero may not be possible. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump tariffs are staring to impact everything from retail prices to consumer spending and now, a Spanish hatmaker with a 40-year tradition of supplying felt hats to orthodox Jews in the US has become the latest casualty of the president's trade war. Reuters reports: Read more here. President Trump on Wednesday criticized an emerging Wall Street trading philosophy in response to his ever-shifting tariff policies. The term "TACO trade" — apparently first coined by the Financial Times early this month — has been flying around Wall Street in recent weeks and entered even more into the public consciousness over the past few days. The acronym stands for "Trump Always Chickens Out." The pattern is clear: Trump announces heavy tariffs, sending markets reeling until he backs off, sending markets flying. A reporter asked Trump at the White House on Wednesday for his response to the school of thought. He did not appear to be aware of the acronym, but was also not pleased to learn its meaning. "Isn't that nice ... I've never heard that," he said, before launching into a defense of recent moves. Earlier in May, the US reached a detente with China after the countries imposed massive tariffs on each other. Then last week, Trump announced massive 50% tariffs on EU imports, only to backtrack a couple days later and push back his deadline for more negotiating time. "After I did what I did, they said, 'We'll meet anytime you want,'" Trump said of the EU. He said of China, "In many ways, I think we really helped China tremendously." "Don't ever say what you said," Trump then told the reporter. "That's a nasty question." AutoZone's (AZO) management said on Tuesday that inflation from tariffs hasn't had a major impact on costs yet because it takes a while for its products to ship to the US. However, executives at the auto parts retailer said they expect inflation to accelerate if substantial tariffs remain in place. "I think one of the reasons that you haven't seen a lot of the tariff cost in our side of the business is ... most of our inventory turns relatively slow compared to many other industries, hard parts in particular," AutoZone CEO Philip Daniele said on the company's fiscal third quarter earnings call. "And that product just hasn't shown up here in the country. And as you know, this stuff has changed pretty significantly over the last 90 days or 120 days. I mean there will be an impact to tariffs on the cost of goods." AutoZone reported SKU inflation of 1% for the quarter and said it expects to see inflation of 3% over time. The company sources many of its products from China and other East Asian countries, Eastern Europe, and Mexico. AutoZone CFO Jamere Jackson noted that, other than tariffs, a lot of the drivers of cost increases have come down, particularly freight prices. "However, if we do see significant tariffs, that will indeed have an inflationary impact," Jackson stated. Reuters reports: German carmakers BMW, Mercedes-Benz and Volkswagen are in talks with the U.S. Department of Commerce on a tariff deal that would involve a mechanism to offset imports and exports, the Handelsblatt business daily reported on Wednesday. In return for tariff relief, the companies could invest billions in the United States, the report said citing company sources. It did not give a more exact sum. Reuters reports: Read more here. Yahoo Finance's senior reporter Hamza Shaban reports on Wall Street's dilemma with Trump's tariffs: Read more here. More retailers are feeling the impact of Trump's tariffs as both Macy's (M) and Michael Kors parent company Capri (CAPR) lowered their annual profit and revenue forecasts on Wednesday, citing tariffs as the cause. Capri cut its revenue forecast for 2026, signaling that tariff-related uncertainty was weighing on demand for its handbags and accessories in North America and Asia. Macy's followed in a similar fashion: Yahoo Finance senior reporter Brooke DiPalma said the company reaffirmed its sales guidance, but revised its earnings outlook due to uncertainty surrounding tariffs, consumer sentiments, and the competitive landscape. Macy's is facing multiple macro headwinds as consumer sentiment sags, costs rise with Trump's tariffs, and trends grow toward e-commerce and direct-to-consumer. Read more here. Reuters reports: Read more here. India has offered steep cuts to its import tariffs on a range of goods in talks with the US, but is said to be retaining high duties on certain agricultural commodities, according to people familiar with the negotiations. The FT reports: Read more here. Reuters reports: Read more here. As the US and European Union negotiate a new trade deal to avoid President Trump-imposed tariffs, it's worth taking a moment to note that the US and the EU have the largest bilateral trade relationship in the world. According to the Council of the European Union (and converted to USD), the transatlantic trade in goods and services topped 1.8 trillion in 2023 after a post-pandemic surge: A measure of tariff revenue has spiked this month as importers paid the baseline "Liberation Day" tariffs that went into effect on April 5, along with other duties set by President Trump. Government receipts for "Customs and Certain Excise Taxes" have already topped $22.3 billion this month, according to Treasury Department data. Yahoo Finance's Ben Werschkul reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. Yahoo Finance's Josh Schafer reports: Read more here. The Chinese Premier Li Qiang has urged Southeast Asian and Gulf states to help create a 'big market', in a bid to counter US efforts to isolate China's economy. Bloomberg News reports: Read more here. Reuters reports: Read more here. Retailers, who have suffered under Trump's tariffs, are increasingly warming to offers to sell in order to escape market volatility that has caused company valuations to seesaw in recent months, according to a report in Reuters. Reuters reports: Read more here. Bloomberg News reports: Read more here. Malaysia's Trade and Industry minister Zafrul Aziz said that the US reducing its proposed tariffs on Malaysia to 10% is a positive move, conceding that a previously hoped for levy of zero may not be possible. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump tariffs are staring to impact everything from retail prices to consumer spending and now, a Spanish hatmaker with a 40-year tradition of supplying felt hats to orthodox Jews in the US has become the latest casualty of the president's trade war. Reuters reports: Read more here.
