Latest news with #OlofGill
Yahoo
3 days ago
- Business
- Yahoo
EU plan would limit Chinese device makers in Europe
This story was originally published on MedTech Dive. To receive daily news and insights, subscribe to our free daily MedTech Dive newsletter. European Union member states this week voted to support a plan to adopt measures that would restrict Chinese medical device makers' access to the EU market. The member states took the action, under the EU's International Procurement Instrument, after concluding an investigation in January that looked at China's practices in the public procurement market for medical devices. The investigation found that government practices unfairly encouraged Chinese hospitals to choose domestic manufacturers' products. 'The Commission has identified measures and practices in the Chinese procurement market that lead to discrimination against EU operators and EU-made supplies,' Olof Gill, commission spokesperson, said Thursday in an emailed statement. 'This discrimination also harms both the Chinese healthcare infrastructure, which is deprived of quality equipment, and EU businesses, with a high cost in terms of jobs and economic activity in the EU.' The commission has discussed its concerns with Chinese authorities. However, a satisfactory solution has not been proposed, and the EU had no other option than to tackle the issue through an IPI investigation, Gill wrote. The commission said it could not disclose the content of the draft IPI measure or next steps in the process. Chinese manufacturers would be prohibited from bidding on public procurement contracts worth more than 5 million euros for five years. In addition, no more than 50% of a contract's value may be subcontracted to Chinese entities or include Chinese-origin medical devices, MedTech Europe said in a statement. The trade group said it would provide further updates once the IPI measures are published in the EU's official journal. The EU investigation into China's medical device procurement practices was the first use of the IPI, which was introduced in 2022. Getting fair access to Chinese markets became more challenging for medical device companies after the country launched a program calling for domestically produced medical equipment to achieve 50% market penetration in county-level hospitals by 2020 and 70% by 2025, according to a statement from the European Chamber, which represents European businesses in China. European and Chinese leaders will meet in July at a summit in Beijing. Recommended Reading EU mulls retaliation after showing China's bias against foreign device firms 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
Time of India
28-05-2025
- Business
- Time of India
EU, UK push for lowering Russia oil price cap
AP image The European Union and the UK are pushing for a lowering of the oil price cap — a key economic sanction against Russia. The price cap is currently set at $60 (€52.7) per barrel of oil and has been in place since December 2022. Its provisions mean shipping and insurances services from G7 group of advanced economies and EU nations, which dominate global shipping, are not provided for the transit of Russian oil unless the oil is being sold at or below the level of the cap. The EU is currently working on an 18th package of sanctions against Russia, having released its 17th package earlier this week. European Commission President Ursula von der Leyen has confirmed that the EU and Britain were hoping to convince its G7 partners to lower the oil price cap for the next package. European Commission spokesperson Olof Gill told DW that discussions on the price cap were ongoing with G7 partners and confirmed that any lowering of the cap would require unanimity among EU member states. The EU has not publicly revealed what level it believes the cap should be changed to, but various reports have suggested $50. Brent crude, a global benchmark, has been trading at close to $65 per barrel recently, while Russian oil has traded between $55 and $59 in April and May, just below the cap. The idea behind lowering the cap is to reduce the amount of money Moscow makes from its legitimate sales of seaborne crude oil. The oil price has fallen sharply throughout 2025, and Brent crude itself is now only a few dollars above the price cap of $60. US hesitation is 'frustrating' G7 finance ministers met in Canada last week (May 20-22), where discussions on the lowering of the cap took place. They released a statement condemning Russia's "continued brutal war"and said if efforts to achieve a ceasefire failed, they would explore "further ramping up sanctions." However, news agency Reuters quoted an unnamed European official at the talks as saying the US is "not convinced" about lowering the price cap and that falling oil prices are already hurting Russia. Since the start of the war in 2022, there has been uncertainty over oil sanctions in both the EU and US over the prospect of disrupting supply and driving up energy prices for their own consumers. Yuliia Pavytska, manager of the sanctions program at the Kyiv School of Economics, told DW that ongoing hesitation on sanctions from the Trump administration was "frustrating," But she commended both the EU and UK for continuing to take action. She believes the Russian economy is especially vulnerable at present, and that now is the time for more decisive action. "The cumulative imbalances caused by sanctions and the war, coupled with falling oil prices, are now reaching a critical point," she said. "This is why we believe our partners should seize the moment and intensify sanctions efforts to exploit Russia's growing vulnerabilities." Price cap must be enforced better, regardless of level A major focus of recent sanctions packages has been on dealing with Russia's so-called shadow fleet— hundreds of aging tankers bought by Moscow to evade the price cap. The ships are typically bought through third parties and then transport oil around the world using opaque or illegitimate insurance schemes. The Biden administration began sanctioning individual tankers, with the EU and UK joining. Now, more than 700 tankers have been sanctioned, but the US has not sanctioned any since Donald Trump returned as US president. Recent data shows the sanctioning of tankers has forced Russia to use its mainstream fleet more and more, which means legal obligations to comply with the price cap. Experts have said that increases the urgency of the need to lower it. "A lot more Russian oil is being transported on G7 insurance," Vaibhav Raghunandan from the Centre for Research on Energy and Clean Air told DW. "So it does seem like the correct time to react to that by lowering the cap." However, he and others who have been monitoring the sanctions picture closely over the past few years have said the biggest issue with the price cap is not the price itself but rather enforcement. "Current enforcement measures are not up to the mark," said Raghunandan, adding that measures for checking compliance are "very lax." There has been extensive "attestation fraud" in relation to the cap, namely tankers with falsified paperwork, suggesting the oil has been sold in compliance with the cap when it has been sold above the rate. "Attestation documents have to basically be filled by the traders themselves, but there is no bank statement verification," Raghunandan explained. "All of this needs to change for better enforcement of the price cap itself. You can put the price cap at a dollar a barrel if you want, but if you can't enforce it, it makes no sense." Pavytska agrees, saying that lowering the cap alone will "not reduce Russia's revenues unless we ensure that the trade is actually conducted in compliance with it." Both Pavytska and Raghunandan agree that responsibility for providing credible pricing data should fall to the buyers of Russian oil, rather than those transporting it, as is currently the case. Oil price plunge leaves Russian economy vulnerable Pavytska underlined that the whole point is to reduce the amount of revenue Moscow gets from its oil, to "reduce its capacity to finance the war in Ukraine." She firmly believes that the falling oil price, which represents a big change from the strong prices which prevailed in 2023 and for much of 2024, gives Ukraine's allies a clear opportunity to seriously dent Russia's economy. In her opinion, lowering of the price cap as well as options to restrict the export of Russian oil altogether must be considered. With the global market now on a "strong downward trend," the sanctions coalition would have an "opportunity to take more decisive steps," including measures that would restrict the supply of Russian oil. "This could finally push Russia's energy revenues to a critically painful level," she said.
RNZ News
23-05-2025
- Business
- RNZ News
Trump threatens a 50 percent tariff on the EU
US President Donald Trump has threatened a 50 percent tariff on goods from the European Union. Photo: MANDEL NGAN / AFP By Elisabeth Buchwald , CNN US President Donald Trump on Friday threatened a 50 percent tariff on goods from the European Union, citing a lack of progress in current trade negotiations. "Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more, have led to a Trade Deficit with the US of more than $250,000,000 a year, a number which is totally unacceptable," he wrote in a Truth Social post Friday morning. "Our discussions with them are going nowhere!" Trump wrote. "Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025." Olof Gill, a spokesperson for the European Commission, declined to comment immediately, saying he was waiting until after a call between Maroš Šefčovič, European Commissioner for Trade, and US Trade Representative Jamieson Greer. Gill did not specify when the call is taking place. Reuters reported it was set to occur at 3am Saturday New Zealand time. A USTR spokesperson didn't respond to a CNN request for comment. Shortly after Trump's Truth Social post on Friday morning, Treasury Secretary Scott Bessent said in a Fox News interview that the "EU proposals have not been of the same quality that we've seen from our other important trading partners." "I'm not going to negotiate on TV, but I would hope that this would light a fire under the EU," Bessent said, adding that the "EU has a collective action problem." The three major European stock market indexes fell sharply after Trump's post: The benchmark STOXX 600 index was down 1.7 percent. Germany's DAX fell 2.4 percent and France's CAC index slid 2.2 percent. London's FTSE index was 1 percent down. US stocks also slid, with the Dow opening lower by 480 points, or 1.15 percent. The tariff Trump is considering slapping on the EU is more than double the size of the 20 percent initial "reciprocal" tariff that was briefly in place in April before he swiftly paused those tariffs to allow for further negotiations. The pause is set to expire on 9 July. Since the pause, the only trade deal that's been announced is with the United Kingdom. Bessent declined to share which country could be next to ink a deal with the US. However, he said talks are "far along with India," and many Asian countries have presented "very good deals." "There are 18 important trading partners and, I would say, with the exception of the EU, most are negotiating in very good faith," he said. As he highlighted in his Truth Social post, the president takes particular issue with "non-monetary trade barriers," as he has repeatedly called them; as well as countries or trading blocs that run trade deficits with the US. Those occur when the US purchases more from another trading partner than that country purchases from the US. Last year, the US ran a $236 billion trade deficit with the EU, according to US Commerce Department data. That's higher than the figures Trump cited. Regarding non-monetary trade barriers, Trump has called out the EU for having value-added taxes (VATs) as well as digital service taxes (DSTs). VATs are consumption taxes that are calculated such that consumers pay for all taxes that went into building the end product they purchase. However, when the EU exports goods to the US, for instance, a VAT is remitted. Meanwhile, when the US exports goods to the EU, those goods will be charged a VAT. DSTs tax the gross revenue that online firms collect from offering services to users. A country with a DST would be able to tax all revenue collected by large companies that operate online - even if the business is unprofitable. That can include what they collect from selling data, advertising, as well as payments they receive for subscriptions, software and other kinds of online services users pay for. American firms, namely Big Tech companies such as Meta, Apple, Google, Amazon and Microsoft, are disproportionately affected by DSTs, according to a report published last year by the nonpartisan Congressional Research Service. Earlier this month, the EU previewed a nearly $108 billion retaliatory tariff plan "covering a broad range of industrial and agricultural products" should talks with the US go south, according to a 8 May statement from the European Commission. European Commission President Ursula von der Leyen said in a separate statement that day that the EU made a "zero-for-zero" tariff offer and is working on a mutually beneficial solution. "But if and where negotiations fail, we also will act." "In other words, all instruments, all options stay on the table," she said. Irish Prime Minister Micheál Martin called Trump's threat "enormously disappointing," he said in a statement posted on X on Friday. "I welcomed the pause in tariffs until early July to allow for continued negotiations between the EU and the US, and ideally an agreed outcome." He disputed Bessent's claim that the EU isn't negotiating in good faith, adding that "tariffs at the level suggested would not only push prices up, they would grievously damage one of the world's most dynamic and significant trading relationships, as well as disrupting wider global trade." French Trade Minister Laurent Saint-Martin said in a Friday post on X that Trump's threats "do not help at all during the negotiation period between the European Union and the United States." "We maintain the same stance: de-escalation but are ready to respond," he said in a post translated by CNN. Trump's comments came after another trade-related post on Truth Social that threatened a 25 percent tariff on Apple if it continues to make the iPhone overseas. The president met with Apple CEO Tim Cook earlier in the week - and also during his trip to the Middle East the week before. Bessent told Fox News Friday that he also spoke to Cook, and the discussions went well. So it's unclear what prompted Trump's morning trade war ramp-up. Cook had previously said that Apple would relocate iPhone production for the United States to India from China to pay a lower tariff cost. Yet Trump last week and on Friday said he was upset that Apple wasn't making iPhones in the United States. - CNN
Yahoo
07-05-2025
- Business
- Yahoo
European Commission drafts transitional measures ahead of June expiry of trade visa-free regime with Ukraine
Brussels plans to introduce transitional measures to protect Ukrainian exporters if the European Commission and Kyiv fail to amend the EU-Ukraine free trade agreement by 5 June, when the autonomous trade measures, known as the trade visa-free regime, expire. Source: European Commission spokesperson Olof Gill at a briefing in Brussels on 7 May, as reported by an European Pravda correspondent Details: Gill noted that transitional measures may be introduced for Ukrainian exporters after the end of the trade visa-free regime to prevent trade conditions from returning to pre-war restrictions. "As you all know, the autonomous trade measures expire on 5 June," he noted. "The intention of the Commission is not to extend the autonomous trade measures beyond that date." He pointed out that the European Commission's current priority is "to work on the review of the EU-Ukraine deep and comprehensive free trade area, the DCFTA as we call it". "We've made that very clear from the start," Gill added. "We want to upgrade the DCFTA in order that we can offer long-term predictability and stability to operators in both the EU and Ukraine." The move is expected to bolster Ukraine's gradual path toward EU membership, while also addressing sensitive issues within the EU, particularly in the agri-food sector, he added. Quote: "We know that there are time constraints. Therefore, we are also looking at possible transitional measures in case the negotiations for reviewing the DCFTA are not finalised and applied by the 6th of June. So we will also discuss these potential transitional measures with Ukraine." Background: The European Commission does not intend to extend the regime of autonomous trade measures for Ukraine, which will remain in effect until 5 June. However, plans are in place to ensure a smooth transition to a new framework, where all terms of trade liberalisation will be outlined in a free trade agreement between Ukraine and the EU. Support Ukrainska Pravda on Patreon!
Yahoo
30-04-2025
- Business
- Yahoo
European Commission confirms it will not extend "trade visa-free regime" for Ukraine
The European Commission does not plan to extend the regime of Autonomous Trade Measures (ATM) for Ukraine (the so-called trade visa-free regime), which is set to expire on 5 June, but it will ensure a smooth transition to a new framework in which all trade liberalisation conditions will be formalised under the EU-Ukraine Free Trade Agreement. Source: European Commission spokesperson Olof Gill during a briefing in Brussels on 30 April, European Pravda reports Details: Gill emphasised that the autonomous trade measures, which remove most barriers for Ukrainian exports to the EU, will not be completely cancelled: all aspects of trade liberalisation between Ukraine and the EU will be embedded in the Deep and Comprehensive Free Trade Area (DCFTA). "Our intention is to ensure a seamless transition to a new regime where all trade arrangements will be baked into the deep and comprehensive free trade agreement we have with Ukraine," said Gill. "So the intention would be to have a transition that allows the ATMs to expire and then all the liberalisation details will be programmed into the DCFTA," he clarified. The European Commission spokesperson stated that he cannot say "when the process will happen". "But it will happen soon and it will proceed in a structured way so that there is no room for doubt as to what has happened," he stressed. "We are going to ensure that there is no need for a snapback. We're going to put in place a process so that as the ATMs expire, that the way we trade on a two-way basis with Ukraine is fully baked into our DCFTA," Gill concluded. Background: European Pravda earlier reported that the Ukrainian government is working with the EU Commission to avoid reverting to the pre-2022 trade regime. In early April, Ukraine's PM Denys Shmyhal called on the EU to extend the "trade visa-free regime" until the end of 2025. On 13 May 2024, the EU Council, after lengthy and tense negotiations, approved the extension of preferential trade with Ukraine for another year – until 5 June 2025. Support Ukrainska Pravda on Patreon!
