Latest news with #Sefcovic
RTÉ News
2 days ago
- Business
- RTÉ News
Canada prepares reprisals over US metals tariffs, EU reports progress in talks
Canada prepared possible reprisals while the European Union reported progress in trade talks on Wednesday as new US metals tariffs triggered more disruption in the global economy and added urgency to negotiations with Washington. President Donald Trump's doubling of tariffs on steel and aluminum imports kicked in yesterday, the same day his administration sought "best offers" from trading partners to avoid other punishing import levies from taking effect in July. The move will hit the closest US trading partners - Canada and Mexico - especially hard. Canada is the top exporter of both steel and aluminum to the United States. Prime Minister Mark Carney said Canada is prepared to strike back against the United States if talks with Washington to remove President Trump's tariffs did not succeed. "We are in intensive negotiations with the Americans, and, in parallel, preparing reprisals if those negotiations do not succeed," Prime Minister Carney told the House of Commons. Canada's labour union Unifor called for retaliatory tariffs, while Ontario Premier Doug Ford urged the Prime Minister not to "sit back and let President Trump steamroll us." President Trump has made charging US importers tariffs on goods from foreign countries the central policy of his trade wars, which have severely disrupted global trade flows and roiled financial markets. The Republican president has long been angered by the massive federal trade deficit, saying it was emblematic of how trading partners "take advantage" of the sees tariffs as a tool to bring more manufacturing - and the jobs that go with that - back to the United States. However, the non-partisan Congressional Budget Office said on Wednesday that US economic output will fall as a result of President Trump's new tariffs on foreign goods that were in place as of May 13. The US tariff hike on the two metals to 50% from the 25% rate introduced in March took effect at 12:01 am yesterday. It applies to all trading partners except Britain, the only country so far to strike a preliminary trade agreement with the US during a 90-day pause on a wider array of Trump tariffs that ends on July 8. The 27-nation EU's trade negotiator, Maros Sefcovic, and US Trade Representative Jamieson Greer said their meeting in Paris was constructive. "We both concluded that we are advancing in the right direction, at pace," Sefcovic told reporters. Technical talks were ongoing in Washington, he said, and high-level contacts will follow. "What makes me optimistic is I see the progress ... the discussions are now very concrete," Sefcovic said. Greer said the talks were advancing quickly and demonstrated "a willingness by the EU to work with us to find a concrete way forward to achieve reciprocal trade." Sefcovic said he deeply regretted the doubling of the steel tariffs, stressing that the EU has the same challenge - overcapacity - as the United States on steel, and that they should work together on that. About a quarter of all steel used in the US is imported. GLOBAL DISRUPTION, LOCAL PAIN In another sign of disruptions to global trade, concerns about the damage from China's restrictions on critical mineral exports deepened, with some European auto parts plants suspending output and German carmaker BMW warning that its supplier network was affected by shortages of rare earths. Separately, President Trump said early yesterday that Chinese President Xi Jinping is tough and "extremely hard to make a deal with," exposing frictions after the White House raised expectations for a long-awaited phone call between the two leaders this week over trade issues including critical minerals. The expected hike in the levies jolted the market for both steel and aluminum this week, especially the latter. Global forex, bond and stock markets took the latest tariffs in their stride, with many investors betting that the current levies may not last and that the president will back off from such extreme actions. Uncertainty around the US President's trade policy has created havoc around the world. The new tariffs will affect "everything from autos to aircraft to aluminum beer containers to cans for processed goods to machinery and equipment," said Georgetown University professor Marc Busch, a trade policy expert. The American Automotive Policy Council said the tariffs will increase the cost of assembling a car in the United States and put the US industry and workers at a disadvantage in the global marketplace. Bernard Yaros, lead US economist at Oxford Economics, estimated the new metals tariffs will cut business spending on equipment and structures by as much as 0.4% to 0.5%, "more than twice as large as the expected hit to consumer spending." The Aluminum Association urged the Trump administration to reserve high tariffs for bad actors including China and include carve outs for partners like Canada. 'BEST OFFER' DUE DATE Wednesday is also when the White House expects trading partners to propose deals that might help them avoid President Trump's hefty "reciprocal" tariffs on imports across the board from taking effect in five weeks. US officials have been in talks with several countries since the US President announced a pause on those tariffs on April 9, but so far only the UK deal has materialized and even that pact is essentially a preliminary framework for more talks. Reuters reported on Monday that Washington was asking countries to list their best proposals in such key areas as suggested tariffs and quotas for US products and plans to remedy any non-tariff barriers. In turn, the letter promises answers "within days" with an indication of what tariff rates countries can expect after the 90-day pause ends.
Time of India
2 days ago
- Automotive
- Time of India
EU asks China to address ‘alarming' rare earth disruptions
The European Union's trade chief, Maros Sefcovic, said he raised industry-wide concerns over Chinese export restrictions on rare earths and magnets with his counterpart Wang Wentao on Tuesday. 'It was one of my priorities to address this issue yesterday and we did,' Sefcovic told reporters Wednesday in Paris, where he's attending a conference at the Organization for Economic Cooperation and Development. 'I informed my Chinese counterpart about the alarming situation in the European car industry, but I would say industry as such because clearly rare earth and permanent magnets are absolutely essential for the industrial production,' he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trading CFD dengan Teknologi dan Kecepatan Lebih Baik IC Markets Mendaftar Undo The EU trade commissioner described the situation as 'extremely disruptive.' Sefcovic's comments echo concerns raised by other government officials including those in the Trump administration, which has accused China of breaking a deal reached in Geneva last month to, among other things, lower barriers for exports of rare earth materials. Live Events Mercedes, BMW Automakers are preparing for possible supply crunches. The potential squeeze on rare earth magnets is drawing comparisons to the global semiconductor crisis that disrupted automotive production in the wake of the coronavirus pandemic. Mercedes-Benz Group AG has intensified discussions with key suppliers about the short-term availability of components containing these materials and whether to stockpile certain items. While its car factories are operating as usual, parts of BMW AG's supply network are affected by China's curbs. During his meeting, Sefcovic said that Wang explained Beijing's dual-use export system for civilian and military goods, and the two ministers compared trade data. The EU's trade chief said their figures didn't match. The bloc agreed to share data with Beijing that had been supplied to the European Commission by affected companies, he said. He said they would talk again 'relatively soon' once data on both sides has been clarified. Sefcovic said the bloc's preference was to find a systemic solution to the challenge to avoid bureaucratic delays and stress for companies in future. 'If it comes to the permanent magnets which are used clearly for civilian production, because you need them from washing machines to cars to any home appliance we have most probably at home all of us, this is extremely disruptive for the industry,' Sefcovic said.
AsiaOne
2 days ago
- Business
- AsiaOne
Canada prepares reprisals over US metals tariffs, EU reports progress in talks , World News
OTTAWA/WASHINGTON — Canada prepared possible reprisals while the European Union reported progress in trade talks on Wednesday (June 4) as new US metals tariffs triggered more disruption in the global economy and added urgency to negotiations with Washington. President Donald Trump's doubling of tariffs on steel and aluminium imports kicked in on Wednesday, the same day his administration sought "best offers" from trading partners to avoid other punishing import levies from taking effect in July. The move will hit the closest US trading partners — Canada and Mexico — especially hard. Canada is the top exporter of both steel and aluminium to the United States. Prime Minister Mark Carney said Canada is prepared to strike back against the United States if talks with Washington to remove Trump's tariffs did not succeed. "We are in intensive negotiations with the Americans, and, in parallel, preparing reprisals if those negotiations do not succeed," Carney told the House of Commons. Canada's labour union Unifor called for retaliatory tariffs, while Ontario Premier Doug Ford urged Carney not to "sit back and let President Trump steamroll us." Trump has made charging US importers tariffs on goods from foreign countries the central policy of his trade wars, which have severely disrupted global trade flows and roiled financial markets. The Republican president has long been angered by the massive federal trade deficit, saying it was emblematic of how trading partners "take advantage" of the US He sees tariffs as a tool to bring more manufacturing — and the jobs that go with that — back to the United States. However, the non-partisan Congressional Budget Office said on Wednesday that US economic output will fall as a result of Trump's new tariffs on foreign goods that were in place as of May 13. The US tariff hike on the two metals to 50 per cent from the 25 per cent rate introduced in March took effect at 12.01am (12.01pm Singapore time) Wednesday. It applies to all trading partners except Britain, the only country so far to strike a preliminary trade agreement with the US during a 90-day pause on a wider array of Trump tariffs that ends on July 8. The 27-nation EU's trade negotiator, Maros Sefcovic, and US Trade Representative Jamieson Greer said their meeting in Paris was constructive. "We both concluded that we are advancing in the right direction, at pace," Sefcovic told reporters. Technical talks were ongoing in Washington, he said, and high-level contacts will follow. "What makes me optimistic is I see the progress... the discussions are now very concrete," Sefcovic said. Greer said the talks were advancing quickly and demonstrated "a willingness by the EU to work with us to find a concrete way forward to achieve reciprocal trade." Sefcovic said he deeply regretted the doubling of the steel tariffs, stressing that the EU has the same challenge — overcapacity — as the United States on steel, and that they should work together on that. About a quarter of all steel used in the US is imported. Global disruption, local pain In another sign of disruptions to global trade, concerns about the damage from China's restrictions on critical mineral exports deepened, with some European auto parts plants suspending output and German carmaker BMW warning that its supplier network was affected by shortages of rare earths. Separately, Trump said early on Wednesday that Chinese President Xi Jinping is tough and "extremely hard to make a deal with," exposing frictions after the White House raised expectations for a long-awaited phone call between the two leaders this week over trade issues including critical minerals. [[nid:718546]] The expected hike in the levies jolted the market for both steel and aluminium this week, especially the latter. Global forex, bond and stock markets took the latest tariffs in their stride, with many investors betting that the current levies may not last and that the president will back off from such extreme actions. Uncertainty around Trump's trade policy has created havoc around the world. The new tariffs will affect "everything from autos to aircraft to aluminium beer containers to cans for processed goods to machinery and equipment," said Georgetown University professor Marc Busch, a trade policy expert. The American Automotive Policy Council said the tariffs will increase the cost of assembling a car in the United States and put the US industry and workers at a disadvantage in the global marketplace. Bernard Yaros, lead US economist at Oxford Economics, estimated the new metals tariffs will cut business spending on equipment and structures by as much as 0.4 per cent to 0.5 per cent, "more than twice as large as the expected hit to consumer spending." The Aluminum Association urged the Trump administration to reserve high tariffs for bad actors including China and include carve outs for partners like Canada. 'Best offer' due date Wednesday is also when the White House expects trading partners to propose deals that might help them avoid Trump's hefty "reciprocal" tariffs on imports across the board from taking effect in five weeks. US officials have been in talks with several countries since Trump announced a pause on those tariffs on April 9, but so far only the UK deal has materialised and even that pact is essentially a preliminary framework for more talks. Reuters reported on Monday that Washington was asking countries to list their best proposals in such key areas as suggested tariffs and quotas for US products and plans to remedy any non-tariff barriers. In turn, the letter promises answers "within days" with an indication of what tariff rates countries can expect after the 90-day pause ends. [[nid:718640]]
Qatar Tribune
2 days ago
- Business
- Qatar Tribune
Trump says Xi ‘extremely hard' to make deal with as steel levies double
Agencies U.S. President Donald Trump said Wednesday it was 'extremely hard' to make a deal with Chinese counterpart Xi Jinping – amid reports they might talk later this week – and as he continued to ramp up his global trade war by doubling tariffs on steel and aluminum imports. The comments and higher levies came as the Organisation for Economic Co-operation and Development (OECD) ministers gathered to discuss the outlook for the world economy in light of the U.S. hardball approach to trade that has rattled world markets. Trump's sweeping tariffs on allies and adversaries have strained ties with trading partners and sparked a flurry of negotiations to avoid the duties. The White House has suggested the president will speak to Xi this week, raising hopes they can soothe tensions and speed up a trade deal between the world's two biggest economies. However, in the early hours of Wednesday, Trump appeared to dampen hopes for a quick deal. 'I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!' he posted on his Truth Social platform. China was the main target of Trump's April 2 tariff blitz, hit with levies of 145% on its goods and triggering tit-for-tat tariffs of 125% on U.S. goods. Both sides agreed to temporarily de-escalate in May, after the U.S. president delayed most sweeping measures on other countries until July 9. His latest remarks came hours after his tolls on aluminum and steel were doubled from 25% to 50%, raising tensions with various partners, while exempting Britain from the higher levy. U.S. Trade Representative Jamieson Greer held talks with EU trade commissioner Maros Sefcovic on the sidelines of the OECD meeting, a 38-nation grouping of mostly developed countries. With the 27-nation EU facing the threat of 50% tariffs on its goods taking effect next month, Sefcovic said he had 'a productive and constructive discussion' with Greer. 'We're advancing in the right direction at pace – and staying in close contact to maintain the momentum,' Sefcovic wrote on the X social media platform. The EU had warned last month that doubling the metal tariffs would undermine efforts to find a negotiated solution. The OECD cut its forecast for global economic growth on Tuesday, blaming Trump's tariff blitz for the downgrade. 'We need to come up with negotiated solutions as quickly as possible, because time is running out,' German Economy Minister Katherina Reiche Trade Minister Laurent Saint-Martin said: 'We have to keep our cool and always show that the introduction of these tariffs is in no one's interest.' Canada, the largest supplier of metals to the United States, has called Trump's tariffs 'illegal and unjustified.' After talks between U.K. Trade Secretary Jonathan Reynolds and Greer on Tuesday, London said imports from the U.K. would remain at 25% for now. Both sides needed to work out duties and quotas in line with the terms of a recently signed trade pact. 'We're pleased that as a result of our agreement with the U.S., U.K. steel will not be subject to these additional tariffs,' a British government spokesperson said. The Group of Seven advanced economies – Britain, Canada, France, Germany, Italy, Japan and the United States – was due to hold separate trade talks on Wednesday. Mexico will request an exemption from the higher tariff, Economy Minister Marcelo Ebrard said, arguing that it was unfair because the United States exports more steel to its southern neighbor than it imports. 'It makes no sense to put a tariff on a product in which you have a surplus,' Ebrard said. Mexico is highly vulnerable to Trump's trade wars because 80% of its exports go to the United States, its main partner. While some of Trump's most sweeping levies face legal challenges, they have been allowed to remain in place for now as an appeals process takes place. White House press secretary Karoline Leavitt confirmed Tuesday that the Trump administration sent letters to governments pushing for offers by Wednesday as the July 9 deadline approached.
Japan Today
2 days ago
- Business
- Japan Today
Canada prepares reprisals over U.S. metals tariffs; EU reports progress in talks
By David Ljunggren, Andrea Shalal and Julia Payne Canada prepared possible reprisals while the European Union reported progress in trade talks on Wednesday as new U.S. metals tariffs triggered more disruption in the global economy and added urgency to negotiations with Washington. President Donald Trump's doubling of tariffs on steel and aluminum imports kicked in on Wednesday, the same day his administration sought "best offers" from trading partners to avoid other punishing import levies from taking effect in July. The move will hit the closest U.S. trading partners - Canada and Mexico - especially hard. Canada is the top exporter of both steel and aluminum to the United States. Prime Minister Mark Carney said Canada is prepared to strike back against the United States if talks with Washington to remove Trump's tariffs did not succeed. "We are in intensive negotiations with the Americans, and, in parallel, preparing reprisals if those negotiations do not succeed," Carney told the House of Commons. Canada's labour union Unifor called for retaliatory tariffs, while Ontario Premier Doug Ford urged Carney not to "sit back and let President Trump steamroll us." Trump has made charging U.S. importers tariffs on goods from foreign countries the central policy of his trade wars, which have severely disrupted global trade flows and roiled financial markets. The Republican president has long been angered by the massive federal trade deficit, saying it was emblematic of how trading partners "take advantage" of the U.S. He sees tariffs as a tool to bring more manufacturing - and the jobs that go with that - back to the United States. However, the non-partisan Congressional Budget Office said on Wednesday that U.S. economic output will fall as a result of Trump's new tariffs on foreign goods that were in place as of May 13. The U.S. tariff hike on the two metals to 50% from the 25% rate introduced in March took effect at 12:01 a.m. (0401 GMT) Wednesday. It applies to all trading partners except Britain, the only country so far to strike a preliminary trade agreement with the U.S. during a 90-day pause on a wider array of Trump tariffs that ends on July 8. The 27-nation EU's trade negotiator, Maros Sefcovic, and U.S. Trade Representative Jamieson Greer said their meeting in Paris was constructive. "We both concluded that we are advancing in the right direction, at pace," Sefcovic told reporters. Technical talks were ongoing in Washington, he said, and high-level contacts will follow. "What makes me optimistic is I see the progress ... the discussions are now very concrete," Sefcovic said. Greer said the talks were advancing quickly and demonstrated "a willingness by the EU to work with us to find a concrete way forward to achieve reciprocal trade." Sefcovic said he deeply regretted the doubling of the steel tariffs, stressing that the EU has the same challenge - overcapacity - as the United States on steel, and that they should work together on that. About a quarter of all steel used in the U.S. is imported. GLOBAL DISRUPTION, LOCAL PAIN In another sign of disruptions to global trade, concerns about the damage from China's restrictions on critical mineral exports deepened, with some European auto parts plants suspending output and German carmaker BMW warning that its supplier network was affected by shortages of rare earths. Separately, Trump said early on Wednesday that Chinese President Xi Jinping is tough and "extremely hard to make a deal with," exposing frictions after the White House raised expectations for a long-awaited phone call between the two leaders this week over trade issues including critical minerals. The expected hike in the levies jolted the market for both steel and aluminum this week, especially the latter. Global forex, bond and stock markets took the latest tariffs in their stride, with many investors betting that the current levies may not last and that the president will back off from such extreme actions. Uncertainty around Trump's trade policy has created havoc around the world. The new tariffs will affect "everything from autos to aircraft to aluminum beer containers to cans for processed goods to machinery and equipment," said Georgetown University professor Marc Busch, a trade policy expert. The American Automotive Policy Council said the tariffs will increase the cost of assembling a car in the United States and put the U.S. industry and workers at a disadvantage in the global marketplace. Bernard Yaros, lead U.S. economist at Oxford Economics, estimated the new metals tariffs will cut business spending on equipment and structures by as much as 0.4% to 0.5%, "more than twice as large as the expected hit to consumer spending." The Aluminum Association urged the Trump administration to reserve high tariffs for bad actors including China and include carve outs for partners like Canada. Wednesday is also when the White House expects trading partners to propose deals that might help them avoid Trump's hefty "reciprocal" tariffs on imports across the board from taking effect in five weeks. U.S. officials have been in talks with several countries since Trump announced a pause on those tariffs on April 9, but so far only the UK deal has materialized and even that pact is essentially a preliminary framework for more talks. Reuters reported on Monday that Washington was asking countries to list their best proposals in such key areas as suggested tariffs and quotas for U.S. products and plans to remedy any non-tariff barriers. In turn, the letter promises answers "within days" with an indication of what tariff rates countries can expect after the 90-day pause ends. © Thomson Reuters 2025.
