Latest news with #Sefcovic
Time of India
3 days ago
- Business
- Time of India
EU, US to form metals alliance to counterbalance Chinese overcapacity
Advt The European Union and United States will develop a metals alliance to mitigate the impact of subsidised Chinese production on global markets as part of their trade deal , European Trade Commissioner Maros Sefcovic said on said that, in their hours of discussions to reach an agreement, US officials came to realise the US and EU steel sectors faced the same problem. As such, EU steel and aluminium makers will be granted a quota system with minimal or zero tariffs to replace US President Donald Trump's 50 per cent import tariffs. The system is yet to be finalised."The agreement is clear prospect of joint action on steel, aluminium, copper and the derivatives in what I'd like to call a metals alliance, effectively creating a joint ring-fence around our respective economies through tariff rate quotas at historic levels with preferential treatment," Sefcovic told a press conference."It became very, very clear that if it comes to steel and metals we are not each other's problem." he Europe, finding a way to remove US steel tariffs has become even more urgent as its smelters are losing scrap supplies to US plants. Scrap is a major input in smelters because it is sold at a discount to primary metal and is less energy-intensive to turn into a finished possible alliance and quota system reveal growing momentum to counter Chinese output. At the Group of Seven (G7) nations finance meeting in May, officials agreed to tackle "excessive imbalances" in the global economy without explicitly naming China."I have to say that despite the strenuous efforts of my colleagues and myself and several long meetings with my Chinese counterparts, unfortunately, the list of the accumulated issues on the table will not get shorter, but just grew longer," Sefcovic said, referring to last week's EU-China Summit."Clearly the issue is overcapacity. The issue is linked with what we perceive as illegal subsidies ."
Forbes
24-07-2025
- Business
- Forbes
Stressful Times For Europe's Leaders
STRASBOURG, FRANCE - JULY 18: Ursula von der Leyen reacts after being reelected as head of the ... More European Commission during the plenary session of the European Parliament on July 18, 2024 in Strasbourg, France. Members of the European Parliament had to decide today on a second term for Ursula von der Leyen as the head of the European Commission, a role she has held since December 1, 2019. She secured the backing of 401 MEPs in the 720-seat European Parliament. Additionally, the leadership positions for the European Parliament, European Council, and the EU's foreign affairs are also being decided. On Tuesday, the newly-elected EU Parliament began its first legislative term in France following the recent elections. (Photo by) Two events this Thursday will define the performance and vision of Europe's leadership. First, today Ursula von der Leyen and colleagues are in Beijing this week (24th – a second day in Hefei was cancelled) for a somewhat downgraded summit with China, ostensibly to mark the 50-year anniversary of diplomatic relations. Key personnel like trade commissioner Sefcovic will not attend, and expectations for any positive developments have been tempered. Europe is highly uncomfortable with China's support of Russia's military, its 'dumping' of excess industrial capacity in Europe (e.g chemicals) and the many barriers to entry it erects to overseas firms (opaque regulations and forced technology transfer). Policy documents being prepared by the EU External Relations directorate talk more of an engagement with China than a partnership, and worlds like 'rivalry' are increasingly deployed. More tellingly, the language in the new EU budget speaks of 'high-risk suppliers' (code for China) and the need to insulate supply chains against them. For its part, China's overtures in Europe have been unfortunate – cultivating extradition deals with 'black sheep' like Hungary, and failing to engage on key policy issues (i.e. electric vehicles) and of course its relationship with Russia. The outcome of the meeting and the geopolitical changes behind it may well be that China decides that Europe is no longer a priority in terms of engagement and turns its attention to other parts of Asia and Africa. Europe is already casting China in a more negative light. In general, European military leaders and industry chiefs are thought to be aligned with the EU's tougher stance on China, and in the absence of concessions from China, we expect that relations will continue to be 'correct', and somewhat frosty. A joint statement on climate has been agreed, apparently, but this might be the only take-away. Also on Thursday, having steadfastly cut rates over the course of the past year, the ECB, in our view will increasingly watch and wait, amidst signs that credit growth in the euro-zone is beginning to pick up. In addition, we expect that the chief pre-occupation of the Governing Council will be the strong euro, and we expect that policy members will increasingly try to chip away at the strength of the euro in their public addresses. With positioning data showing thedollar is now tactically oversold, the luck of the ECB might be in but it will require some dovish forward guidance. The actions of the ECB, in contrast to the Fed which faces stiffer inflation pressures, have helped to support the euro-zone economy. With tariffs biting many European firms, the next challenge is to see how they can curb euro-strength.
Kuwait Times
23-07-2025
- Business
- Kuwait Times
EU to ramp up retaliation plans as US tariff deal prospects dim
Diplomats say EU members considering anti-coercion powers BRUSSELS: The European Union is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. An increasing number of EU members, including Germany, are now considering using wide-ranging 'anti-coercion' measures which would let the bloc target US services and other sectors in the absence of a deal, diplomats say. The European Commission, which negotiates trade agreements on behalf of the 27-member bloc, had appeared on course for a agreement in which the EU would still have faced a 10 percent US tariff on most of its exports, with some concessions. Such hopes now seem dashed after President Donald Trump's threat to impose a 30 percent tariff by August 1, and following talks between EU Trade Commissioner Maros Sefcovic and US counterparts in Washington last week. Sefcovic, who has said a 30 percent tariff would 'practically prohibit' transatlantic trade, delivered a sober report on the current state of play to EU envoys on Friday, diplomats told Reuters. US counterparts had come up with diverging solutions during his meetings, including a baseline rate that could be well above 10 percent, the EU diplomats added. BRUSSELS: President of the European Commission Ursula von der Leyen (left), European Council President Antonio Costa (righr) and Canada's Prime Minister Justin Trudeau (left) walk before their talks at the European Council Headquarters in Brussels, on February 12, 2025. -- AFP NEW YORK: Pedestrians pass by a sandwich board outside of a pub advertising it as a 'tariff free zone' in New York.-- AFP 'Each interlocutor seemed to have different ideas. No one can tell (Sefcovic) what would actually fly with Trump,' one diplomat said. Prospects of easing or removing 50 percent US tariffs on steel and aluminum and 25 percent on cars and car parts appear limited. Washington has also rejected the EU's demand for a 'standstill' arrangement, whereby no further tariffs would be imposed after a deal is struck. The rationale, according to diplomats, is that Trump's hands cannot be tied on national security, the basis of Section 232 trade investigations into pharmaceuticals, semiconductors and timber. Accordingly, the mood has pivoted among EU countries, EU diplomats say, and they are more ready to react, even though a negotiated solution is their preferred option. The EU has one package of tariffs on 21 billion euros ($24.5 billion) of US goods that is currently suspended until August 6. The bloc must still decide on a further set of countermeasures on 72 billion euros of US exports. Discussions have also increased on using the EU's wide-ranging 'anti-coercion' instrument (ACI) that allows the bloc to retaliate against third countries that put economic pressure on member states to change their policies. Brought in more with China in mind, it would allow the bloc to target US services, limit US companies' access to public procurement or financial services markets or restrict US investment. France has consistently advocated using the ACI, but others have baulked at what some see as a nuclear option. Trump has warned he will retaliate if other countries take action against the United States. European Commission President Ursula von der Leyen said a week ago that the ACI was created for extraordinary situations, adding: 'We are not there yet.' The Commission would need a qualified majority of 15 countries making up 65 percent of the EU population to invoke it. It would not do so unless it was confident of passing it, but there are now growing signs of support building, with Germany among the countries saying it should be considered, EU diplomats say. – Reuters
Time of India
21-07-2025
- Business
- Time of India
EU to ramp up retaliation plans as US tariff deal prospects dim
BRUSSELS: The European Union is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. An increasing number of EU members, including Germany, are now considering using wide-ranging "anti-coercion" measures which would let the bloc target US services and other sectors in the absence of a deal, diplomats say. Explore courses from Top Institutes in Select a Course Category Others Artificial Intelligence Degree CXO MCA Finance Project Management PGDM Product Management Digital Marketing Management Data Science Design Thinking others Technology Data Analytics Public Policy Cybersecurity MBA Data Science healthcare Leadership Operations Management Healthcare Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details The European Commission , which negotiates trade agreements on behalf of the 27-member bloc, had appeared on course for an agreement in which the EU would still have faced a 10% U.S. tariff on most of its exports, with some concessions. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 20 Pieces of Clothing Older Women should Avoid Learn More Undo Such hopes now seem dashed after President Donald Trump 's threat to impose a 30% tariff by August 1, and following talks between EU Trade Commissioner Maros Sefcovic and U.S. counterparts in Washington last week. Sefcovic, who has said a 30% tariff would "practically prohibit" transatlantic trade, delivered a sober report on the current state of play to EU envoys on Friday, diplomats told Reuters. US counterparts had come up with diverging solutions during his meetings, including a baseline rate that could be well above 10%, the EU diplomats added. Live Events "Each interlocutor seemed to have different ideas. No one can tell (Sefcovic) what would actually fly with Trump," one diplomat said. Prospects of easing or removing 50% US tariffs on steel and aluminium and 25% on cars and car parts appear limited. 'NUCLEAR OPTION' Washington has also rejected the EU's demand for a "standstill" arrangement, whereby no further tariffs would be imposed after a deal is struck. The rationale, according to diplomats, is that Trump's hands cannot be tied on national security, the basis of Section 232 trade investigations into pharmaceuticals, semiconductors and timber. Accordingly, the mood has pivoted among EU countries, EU diplomats say, and they are more ready to react, even though a negotiated solution is their preferred option. The EU has one package of tariffs on 21 billion euros ($24.5 billion) of U.S. goods that is currently suspended until August 6. The bloc must still decide on a further set of countermeasures on 72 billion euros of U.S. exports.
Straits Times
21-07-2025
- Business
- Straits Times
EU to ramp up retaliation plans as US tariff deal prospects dim
European Commissioner for Trade Maros Sefcovic speaks to the media ahead of a European Union Foreign Affairs Council (Trade) meeting to discuss EU-U.S. relations, in Brussels, Belgium July 14, 2025. REUTERS/Yves Herman BRUSSELS - The European Union is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. An increasing number of EU members, including Germany, are now considering using wide-ranging "anti-coercion" measures which would let the bloc target U.S. services and other sectors in the absence of a deal, diplomats say. The European Commission, which negotiates trade agreements on behalf of the 27-member bloc, had appeared on course for a agreement in which the EU would still have faced a 10% U.S. tariff on most of its exports, with some concessions. Such hopes now seem dashed after President Donald Trump's threat to impose a 30% tariff by August 1, and following talks between EU Trade Commissioner Maros Sefcovic and U.S. counterparts in Washington last week. Sefcovic, who has said a 30% tariff would "practically prohibit" transatlantic trade, delivered a sober report on the current state of play to EU envoys on Friday, diplomats told Reuters. U.S. counterparts had come up with diverging solutions during his meetings, including a baseline rate that could be well above 10%, the EU diplomats added. "Each interlocutor seemed to have different ideas. No one can tell (Sefcovic) what would actually fly with Trump," one diplomat said. Top stories Swipe. Select. Stay informed. Singapore Subsidies and grants for some 20,000 people miscalculated due to processing issue: MOH Singapore 2 workers stranded on gondola dangling outside Raffles City Tower rescued by SCDF Business Why Singapore and its businesses stand to lose with US tariffs on the region Singapore Medallions with Singapore Botanic Gardens' iconic landmarks launched to mark milestone-filled year Life WP chairwoman Sylvia Lim to publish memoir with Epigram Books in 2027 Business $1.1 billion allocated to three fund managers to boost Singapore stock market: MAS Singapore Jail for man who conspired with another to bribe MOH agency employee with $18k Paris trip Singapore Jail, caning for man who held metal rod to cashier's neck in failed robbery attempt Prospects of easing or removing 50% U.S. tariffs on steel and aluminium and 25% on cars and car parts appear limited. 'NUCLEAR OPTION' Washington has also rejected the EU's demand for a "standstill" arrangement, whereby no further tariffs would be imposed after a deal is struck. The rationale, according to diplomats, is that Trump's hands cannot be tied on national security, the basis of Section 232 trade investigations into pharmaceuticals, semiconductors and timber. Accordingly, the mood has pivoted among EU countries, EU diplomats say, and they are more ready to react, even though a negotiated solution is their preferred option. The EU has one package of tariffs on 21 billion euros ($24.5 billion) of U.S. goods that is currently suspended until August 6. The bloc must still decide on a further set of countermeasures on 72 billion euros of U.S. exports. Discussions have also increased on using the EU's wide-ranging "anti-coercion" instrument (ACI) that allows the bloc to retaliate against third countries that put economic pressure on member states to change their policies. Brought in more with China in mind, it would allow the bloc to target U.S. services, limit U.S. companies' access to public procurement or financial services markets or restrict U.S. investment. France has consistently advocated using the ACI, but others have baulked at what some see as a nuclear option. Trump has warned he will retaliate if other countries take action against the United States. European Commission President Ursula von der Leyen said a week ago that the ACI was created for extraordinary situations, adding: "We are not there yet." The Commission would need a qualified majority of 15 countries making up 65% of the EU population to invoke it. It would not do so unless it was confident of passing it, but there are now growing signs of support building, with Germany among the countries saying it should be considered, EU diplomats say. ($1 = 0.8590 euros) REUTERS
