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Straits Times
13-07-2025
- Business
- Straits Times
EU plans to engage more with other nations hit by US tariffs: Sources
The move comes as talks between the EU and the US have dragged on and continue to be stuck on several issues. The EU is preparing to step up its engagement with other countries hit by Mr Donald Trump's tariffs following a slew of new threats to the bloc and other US trading partners, according to people familiar with the matter. The contacts with nations including Canada and Japan could include the potential for coordination, said the people, who spoke on condition of anonymity to discuss private deliberations. The move comes as talks between the EU and the US have dragged on and continue to be stuck on several issues, including cars and tariff rates on agriculture. Member states were briefed on the status of talks on July 13. Earlier in the day, European Commission chief Ursula von der Leyen said the bloc will extend the suspension of trade countermeasures against the US until Aug. 1 to allow for further talks. The measures had been adopted in response to tariffs imposed earlier by Mr Trump on steel and aluminium before being paused a first time, and were due to snap back into place at midnight on July 15. 'At the same time, we will continue to prepare further countermeasures so we are fully prepared,' Ms von der Leyen told reporters in Brussels on July 13, while reiterating the EU's preference for a 'negotiated solution.' The current list of countermeasures would hit about €21 billion (S$31.4 billion) of US goods, while the EU has another one ready of about €72 billion, as well as some export controls, that will be presented to member states as early as July 14, said the people. Top stories Swipe. Select. Stay informed. Business From wellness zone to neurodivergent room: How companies are creating inviting, inclusive offices Singapore Govt will continue to support families, including growing group of seniors: PM Wong at PCF Family Day Singapore Swift action needed to stop vaping's slide from health risk to drug epidemic Singapore Experts call for legal agility to tackle influx of drug-laced vapes in Singapore Singapore askST Jobs: Feeling the pinch? Here's what to do if your pay rise is not matching inflation rate Opinion Hong Kong's past is disappearing, one icon at a time Asia Heaven sent? India's opposition parties build temples to woo Hindu voters Sport Sinner dethrones Alcaraz to capture maiden Wimbledon crown Ms Von der Leyen also said that the EU's anti-coercion instrument, the bloc's most powerful trade tool, won't be used at this point. 'The ACI is created for extraordinary situations,' she said. 'We are not there yet.' In a social media post responding to Mr Trump's announcement, French President Emmanuel Macron called for the speeding-up of preparations for credible countermeasures, including the anti-coercion tool, if no agreement is reached by Aug. 1. German Chancellor Friedrich Merz on July 14 evening said 30 per cent tariffs would hit exporters in Europe's largest economy 'to the core' if a negotiated solution in the trade conflict can't be found. Mr Merz said he was coordinating closely with other leaders to ensure tariffs of such magnitude don't come into force. 'That requires two things: unity in the European Union and good lines of communication with the American president,' the conservative leader told ARD in an interview. Mr Trump has sent letters to a slew of trading partners, tweaking tariff levels proposed in April and inviting them to further talks. In a letter published July 12, the US president warned the EU it would face a 30 per cent rate from August if better terms can't be negotiated. The EU had sought to conclude a tentative deal with the US to stave off higher tariffs, but Mr Trump's letter punctured recent optimism in Brussels over the prospects for an 11th-hour agreement. Other countries like Mexico, which has also been negotiating with the US, were surprised to receive similar letters. The EU is seeking a tariff no higher than 10 per cent on agricultural exports. An offset mechanism that some carmakers had pushed as a way to grant tariff relief to companies in return for investments in the US isn't under consideration for now, amid worries from the EU that it could shift production across the Atlantic. The bloc's negotiators are focusing talks on car tariffs instead, according to people familiar with the matter, who spoke on condition of anonymity to discuss private deliberations. Negotiations between the US and EU are expected to continue this week, said the people. The US and the EU have been discussing an initial deal that would see most EU exports hit with a 10 per cent tariff, with limited exemptions for some industries such as aviation and medical devices, Bloomberg previously reported. The EU has also been arguing for lower rates on spirits and wines, as well as mitigating through quotas the 50 per cent tariffs that Mr Trump has imposed on steel and aluminium. The US has proposed a 17 per cent tariff on agricultural products. Any initial agreement would also cover non-tariff barriers, economic security cooperation and strategic purchases. In addition to a universal levy now due in August, Mr Trump has also introduced 25 per cent levies on cars and parts, as well as double that on metals. The president is working to introduce sectoral levies in other areas, including pharmaceuticals and semiconductors, and recently announced a 50 per cent duty on copper. Any deal at this stage wouldn't automatically shield the EU from those sectoral measures, but the bloc continues to seek preferential treatment in the potentially affected industries. BLOOMBERG
Straits Times
13-07-2025
- Straits Times
Search called off for crew of Houthi-hit ship, maritime agencies say
Sign up now: Get ST's newsletters delivered to your inbox A vessel said to be Greek-operated, Liberia-flagged Eternity C is seen sinking in a footage released by Yemen's Houthis, in the Red Sea, on July 9, 2025. ATHENS - Maritime agencies Diaplous and Ambrey said on July 13 that they had ended their search for the remaining crew of the Eternity C cargo ship that was attacked by Yemen's Houthi militants last week . The decision was made at the request of the vessel's owner, both agencies said. The Liberia-flagged, Greek-operated Eternity C sank on the morning of July 9 following attacks over two consecutive days, according to sources at security companies involved in the rescue operation. Ten of the ship's complement of 22 crew and three guards were rescued . The remaining 15 are considered missing, including five who are believed to be dead, maritime security sources said. The Houthis said they had rescued some of the crew. The crew included 21 Filipinos and one Russian. Three armed guards were also on board, including one Greek and one Indian, who were both rescued. 'The decision to end the search has been taken by the vessel's owner reluctantly but it believes that, in all the circumstances, the priority must now be to get the 10 souls safely recovered alive ashore,' maritime risk management firm Diaplous and British security firm Ambrey said in a joint statement. The Houthis also claimed responsibility for a similar assault last Sunday targeting another ship, the Magic Seas. All crew from the Magic Seas were rescued before it sank. Top stories Swipe. Select. Stay informed. Business From wellness zone to neurodivergent room: How companies are creating inviting, inclusive offices Singapore Govt will continue to support families, including growing group of seniors: PM Wong at PCF Family Day Singapore Swift action needed to stop vaping's slide from health risk to drug epidemic Singapore Experts call for legal agility to tackle influx of drug-laced vapes in Singapore Singapore askST Jobs: Feeling the pinch? Here's what to do if your pay rise is not matching inflation rate Opinion Hong Kong's past is disappearing, one icon at a time Asia Heaven sent? India's opposition parties build temples to woo Hindu voters Sport Sinner dethrones Alcaraz to capture maiden Wimbledon crown The strikes on the two ships marked a resumption of a campaign by the Iran-aligned fighters who attacked more than 100 ships from November 2023 to December 2024 in what they said was solidarity with the Palestinians.
