Latest news with #USA-China
Economic Times
3 days ago
- Automotive
- Economic Times
U.S. EU trade deal: Donald Trump slaps 15 per cent tariffs on European goods, auto. What is new in it? Is China next?
US-Europe Trade Deal US-EU Tariffs Live Events USA-China Trade Deal Nearing? FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel US President Donald Trump and EU chief Ursula von der Leyen Sunday announced they had reached a deal to end a transatlantic tariffs standoff and avert a full-blown trade war. The agreement came as the clock ticked down on an August 1 deadline for the European Union to strike a deal with Washington -- or face an across-the-board US levy of 30 percent. Trump told reporters the deal involved a baseline levy of 15 percent on EU exports to the United States -- the same level secured by Japan -- including for the bloc's crucial auto sector, which is currently being taxed at 25 percent. Now all eyes are on the world's second largest economy - US President also said the bloc had agreed to purchase "$750 billion worth of energy" from the United States, as well as $600 billion more in additional investments in the country. Negotiating on behalf of the EU's 27 countries, von der Leyen's European Commission had been pushing hard to salvage a trading relationship worth an annual $1.9 trillion in goods and EU has been hit by multiple waves of tariffs since Trump reclaimed the White House. It is currently subject to a 25-percent levy on cars, 50 percent on steel and aluminium, and an across-the-board tariff of 10 percent, which Washington threatens to hike to 30 percent in a no-deal 15 percent would be much higher than pre-existing US tariffs on European goods, which average around 4.8 percent, it would mirror the status quo, with companies currently facing an additional flat rate of 10 the talks failed, EU states had greenlit counter tariffs on $109 billion (93 billion euros) of US goods including aircraft and cars to take effect in stages from August 7. Brussels was also drawing up a list of US services to potentially has embarked on a campaign to reshape US trade with the world, and has vowed to hit dozens of countries with punitive tariffs if they do not reach a pact with Washington by August 1. US Commerce Secretary Howard Lutnick had said Sunday the August 1 deadline was firm and there will be "no extensions, no more grace periods".U.S. President Donald Trump said on Sunday his administration was close to reaching a trade deal with China, but gave no other details. "We're very close to a deal with China. We really sort of made a deal with China, but we'll see how that goes," Trump told reporters at the start of a meeting with European Commission President Ursula von der Leyen in Scotland.A1. While 15 percent would be much higher than pre-existing US tariffs on European goods, which average around 4.8 percent, it would mirror the status quo, with companies currently facing an additional flat rate of 10 percent.A2. US President Donald Trump also said the bloc had agreed to purchase "$750 billion worth of energy" from the United States, as well as $600 billion more in additional investments in the country.
Time of India
3 days ago
- Business
- Time of India
U.S. EU trade deal: Donald Trump slaps 15 per cent tariffs on European goods, auto. What is new in it? Is China next?
United States and the European Union finalized a comprehensive trade deal that places a 15 per cent tariff on most EU goods entering the U.S., up from earlier proposed rates as high as 30 per cent. Tired of too many ads? Remove Ads US-Europe Trade Deal US-EU Tariffs Tired of too many ads? Remove Ads USA-China Trade Deal Nearing? FAQs US President Donald Trump and EU chief Ursula von der Leyen Sunday announced they had reached a deal to end a transatlantic tariffs standoff and avert a full-blown trade war. The agreement came as the clock ticked down on an August 1 deadline for the European Union to strike a deal with Washington -- or face an across-the-board US levy of 30 percent. Trump told reporters the deal involved a baseline levy of 15 percent on EU exports to the United States -- the same level secured by Japan -- including for the bloc's crucial auto sector, which is currently being taxed at 25 percent. Now all eyes are on the world's second largest economy - US President also said the bloc had agreed to purchase "$750 billion worth of energy" from the United States, as well as $600 billion more in additional investments in the country. Negotiating on behalf of the EU's 27 countries, von der Leyen's European Commission had been pushing hard to salvage a trading relationship worth an annual $1.9 trillion in goods and EU has been hit by multiple waves of tariffs since Trump reclaimed the White House. It is currently subject to a 25-percent levy on cars, 50 percent on steel and aluminium, and an across-the-board tariff of 10 percent, which Washington threatens to hike to 30 percent in a no-deal 15 percent would be much higher than pre-existing US tariffs on European goods, which average around 4.8 percent, it would mirror the status quo, with companies currently facing an additional flat rate of 10 the talks failed, EU states had greenlit counter tariffs on $109 billion (93 billion euros) of US goods including aircraft and cars to take effect in stages from August 7. Brussels was also drawing up a list of US services to potentially has embarked on a campaign to reshape US trade with the world, and has vowed to hit dozens of countries with punitive tariffs if they do not reach a pact with Washington by August 1. US Commerce Secretary Howard Lutnick had said Sunday the August 1 deadline was firm and there will be "no extensions, no more grace periods".U.S. President Donald Trump said on Sunday his administration was close to reaching a trade deal with China, but gave no other details. "We're very close to a deal with China. We really sort of made a deal with China, but we'll see how that goes," Trump told reporters at the start of a meeting with European Commission President Ursula von der Leyen in Scotland.A1. While 15 percent would be much higher than pre-existing US tariffs on European goods, which average around 4.8 percent, it would mirror the status quo, with companies currently facing an additional flat rate of 10 percent.A2. US President Donald Trump also said the bloc had agreed to purchase "$750 billion worth of energy" from the United States, as well as $600 billion more in additional investments in the country.
Scoop
12-06-2025
- Business
- Scoop
‘Devil Will Be In Detail': Luxon Reacts To Possible USA-China Trade Deal
Article – RNZ But the prime minister says it can only be a good thing as the global trading environment seeks more certainty. Morning Report Prime Minister Christopher Luxon says a possible USA-China trade deal is positive news, but time will tell what it means for New Zealand and the rest of the world. US President Donald Trump said a deal with China is 'done' after two days of high-level talks in London. Luxon welcomed the news but wanted to see the finer details. 'What we want to see is more certainty in the global trading environment, and I've read the reports as well,' he said. 'The devil will be in the detail, but that can only be a good thing.' Luxon said he expected to discuss the matter with China President Xi Jinping on his next trip the global giant. 'I'm sure that will be a topic of conversation about how we see the global trading environment and how we're observing in the region, but also around the world,' he said. Despite the trade uncertainty, Luxon said New Zealand exporters to the US had been making good progress. 'They'll still finding really great opportunities to grow their businesses, they're doing a great job of targeting the right channels and customers,' he said. 'But yes, of course that will be a big top of conversation when I do catch up with both President Xi and Premier Li (Qiang) in due course.' Agriculture Minister Todd McClay also welcomed the news of a possible US-China trade deal. The overnight announcement comes as the government welcomes the state of the country's agriculture sector. The Ministry of Primary Industries' Situation and Outlook report is projecting a double digit increase in New Zealand export revenues this year – though it warns about global uncertainty. It estimates New Zealand's agricultural export revenue could reach just under $60 billion by the end of June, up from a dip in 2023-4. McClay told Morning Report if a US-China deal has been done it would be 'good news'. At an OECD trade ministers meeting in Paris last week he had met with the trade ministers of both China and the US. Both had then gone off for joint talks so some momentum had been building to try and find a solution to their tariffs impasse. If things calmed down for international trade it would bring 'welcome relief' for exporters and result in some 'sensible decision-making'. Exporters 'go for value' McClay said the remarkable growth in primary exports was very positive. Dairy had enjoyed a solid season with a good supply of grass which had increased milk production. The meat sector was performing well and for the first time $5 billion worth of kiwifruit had been exported. Even the US market faced with tariff uncertainty was providing some opportunities for Kiwi exporters, citing the example of NZ King Salmon which has talked of increased sales at a higher price. Kiwi exporters were working hard to add value to their products, McClay said. One example was selling ready to eat burger patties to China which resulted in greater returns for farmers. 'So we're seeing Kiwi exporters go for value, not competing on price anywhere as much as they used to.' Luxon said the government, particularly McClay and Finance Minister Nicola Willis could take a 'tremendous credit' for the growth. 'We've created the conditions for growth; it's ultimately up to the businesses themselves to go out and seize on those opportunities,' he said. 'But if I think about the work that Todd's undertaken to make sure we're opening new markets, whether it's the GCC, the UAE, a 21 percent growth in the UK just in the last 12 months, a 28 percent in the EU by virtue of Todd bringing that agreement into earlier acceptance. 'There's been tremendous progress made on the trade front, and I think Nicola's work to make sure that she's cleaning up the books, good financial management, good fiscal management to lower inflation, to lower interest rates to get the economy growing, to get people employed – that's the work we've been doing as a government.' Luxon reiterated the government's belief in the importance of growth and said it was the primary industry sector pulling New Zealand out of a recession. 'We've got a really exciting future to shape it despite all the volatility that's out there in the world. 'Really proud of the primary industry sector, but also proud of the work of both Nicola and Todd and all of our team to create the conditions for growth as well.' On building in sustainability A government-backed grass certification standard for dairy and meat exports had been launched at Mystery Creek Fieldays yesterday, McClay said. This would be highly desirable for markets in China, other parts of Asia and the Middle East, McClay said. 'Grass fed now is increasingly wanted by consumers and they're willing to pay more.' On sustainable products, Groundswell has been calling for New Zealand to exit the Paris Agreement on Climate Change. McClay said that was not going to happen mainly because it would make exports to many markets untenable. He believed Groundswell and others were worried about higher costs and lower production if they adopted sustainable measures. 'We've been really clear – we think through technology and other things we can meet these obligations without putting farmers out of business.' Alternatives to farmers going into the Emissions Trading Scheme were being worked on and would be announced soon. McClay said the requirement of reducing methane by 10 percent by 2030 was on track to be met. 'So it shows farmers are willing to do it but we have to lean heavily into technology rather than just planting trees.' A number of products, known as methane inhibitors, have been developed already although they might have to overcome consumer resistance. McClay said anything developed would have to go through rigorous scientific testing. There would be a range of solutions developed and farmers would decide which ones they wanted to pick up. 'The overseas customers through the dairy company should be paying for this, not the New Zealand farmer.'
1News
12-06-2025
- Business
- 1News
'Devil will be in detail': Luxon on possible USA-China trade deal
Prime Minister Christopher Luxon says a possible USA-China trade deal is positive news, but time will tell what it means for New Zealand and the rest of the world. US President Donald Trump said a deal with China is "done" after two days of high-level talks in London. Luxon welcomed the news but wanted to see the finer details. "What we want to see is more certainty in the global trading environment, and I've read the reports as well," he said. "The devil will be in the detail, but that can only be a good thing." ADVERTISEMENT Luxon said he expected to discuss the matter with China President Xi Jinping on his next trip the global giant. "I'm sure that will be a topic of conversation about how we see the global trading environment and how we're observing in the region, but also around the world," he said. Despite the trade uncertainty, Luxon said New Zealand exporters to the US had been making good progress. "They're still finding really great opportunities to grow their businesses, they're doing a great job of targeting the right channels and customers," he said. "But yes, of course that will be a big top of conversation when I do catch up with both President Xi and Premier Li (Qiang) in due course." Agriculture Minister Todd McClay also welcomed the news of a possible US-China trade deal. Trade Minister Todd McClay. (Source: ADVERTISEMENT The overnight announcement comes as the government welcomes the state of the country's agriculture sector. The Ministry of Primary Industries' Situation and Outlook report is projecting a double digit increase in New Zealand export revenues this year - though it warns about global uncertainty. It estimates New Zealand's agricultural export revenue could reach just under $60 billion by the end of June, up from a dip in 2023-4. McClay told Morning Report if a US-China deal has been done it would be "good news". At an OECD trade ministers meeting in Paris last week he had met with the trade ministers of both China and the US. Both had then gone off for joint talks so some momentum had been building to try and find a solution to their tariffs impasse. If things calmed down for international trade it would bring "welcome relief" for exporters and result in some "sensible decision-making". ADVERTISEMENT Exporters 'go for value' McClay said the remarkable growth in primary exports was very positive. Dairy had enjoyed a solid season with a good supply of grass which had increased milk production. The meat sector was performing well and for the first time $5 billion worth of kiwifruit had been exported. Even the US market faced with tariff uncertainty was providing some opportunities for Kiwi exporters, citing the example of NZ King Salmon which has talked of increased sales at a higher price. Kiwi exporters were working hard to add value to their products, McClay said. One example was selling ready to eat burger patties to China which resulted in greater returns for farmers. "So we're seeing Kiwi exporters go for value, not competing on price anywhere as much as they used to." ADVERTISEMENT Luxon said the government, particularly McClay and Finance Minister Nicola Willis could take a "tremendous credit" for the growth. "We've created the conditions for growth; it's ultimately up to the businesses themselves to go out and seize on those opportunities," he said. "But if I think about the work that Todd's undertaken to make sure we're opening new markets, whether it's the GCC, the UAE, a 21% growth in the UK just in the last 12 months, a 28 percent in the EU by virtue of Todd bringing that agreement into earlier acceptance. "There's been tremendous progress made on the trade front, and I think Nicola's work to make sure that she's cleaning up the books, good financial management, good fiscal management to lower inflation, to lower interest rates to get the economy growing, to get people employed - that's the work we've been doing as a government." Luxon reiterated the government's belief in the importance of growth and said it was the primary industry sector pulling New Zealand out of a recession. "We've got a really exciting future to shape it despite all the volatility that's out there in the world. "Really proud of the primary industry sector, but also proud of the work of both Nicola and Todd and all of our team to create the conditions for growth as well." ADVERTISEMENT On building in sustainability A government-backed grass certification standard for dairy and meat exports had been launched at Mystery Creek Fieldays yesterday, McClay said. This would be highly desirable for markets in China, other parts of Asia and the Middle East, McClay said. "Grass fed now is increasingly wanted by consumers and they're willing to pay more." On sustainable products, Groundswell has been calling for New Zealand to exit the Paris Agreement on Climate Change. McClay said that was not going to happen mainly because it would make exports to many markets untenable. He believed Groundswell and others were worried about higher costs and lower production if they adopted sustainable measures. ADVERTISEMENT "We've been really clear - we think through technology and other things we can meet these obligations without putting farmers out of business." Alternatives to farmers going into the Emissions Trading Scheme were being worked on and would be announced soon. McClay said the requirement of reducing methane by 10% by 2030 was on track to be met. "So it shows farmers are willing to do it but we have to lean heavily into technology rather than just planting trees." A number of products, known as methane inhibitors, have been developed already although they might have to overcome consumer resistance. McClay said anything developed would have to go through rigorous scientific testing. There would be a range of solutions developed and farmers would decide which ones they wanted to pick up. "The overseas customers through the dairy company should be paying for this, not the New Zealand farmer."
Scoop
12-06-2025
- Business
- Scoop
‘Devil Will Be In Detail': Luxon Reacts To Possible USA-China Trade Deal
Prime Minister Christopher Luxon says a possible USA-China trade deal is positive news, but time will tell what it means for New Zealand and the rest of the world. US President Donald Trump said a deal with China is "done" after two days of high-level talks in London. Luxon welcomed the news but wanted to see the finer details. "What we want to see is more certainty in the global trading environment, and I've read the reports as well," he said. "The devil will be in the detail, but that can only be a good thing." Luxon said he expected to discuss the matter with China President Xi Jinping on his next trip the global giant. "I'm sure that will be a topic of conversation about how we see the global trading environment and how we're observing in the region, but also around the world," he said. Despite the trade uncertainty, Luxon said New Zealand exporters to the US had been making good progress. "They'll still finding really great opportunities to grow their businesses, they're doing a great job of targeting the right channels and customers," he said. "But yes, of course that will be a big top of conversation when I do catch up with both President Xi and Premier Li (Qiang) in due course." Agriculture Minister Todd McClay also welcomed the news of a possible US-China trade deal. The overnight announcement comes as the government welcomes the state of the country's agriculture sector. The Ministry of Primary Industries' Situation and Outlook report is projecting a double digit increase in New Zealand export revenues this year - though it warns about global uncertainty. It estimates New Zealand's agricultural export revenue could reach just under $60 billion by the end of June, up from a dip in 2023-4. McClay told Morning Report if a US-China deal has been done it would be "good news". At an OECD trade ministers meeting in Paris last week he had met with the trade ministers of both China and the US. Both had then gone off for joint talks so some momentum had been building to try and find a solution to their tariffs impasse. If things calmed down for international trade it would bring "welcome relief" for exporters and result in some "sensible decision-making". Exporters 'go for value' McClay said the remarkable growth in primary exports was very positive. Dairy had enjoyed a solid season with a good supply of grass which had increased milk production. The meat sector was performing well and for the first time $5 billion worth of kiwifruit had been exported. Even the US market faced with tariff uncertainty was providing some opportunities for Kiwi exporters, citing the example of NZ King Salmon which has talked of increased sales at a higher price. Kiwi exporters were working hard to add value to their products, McClay said. One example was selling ready to eat burger patties to China which resulted in greater returns for farmers. "So we're seeing Kiwi exporters go for value, not competing on price anywhere as much as they used to." Luxon said the government, particularly McClay and Finance Minister Nicola Willis could take a "tremendous credit" for the growth. "We've created the conditions for growth; it's ultimately up to the businesses themselves to go out and seize on those opportunities," he said. "But if I think about the work that Todd's undertaken to make sure we're opening new markets, whether it's the GCC, the UAE, a 21 percent growth in the UK just in the last 12 months, a 28 percent in the EU by virtue of Todd bringing that agreement into earlier acceptance. "There's been tremendous progress made on the trade front, and I think Nicola's work to make sure that she's cleaning up the books, good financial management, good fiscal management to lower inflation, to lower interest rates to get the economy growing, to get people employed - that's the work we've been doing as a government." Luxon reiterated the government's belief in the importance of growth and said it was the primary industry sector pulling New Zealand out of a recession. "We've got a really exciting future to shape it despite all the volatility that's out there in the world. "Really proud of the primary industry sector, but also proud of the work of both Nicola and Todd and all of our team to create the conditions for growth as well." On building in sustainability A government-backed grass certification standard for dairy and meat exports had been launched at Mystery Creek Fieldays yesterday, McClay said. This would be highly desirable for markets in China, other parts of Asia and the Middle East, McClay said. "Grass fed now is increasingly wanted by consumers and they're willing to pay more." On sustainable products, Groundswell has been calling for New Zealand to exit the Paris Agreement on Climate Change. McClay said that was not going to happen mainly because it would make exports to many markets untenable. He believed Groundswell and others were worried about higher costs and lower production if they adopted sustainable measures. "We've been really clear - we think through technology and other things we can meet these obligations without putting farmers out of business." Alternatives to farmers going into the Emissions Trading Scheme were being worked on and would be announced soon. McClay said the requirement of reducing methane by 10 percent by 2030 was on track to be met. "So it shows farmers are willing to do it but we have to lean heavily into technology rather than just planting trees." A number of products, known as methane inhibitors, have been developed already although they might have to overcome consumer resistance. McClay said anything developed would have to go through rigorous scientific testing. There would be a range of solutions developed and farmers would decide which ones they wanted to pick up. "The overseas customers through the dairy company should be paying for this, not the New Zealand farmer."
