Latest news with #USs
TimesLIVE
4 days ago
- Automotive
- TimesLIVE
S&P cuts outlook on Volvo over tariffs, China competition
S&P on Friday lowered the outlook for its BB+ credit rating on Volvo Cars to "negative" from "stable", saying US tariffs and tougher competition in China were hurting the company's growth prospects. The Sweden-based carmaker, majority-owned by China's Geely, last month withdrew its earnings guidance and announced cost cuts which will include laying off about 3,000 mostly white-collar workers amid a slowdown in demand. "The negative outlook on Volvo Cars reflects its large exposure to US import tariffs and the increasing marginalisation in the Chinese market," S&P said. "We expect Volvo Cars' profitability and cash generation after investments to come under pressure in 2025-2026, partly alleviated by a substantial cost reduction programme." The USs represented 16% of Volvo Cars sales in 2024, while China accounted for 20%. Volvo Cars produces only one of its models in the US, and relies on imports for the rest, leaving the company more exposed to US tariffs than many of its European peers. S&P said a proposed 2027 US ban on carmakers controlled by a Chinese entity also weighed on the outlook. In the most recent twist in the trade turmoil sparked by President Donald Trump, a US court on Thursday temporarily reinstated sweeping new tariffs, a day after another US court had ordered an immediate block on them.
RTÉ News
15-05-2025
- Business
- RTÉ News
Pharmaceutical exports soar by 243% in March
New figures from the Central Statistics Office today show that exports of Medical and Pharmaceutical Products soared again in March, while exports to the US also surged. Pharma exports jumped by 243%, or €16.7 billion, to €23.6 billion in March compared to €6.9 billion the same time last year. The CSO noted that this represented 63.3% of total exports in March, which highlights the significance of the pharmaceutical industry to the Irish economy. Today's CSO figures also show that exports to the US surged by almost 395%, or €20.3 billion, to €25.4 billion in March from a figure of €5.1 billion the same month last year, in anticipation of the imposition of tariffs by the Trump administration. The CSO said that 68.2% of exports went to the US in March, which means that for every €1 worth of goods Ireland exported during the month, almost 70 cent went to the US. It noted that exports to the US of Chemicals & Related Products also jumped by 536% (€20.1 billion) to €23.9 billion in March from the same time last year. The CSO said that overall exports hit a record level of €37.3 billion in March, an increase of 94.3% from the March 2024 figure. This resulted in an unadjusted trade surplus of €24.8 billion. Today's figures also show that the value of exports in the first quarter of 2025 jumped by €34.3 billion (63.6%) to €88.4 billion, when compared with €54 billion in the first quarter of 2024. Meanwhile, today's CSO figures also show that the unadjusted value of imports increased by €641m, or 5.4%, to €12.5 billion in March compared with €11.8 billion the same month last year. It added that imports increased by 12.5% to €35.7 billion in the first quarter of this year compared with the same time last year when imports came to €31.7 billion. Today's figures show that Ireland's top exporting partners were the US, Netherlands and Great Britain, with Ireland exporting 68.2%, 4.4% and 3.4% of total export goods respectively to these countries. Meanwhile, Ireland imported the highest value of goods from Germany, the US and Great Britain with these countries representing 16.3%, 13.5% and 12.6% of the total import goods trade in March The CSO noted that exports to Great Britain fell by 31.1% to €1.3 billion in March of this year compared with the same time last year, while imports from Great Britain increased by 4.4% to €1.6 billion. Commenting on today's figures, Carol Lynch, Head of Customs and International Trade Services at BDO, said the significant increase in exports to the US was largely expected and likely reflects stockpiling ahead of the anticipated implementation of US tariffs in April, as well as expected retaliatory measures from the EU. "This approach has proven prudent, given the USs introduced a 10% universal tariff on EU goods on April 5. We expect this stockpiling to continue, particularly in light of the proposed increase to a 20% tariff from July on exports to the US, along with various EU retaliatory tariffs of up to 25% on US imports from the same date," she said. "Of course, the outcome will depend on ongoing EU-US trade negotiations. However, even in the best-case scenario, exporters are unlikely to see the baseline 10% tariff rolled back any time soon," she added. Ms Lynch also noted the sharp rise in pharmaceutical exports, which she said again appeared to be prudent planning. "Although pharmaceutical and semiconductor products were temporarily exempted from the 10% tariff, there are serious concerns about the potential for future tariffs under the ongoing Section 232 investigation," she said. "That investigation has now expanded to include the aviation sector, all areas of significant concern for Ireland. The pharmaceutical industry is clearly planning ahead. While pharma products were excluded from the initial 10% tariff, they remain under the Section 232 review, which could result in a 25% duty," she noted. Carol Lynch said that with international trade conditions continuing to evolve rapidly, Irish exporters are having to reassess their export strategies. "Those exporting to the US, and already impacted by the April tariffs, must now consider ways to minimise future exposure. That may involve advanced customs planning or diversifying into alternative markets. At this point, the 10% baseline tariff does not appear likely to be removed," she added.
Yahoo
02-04-2025
- Business
- Yahoo
Chris Mason: Jitters, uncertainty and hope as UK awaits Trump tariff decision
I detect a reasonable sprinkle of the jitters in government as the world waits for US President Donald Trump's tariffs announcement later. It is the single most globally consequential day so far of the president's second term. Foreign Secretary David Lammy said the UK must "prepare for the worst" and there is every expectation in Whitehall that the president's moment at around 21:00 UK time, in the Rose Garden of the White House, will be noisy, theatrical and provocative. But there is also a hope that what we hear later can amount to a "ceiling", as it was put to me, from which the USs can be negotiated down. Talks are ongoing, at quite an intensity by all accounts, between London and Washington on a narrow trade deal, talked up enthusiastically by Donald Trump when the prime minister met him at the White House in February. Those on the UK side feel they are making progress and that any agreement could not only ease the impact of tariffs but improve trading relations in particular sectors, such as technology. Let's see. The big challenge is for how long is it sustainable politically to maintain a strategy that amounts to 'We are not going to shout our mouths off about the president, instead we will be publicly civil and privately carry on talking', once you've been whacked with tariffs anyway and before you land a trade deal? UK will take calm approach to US tariffs, PM says Three big unknowns ahead of Trump's 'Liberation Day' tariffs What are tariffs and why is Trump using them? Is Trump right when he says the US faces unfair trade? Six things that could get more expensive for Americans under Trump tariffs I expect the government will respond pretty quickly after Wednesday's announcement, but the language is likely to be measured and articulate that this is part of a process, far from the end of a process, and the conversation is continuing. Can a deal then be done within days? Possibly. Again, let's see. There is a willingness for negotiators to jump on a plane if necessary to get something over the line. The challenge then tilts to what is in that deal – and crucially what concessions the government is willing to make. Could there be a cut to the Digital Services Tax, which would mean US tech giants like Amazon and Meta paying less tax in the UK? The 2% levy was introduced in 2020 and raises around £800m a year. Merely the prospect of a cut to this tax has been seized upon by the government's critics – the Liberal Democrats branding it an "insult to people with disabilities and carers", given the cuts to benefits announced in the last fortnight. And it could become an even harder sell domestically for ministers if the EU and others react in a far more punchy way by retaliating with tax hikes, their own tariffs, rather than tax cuts. Remember that old Brexit slogan "Take Back Control"? Well, this is what control looks like: it gives the government options, trade-offs and accountability for what it chooses to do or not to do. And all this as it seeks to reset its relationship with the EU. Awkward. A final thought, which amounts to the key thing never to forget with Donald Trump back in the Oval Office. Unpredictability. When I asked a senior figure in government if they had a reasonable sense of how things were going to play out, or were waiting like the rest of us for what the president says in public, I was told "more of the latter". British understatement, as we await quite the statement from America later. Sign up for our Politics Essential newsletter to keep up with the inner workings of Westminster and beyond.
BBC News
02-04-2025
- Business
- BBC News
Chris Mason: Jitters, uncertainty and hope as UK awaits Trump tariff decision
I detect a reasonable sprinkle of the jitters in government as the world waits for US President Donald Trump's tariffs announcement is the single most globally consequential day so far of the president's second Secretary David Lammy said the UK must "prepare for the worst" and there is every expectation in Whitehall that the president's moment at around 21:00 UK time, in the Rose Garden of the White House, will be noisy, theatrical and there is also a hope that what we hear later can amount to a "ceiling", as it was put to me, from which the USs can be negotiated down. Talks are ongoing, at quite an intensity by all accounts, between London and Washington on a narrow trade deal, talked up enthusiastically by Donald Trump when the prime minister met him at the White House in on the UK side feel they are making progress and that any agreement could not only ease the impact of tariffs but improve trading relations in particular sectors, such as big challenge is for how long is it sustainable politically to maintain a strategy that amounts to 'We are not going to shout our mouths off about the president, instead we will be publicly civil and privately carry on talking', once you've been whacked with tariffs anyway and before you land a trade deal?UK will take calm approach to US tariffs, PM saysThree big unknowns ahead of Trump's 'Liberation Day' tariffsWhat are tariffs and why is Trump using them?Is Trump right when he says the US faces unfair trade?Six things that could get more expensive for Americans under Trump tariffsI expect the government will respond pretty quickly after Wednesday's announcement, but the language is likely to be measured and articulate that this is part of a process, far from the end of a process, and the conversation is a deal then be done within days? Possibly. Again, let's is a willingness for negotiators to jump on a plane if necessary to get something over the challenge then tilts to what is in that deal – and crucially what concessions the government is willing to there be a cut to the Digital Services Tax, which would mean US tech giants like Amazon and Meta paying less tax in the UK?The 2% levy was introduced in 2020 and raises around £800m a the prospect of a cut to this tax has been seized upon by the government's critics – the Liberal Democrats branding it an "insult to people with disabilities and carers", given the cuts to benefits announced in the last it could become an even harder sell domestically for ministers if the EU and others react in a far more punchy way by retaliating with tax hikes, their own tariffs, rather than tax that old Brexit slogan "Take Back Control"?Well, this is what control looks like: it gives the government options, trade-offs and accountability for what it chooses to do or not to all this as it seeks to reset its relationship with the EU. Awkward.A final thought, which amounts to the key thing never to forget with Donald Trump back in the Oval I asked a senior figure in government if they had a reasonable sense of how things were going to play out, or were waiting like the rest of us for what the president says in public, I was told "more of the latter".British understatement, as we await quite the statement from America later. Sign up for our Politics Essential newsletter to keep up with the inner workings of Westminster and beyond.
