Latest news with #economicSecurity
The National
6 days ago
- Business
- The National
UAE and EU hold first formal talks on trade deal
EU Commissioner for Trade and Economic Security Maros Sefcovic tells The National that he is 'optimistic' about the scale of the prospective agreement
Al Jazeera
22-05-2025
- Business
- Al Jazeera
G7 vows to address global economic ‘imbalances', considers Russia sanctions
Finance ministers and central bank governors from the Group of Seven (G7) democracies have pledged to address 'excessive imbalances' in the global economy and said they could increase sanctions on Russia. The G7 announced the plan on Thursday as the officials, who met in the Canadian Rocky Mountains, said there was a need for a common understanding of how 'non-market policies and practices' undermine international economic security. The document did not name China, but references by the United States and other G7 economies to non-market policies and practices often are targeted at China's state subsidies and export-driven economic model. The final communique called for an analysis of market concentration and international supply chain resilience. 'We agree on the importance of a level playing field and taking a broadly coordinated approach to address the harm caused by those who do not abide by the same rules and lack transparency,' it said. European Commission Executive Vice President Valdis Dombrovskis said the G7 ministers discussed proposals for further sanctions on Russia to try to end its war in Ukraine. They included lowering the G7-led $60-per-barrel price cap on Russian oil, given that Russian crude is now selling under that level, he said. The G7 participants condemned what they called Russia's 'continued brutal war' against Ukraine and said that if efforts to achieve a ceasefire failed, they would explore all possible options, including 'further ramping up sanctions'. Russia's sovereign assets in G7 jurisdictions would remain immobilised until Moscow ended the war and paid for the damage it has caused to Ukraine, the communique said. It did not mention a price cap. Brent crude currently trades at around $64 per barrel. A European official said the US is 'not convinced' about lowering the Russian oil price cap. Earlier this week, the US Treasury said Secretary Scott Bessent intended to press G7 allies to focus on rebalancing the global economy to protect workers and companies from China's 'unfair practices'. The communique also recognised an increase in low-value international 'de minimis' package shipments that can overwhelm customs and tax collection systems and be used for smuggling drugs and other illicit goods. The duty-free de minimis exemption for packages valued below $800 has been exploited by Chinese e-commerce companies including Shein and Temu.
Wall Street Journal
16-05-2025
- Business
- Wall Street Journal
U.S. Wants To Discuss Agriculture, Economic Security in EU Trade Talks
The Trump administration told the European Union it wants to discuss the bloc's agricultural food tariffs and non-tariff barriers in trade talks, people familiar with the matter said. The U.S. also wants to address economic security—a term that is often used to refer to concerns about China's economic dominance in certain sectors and supply chains—and digital issues, the people said. The U.S. flagged the issues in a document recently shared with the EU as both sides aim to ramp up negotiations on a potential trade deal. EU Trade Commissioner Maroš Šefčovič said Thursday that the two sides are currently exchanging ideas and positions but declined to comment on the U.S. document.
Bloomberg
12-05-2025
- Business
- Bloomberg
US Said to Welcome EU Proposal to Cooperate on Economic Security
The US has welcomed European Union proposals to cooperate on mutual investments and economic security challenges, while continuing to provide little clarity on the possible outcomes of trade negotiations between the two sides, according to people familiar with the matter. EU and US negotiators kick-started talks last week, with the bloc presenting a menu of options that could form the basis of formal trade negotiations. The options include investments in areas such as liquefied natural gas and artificial intelligence, as well as working together in strategic sectors like steel, cars, chips, aviation, pharmaceuticals and critical raw materials, Bloomberg reported earlier.
Wall Street Journal
08-05-2025
- Business
- Wall Street Journal
U.K. Trade Deal Boosts Economic and National Security, Trump Says
President Trump said the trade deal with the U.K. will bolster economic and national security. 'Both countries agreed that economic security is national security, and we'll work together as allies to ensure that we have a strong industrial base, appropriate export controls and protections for key technologies and industries like steel,' Trump said. 'Both countries will become stronger with steel and things necessary for military,' he added.
