Latest news with #negotiations
Asharq Al-Awsat
an hour ago
- Business
- Asharq Al-Awsat
EU Approves Counter-tariffs on US Goods, Says Trade Deal within Reach
The European Commission said on Thursday a negotiated trade solution with the United States is within reach - while EU members voted to approve counter-tariffs on 93 billion euros ($109 billion) of US goods in case the talks collapse. The 27-nation bloc's executive has repeatedly said its primary focus is on reaching a deal to avert 30% US tariffs that US President Donald Trump has said he will apply on August 1. "Our focus is on finding a negotiated outcome with the US ... We believe such an outcome is within reach," an EU spokesperson said in response to reporters' questions, Reuters reported. Alongside negotiations, the Commission has pressed on with plans for potential countermeasures, merging two packages of proposed tariffs of 21 billion euros and 72 billion euros into a single list and submitting this to EU members for approval. The rate would be up to 30%, designed to mirror US tariffs, EU sources said. Diplomats said EU countries overwhelmingly approved the measures on Thursday, which the Commission later confirmed. The first package of countermeasures would enter force on August 7, with tariffs on soybeans and almonds delayed until December 1, an EU official said. The second package would enter force in two stages on September 7 and February 7. So far the EU has held back from imposing any countermeasures, despite Trump's tariffs already covering 70% of EU exports. EU member states authorised the first package of countermeasures in April, but these were immediately suspended to allow time for negotiations. CLOSING ON DEAL The EU and United States now appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15% tariff on EU goods imported into the US, mirroring a framework agreement Washington struck with Japan. Trump would still need to take any final decision. The White House said discussions of a deal should be considered "speculation". Trump trade adviser Peter Navarro told Bloomberg News the report from the EU should be taken with "a grain of salt." French Finance Minister Eric Lombard and Italian Industry Minister Adolfo Urso told a joint press conference in Paris they were not aware of a draft agreement, Urso adding he would only pass judgment when one was reached. There was little information available about what the EU would offer the United States to secure a deal. One EU diplomat said the bloc was not looking at a pledge of investment in the United States, as Japan has agreed. Another said the EU might reduce some of its own duties. Its current import duty for cars is 10%. Under the outlines of the potential deal, the 15% rate could apply to sectors including cars and pharmaceuticals and would not be added to long-standing US duties, which average just under 5%. There could also be exemptions for sectors such as aircraft, lumber as well as some medicines and agricultural products, which would not face tariffs, diplomats said. Washington does not, however, appear willing to lower its 50% tariff on steel.
Bloomberg
an hour ago
- Politics
- Bloomberg
Israel Recalls Gaza Negotiators With Progress on Truce Talks Unclear
Israeli Prime Minister Benjamin Netanyahu said his Gaza ceasefire negotiators will return to Israel from Qatar for further consultations. It is unclear from his statement on Thursday whether there's been a breakthrough in the talks with Hamas or whether they have again stalled.
CNA
2 hours ago
- Business
- CNA
EU approves counter-tariffs on US goods, says trade deal within reach
BRUSSELS: The European Commission said on Thursday (Jul 24) a negotiated trade solution with the United States is within reach - while EU members voted to approve counter-tariffs on €93 billion (US$109 billion) of US goods in case the talks collapse. The 27-nation bloc's executive has repeatedly said its primary focus is on reaching a deal to avert 30 per cent US tariffs that US President Donald Trump has said he will apply on Aug 1. "Our focus is on finding a negotiated outcome with the US ... We believe such an outcome is within reach," an EU spokesperson said in response to reporters' questions. Alongside negotiations, the Commission has pressed on with plans for potential countermeasures, merging two packages of proposed tariffs of €21 billion and €72 billion into a single list and submitting this to EU members for approval. The rate would be up to 30 per cent, designed to mirror US tariffs, EU sources said. Diplomats said EU countries overwhelmingly approved the measures on Thursday, which the Commission later confirmed. The first package of countermeasures would enter force on Aug 7, with tariffs on soybeans and almonds delayed until Dec 1, an EU official said. The second package would enter force in two stages on Sep 7 and Feb 7. So far the EU has held back from imposing any countermeasures, despite Trump's tariffs already covering 70 per cent of EU exports. EU member states authorised the first package of countermeasures in April, but these were immediately suspended to allow time for negotiations. CLOSING ON DEAL The EU and United States now appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15 per cent tariff on EU goods imported into the US, mirroring a framework agreement Washington struck with Japan. Trump would still need to take any final decision. The White House said discussions of a deal should be considered "speculation". Trump trade adviser Peter Navarro told Bloomberg News the report from the EU should be taken with "a grain of salt". French Finance Minister Eric Lombard and Italian Industry Minister Adolfo Urso told a joint press conference in Paris they were not aware of a draft agreement, Urso adding he would only pass judgment when one was reached. There was little information available about what the EU would offer the United States to secure a deal. One EU diplomat said the bloc was not looking at a pledge of investment in the United States, as Japan has agreed. Another said the EU might reduce some of its own duties. Its current import duty for cars is 10 per cent. Under the outlines of the potential deal, the 15 per cent rate could apply to sectors including cars and pharmaceuticals and would not be added to long-standing US duties, which average just under 5 per cent. There could also be exemptions for sectors such as aircraft, lumber as well as some medicines and agricultural products, which would not face tariffs, diplomats said.
Yahoo
2 hours ago
- Business
- Yahoo
Malaysia Seeks Less than 20% Tariff Ahead of Call With Trump
(Bloomberg) -- Malaysia is seeking to lower US tariffs threatened by President Donald Trump to less than 20% and is optimistic of reaching a deal ahead of the Aug. 1 deadline, according to Investment, Trade and Industry Minister Zafrul Aziz. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Prime Minister Anwar Ibrahim will speak with Trump 'when we complete the negotiations,' Zafrul told Bloomberg News. The US president has threatened a 25% levy — separate from sectoral tariffs — unless the Southeast Asian nation reaches an agreement with his administration. 'The direction is to get to as low as possible,' Zafrul told reporters. 'I think we can get to a number which we feel is fair for both parties.' Malaysia isn't ready to close negotiations yet as it is still finalizing details with the US, Zafrul said. The government is seeking to lower tariffs to about 20%, but is reluctant to meet certain demands around electric vehicles and foreign ownership, Bloomberg reported this week, citing people familiar with the matter. So far, Malaysia has made progress addressing US concerns over the smuggling of high-performance semiconductors, but has resisted Washington's demands for an extension of tax breaks on American electric vehicles, a reduction of foreign shareholding limits in the politically-sensitive power and financial sectors, and a cut in subsidies for local fisherman — a major vote bank, the people said. The world's largest economy ran a goods trade deficit with Malaysia of $24.8 billion last year, according to data from the Office of the US Trade Representative. The US was also the biggest foreign investor in the country in 2024. The threat of steeper tariffs has weighed on Malaysia's trade-reliant economy. The nation's central bank cut interest rates this month by a quarter point to preemptively support the economy, warning that 'the balance of risks to the growth outlook remains tilted to the downside.' Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan A Rebel Army Is Building a Rare-Earth Empire on China's Border What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P.
Reuters
2 hours ago
- Politics
- Reuters
Netanyahu's office recallsGaza talks team to Israel for consultations
JERUSALEM, July 24 (Reuters) - Prime Minister Benjamin Netanyahu's office said on Thursday it was recalling its Gaza negotiating team to Israel for consultations, a day after the Palestinian group Hamas handed its response on a ceasefire proposal to mediators.
