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Global News
26-05-2025
- Business
- Global News
Trump's tariffs on EU delayed after call with bloc chief on trade talks
A weekend telephone call between U.S. President Donald Trump and EU chief Ursula von der Leyen gave 'new impetus' to trade talks, the EU said on Monday, after Trump dropped his threat to impose 50 per cent tariffs on imports from the European Union next month. Trump restored a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal after what he said was 'a very nice call' with von der Leyen on Sunday which an EU spokesperson said had been initiated by her. The euro hit a one-month high against the dollar on Monday, while European shares surged and were poised to recoup the previous session's losses. Gold prices fell as Trump's latest move reduced demand for the safe-haven asset. The US and EU trade representatives were due to hold talks on Monday afternoon, European time, the European Commission spokesperson said, declining to give any information about the content of the call between Trump and von der Leyen. Story continues below advertisement 'There's now also a new impetus for the negotiations, and we will take it from there,' the spokesperson said. 1:56 Italy's Meloni pleads case for lower EU tariffs with Trump 'They agreed both to fast track the trade negotiations and to stay in close contact.' German Economy Minister Katherina Reiche called for tariff negotiations to proceed calmly. 'We have to find a common path,' she said. Trump had said on Friday that he was recommending a 50 per cent tariff effective from June 1, expressing frustration that trade negotiations with the EU were not moving quickly enough. The threat roiled global financial markets and intensified a trade war that has been punctuated by frequent changes in tariff policies toward U.S. trading partners and allies. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The U.S. president's softened stance two days later marked another temporary reprieve in his erratic trade policy, even if the latest whipsawing in decision making reminded policymakers and investors how quickly circumstances could change. Story continues below advertisement 'It is possible that a deal with the European Union will be reached by 9 July,' Commerzbank currency strategist Michael Pfister said. 'However, it is questionable what has changed in terms of the fundamental problems following a phone call. One thing should be clear after Friday's announcement: the brief respite from tariffs that we enjoyed was only temporary.' EU companies on edge EU trade chief Maros Sefcovic was scheduled to have a video conference on Monday with the CEOs of Mercedes-Benz Volkswagen VOWG_p.DE, BMW and Stellantis as businesses wondered what plans, if any, they should make. Despite the relief, Germany's family-owned LAPP Group, which makes everything from cables and wires to robotics for factories, warned that some of its specialized products would still be affected by the planned tariffs, and the volatile business environment. Story continues below advertisement 'Unfortunately, current U.S. politics is characterized by unpredictability, individual interests and populism,' CEO Matthias Lapp told Reuters. 'Germany's good transatlantic relations have been built up over decades of diplomatic work and mutual understanding. However, confidence in their stability is currently suffering massive damage.' 2:40 'He likes to make headlines': Trump tariff threat on EU is to create 'chaos,' analyst says Trump, who has repeatedly expressed disdain for the EU and its treatment of the United States on trade, relented after European Commission President von der Leyen told him on Sunday that the EU needed more time to come to an agreement. She asked him during a call to delay the tariffs until July, the deadline he had originally set when he announced new tariffs in April. Trump told reporters he had granted the request. 'I agreed to move it,' Trump said before returning to Washington after a weekend in New Jersey. 'She said we will rapidly get together and see if we can work something out.' Story continues below advertisement Von der Leyen said in a post on X that she had a 'good call' with Trump and that the EU was ready to move quickly. 'Europe is ready to advance talks swiftly and decisively,' she said. 'To reach a good deal, we would need the time until July 9.' Uncertain impact The negotiations had been stuck, with Washington demanding unilateral concessions from Brussels to open up to U.S. business while the EU seeks an agreement in which both sides could gain, according to people familiar with the talks. The EU already faces 25 per cent U.S. import tariffs on its steel, aluminum and cars and so-called 'reciprocal' tariffs of 10 per cent for almost all other goods, a levy that had been due to rise to 20 per cent after Trump's 90-day pause expires in July. Story continues below advertisement The levy could increase to 50 per cent in a no-deal scenario, which could raise consumer prices on everything from German BMWs and Porsches PSHG_p.DE to Italian olive oil and hurt demand for French luxury handbags It was not clear, however, whether the 50 per cent tariff threat would apply to all EU imports or just those subject to the U.S. 'reciprocal' tariff, which does not apply to steel and cars and other products subject to investigations, such as semiconductors, pharmaceutical products and lumber. —Additional reporting by Jan Strupczewski, Amanda Cooper, Charlotte Van Campenhout, Nikhil Sharma, Christop Steitz, Ludwig Burger, Richard Lough, Christian Kraemer; Writing by Ingrid Melander; Editing by Philippa Fletcher
USA Today
05-02-2025
- Automotive
- USA Today
Tesla sales slump in five European markets in January
Tesla sales slump in five European markets in January Show Caption Hide Caption Trump wants to end EV tax credits as Musk's Tesla benefits from them The same Biden-era EV policies that Trump wants to roll back are currently benefiting Tesla CEO and special government employee Elon Musk. Straight Arrow News Tesla TSLA.O posted lower sales across five European countries in January, including the United Kingdom and France, as competitors with newer models gained on the electric vehicle maker and polls show public opinion souring on CEO Elon Musk. Musk has made a high-profile foray into politics, with much of his 2024 dominated by his financial support of Donald Trump, on whom the billionaire CEO spent $250 million in what proved a successful campaign to return to the White House. He has also stirred controversy with his vocal support for far-right parties in Britain and Germany on his social media platform X. Tesla's UK sales fell nearly 12% in January, even as monthly EV registrations in Europe's biggest battery-electric market surged to a record, according to data published by New AutoMotive on Tuesday. That follows a 63% decline in January sales for Tesla in France, drops of 44% and 38% in Sweden and Norway, and a 42% fall in the Netherlands. In California, the largest U.S. car market with more than 1.7 million vehicle registrations in 2024, Tesla sales fell by 12%. In 2024, Tesla posted its first-ever annual decline in deliveries, though it is still the leading EV seller in the United States. Musk said he would soon launch long-awaited cheaper EVs in 2025, and the company has increased its focus on autonomous driving technologies. More Elon Musk: Musk creates new power base in Washington with takeover of US agencies Tesla did not immediately respond to a request for comment on its sales. The company fell from the No. 2 spot for EV sales in Britain in January 2024 to the No. 7 spot behind Volkswagen VOWG_p.DE, Mercedes and Stellantis' Peugeot, which all posted higher sales. Several polls show consumers have mixed views of Musk. A late January survey conducted by EV review website showed that 59% of British owners of EVs, and those intending to buy such a vehicle, said Musk's influence would deter them from buying a Tesla. "Musk's influence on the brand is becoming increasingly polarising, pushing many buyers to look elsewhere," said CEO Ginny Buckley. "With over 130 mainstream EV models now available in the UK - compared to just 25 in 2020 - competition has never been fiercer and Tesla is already feeling the pressure." European politicians have pushed back lately against Musk's recent comments, which include the amplification of far-right commentators on X. Some accounts have quit the platform, citing the spread of misinformation. Musk has dismissed criticism against him as an affront to democracy and free speech. The Tesla CEO has become a vocal supporter of the far-right Alternative for Germany (AfD) ahead of February elections. He recently told an AfD audience just before the 80th anniversary of the liberation of the Auschwitz concentration camp that Germans should not feel guilt for the sins of their great-grandparents. The share of Swedes with a positive view of Tesla fell to 11% in a Novus survey conducted after Trump's inauguration, down from 19% in a similar poll conducted Jan. 15-17, according to Swedish news agency TT. Those with a negative view jumped to 63% from 47%, TT reported. The chief executive of research group New AutoMotive, Ben Nelmes, told Reuters that Tesla's problems stem less from Musk's actions and more from its failure to launch a new mainstream model since the Model Y in 2020, while rivals, including Chinese EV makers, have fresher products on the market. "It's not due to Musk's views or British motorists' views about Musk - they stopped innovating after the Model Y," he said of Tesla. Despite these factors, the company's stock has continued to outperform the market, with shares more than doubling over the past year. The stock currently trades with a forward price-to-earnings ratio exceeding 131, ahead of not just legacy carmakers but also high-flying tech stocks with P/E ratios in the 20s, according to LSEG data. Reporting by Alessandro Parodi in Gdansk and Nick Carey in London; Editing by David Gaffen and Matthew Lewis
