Latest news with #von der Leyen
Yahoo
4 days ago
- Business
- Yahoo
European leaders react to US-EU trade deal
(Reuters) - The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods and averting a bigger trade war between the two allies that account for almost a third of global trade. Following are reactions from European leaders to the deal. FRENCH PRIME MINISTER FRANCOIS BAYROU "It is a sombre day when an alliance of free peoples, brought together to affirm their common values and to defend their common interests, resigns itself to submission." HUNGARIAN PRIME MINISTER VIKTOR ORBAN "This is not an agreement ... Donald Trump ate von der Leyen for breakfast, this is what happened and we suspected this would happen as the U.S. president is a heavyweight when it comes to negotiations while Madame President is featherweight." GERMAN CHANCELLOR FRIEDRICH MERZ "This agreement has succeeded in averting a trade conflict that would have hit the export-orientated German economy hard. This applies in particular to the automotive industry, where the current tariffs of 27.5% will be almost halved to 15%." ITALIAN PRIME MINISTER GIORGIA MELONI "I consider it positive that there is an agreement, but if I don't see the details I am not able to judge it in the best way." ROMANIAN PRIME MINISTER ILIE BOLOJAN "Prime Minister Ilie Bolojan salutes that a trade agreement was reached it is a good omen," the government press office said. "...It eliminates present unclearness which caused disruptions and uncertainties in transatlantic trade relations." FINNISH PRIME MINISTER PETTERI ORPO "The agreement brings much-needed predictability to the global economy and Finnish companies. Work must continue to dismantle trade barriers. Only free transatlantic trade benefits both sides the most." DANISH FOREIGN MINISTER LARS LOKKE RASMUSSEN "The trade conditions will not be as good as before, and it is not our choice, but a balance must be found that stabilises the situation and that both sides can live with." SWEDISH TRADE MINISTER BENJAMIN DOUSA "This agreement does not make anyone richer, but it may be the least bad alternative. What appears to be positive for Sweden, based on an initial assessment, is that the agreement creates some predictability." IRISH TRADE MINISTER SIMON HARRIS "A deal provides a measure of much needed certainty for Irish, European and American businesses who together represent the most integrated trading relationship in the world. While Ireland regrets that the baseline tariff of 15% is included in the agreement, it is important that we now have more certainty on the foundations for the EU-US trade relationship, which is essential for jobs, growth and investment." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Oil Edges Higher as EU Agrees to US Trade Deal Ahead of Deadline
(Bloomberg) -- Oil rose after the US and European Union agreed on a trade deal ahead of President Donald Trump's tariff deadline of Aug. 1. The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Trump Administration Sues NYC Over Sanctuary City Policy Brent was near $69 a barrel after closing 1.1% lower on Friday, and West Texas Intermediate traded above $65. The EU faces 15% levies on most of its exports, although Trump and European Commission President Ursula von der Leyen appeared to differ on some key details of the agreement. Trump's trade policies and threats of retaliation from targeted countries have raised concerns about the outlook for global economic growth, weighing on oil and other commodities. The decision by OPEC+ to rapidly increase its output quotas has also put the market on track for a glut later this year. An OPEC+ committee will convene later on Monday to assess the oil market ahead of a meeting on Sunday to decide on production policy for September. The group is expected to hike its quota again, according to delegates. Trump and von der Leyen announced the trade pact on Sunday, although they didn't disclose the full details or release any written materials. The US, which has also reached an agreement with Japan, set a deadline of Aug. 1 to conclude deals with its trading partners before American tariffs take effect. US and Chinese officials are scheduled to meet on Monday for trade talks, and the South China Morning Post reported that the two countries are expected to extend their tariff truce, according to people it didn't identify. Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P.
Yahoo
4 days ago
- Business
- Yahoo
Oil Edges Higher as EU Agrees to US Trade Deal Ahead of Deadline
(Bloomberg) -- Oil rose after the US and European Union agreed on a trade deal ahead of President Donald Trump's tariff deadline of Aug. 1. The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Trump Administration Sues NYC Over Sanctuary City Policy Brent was near $69 a barrel after closing 1.1% lower on Friday, and West Texas Intermediate traded above $65. The EU faces 15% levies on most of its exports, although Trump and European Commission President Ursula von der Leyen appeared to differ on some key details of the agreement. Trump's trade policies and threats of retaliation from targeted countries have raised concerns about the outlook for global economic growth, weighing on oil and other commodities. The decision by OPEC+ to rapidly increase its output quotas has also put the market on track for a glut later this year. An OPEC+ committee will convene later on Monday to assess the oil market ahead of a meeting on Sunday to decide on production policy for September. The group is expected to hike its quota again, according to delegates. Trump and von der Leyen announced the trade pact on Sunday, although they didn't disclose the full details or release any written materials. The US, which has also reached an agreement with Japan, set a deadline of Aug. 1 to conclude deals with its trading partners before American tariffs take effect. US and Chinese officials are scheduled to meet on Monday for trade talks, and the South China Morning Post reported that the two countries are expected to extend their tariff truce, according to people it didn't identify. Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P. Sign in to access your portfolio
South China Morning Post
24-07-2025
- Business
- South China Morning Post
EU and China agree on plan to iron out rare earth export restrictions, von der Leyen says
'We agreed – and this is new – to have an upgraded export supply mechanism. In other words, if there are bottlenecks, this upgraded support supply chain support mechanism can immediately check and solve the problem or the issue that is out there,' von der Leyen said. China's chokehold on rare earth exports has become one of the biggest issues in the EU-China relationship and was high on Brussels' agenda as its leaders sat down with Chinese President Xi Jinping and Premier Li Qiang in separate sessions. The tension stems from China's decision to impose licensing requirements on the export of rare earth elements and magnets in April. The move was a response to US tariffs, but European firms were caught in the crossfire, with some production lines grinding to a halt. Von der Leyen acknowledged China's efforts 'on fast tracking licences for the critical raw materials ' and said progress was vital to repairing 'trust in our trade relationship'. 'We need a reliable and secure supply of critical raw materials from China. Being seen as a reliable supplier and partner is clearly aligned with China's long-term economic and strategic interests,' she said.
