Latest news with #tariffs
The Standard
25 minutes ago
- Business
- The Standard
Vietnam, US hold negotiations on new trade deal, ministry says
A container is loaded onto a cargo ship while docked at Hai Phong port, after U.S. President Donald Trump announced a 90-day pause on tariffs for many countries, in Hai Phong, Vietnam, April 16, 2025. REUTERS/Athit Perawongmetha/File Photo
Yahoo
an hour ago
- Business
- Yahoo
Tariffs: German and French industry united on EU retaliation on aircraft sector
The German Aerospace Industries Association (BDLI) wants only completed products aircraft and helicopters to be targeted by the EU for retaliatory tariffs - leaving the market for the supply of parts unscathed - if trade negotiations between the EU and the US founder, the group has told Euronews. It's position aligns it with the French sector's stance. 'If the EU must respond, counter-tariffs should focus strictly on fully finished aerospace end products – such as complete aircraft and helicopters – and explicitly exclude spare parts or critical products,' BDLI said in an email to Euronews. 'This is essential to avoid unintended harm to European and global production networks.' US aircraft are included in the European Commission's draft list of €95 billion worth of US products that could face duties if ongoing negotiations fail. The list was open for industry consultation until 10 June and now awaits approval by EU member states. BDLI's position mirrors that of Airbus CEO Guillaume Faury, who also chairs the French aerospace association GIFAS. Speaking to French media in May, Faury backed tariffs on finished aircraft but warned against measures affecting spare parts, to avoid disrupting the global supply chain. A source familiar with the matter told Euronews that the French government supports the stance of its aerospace industry. In response to the EU's inclusion of aircraft in its draft retaliation list, the US has launched an investigation that could pave the way for the Trump administration to impose additional tariffs on the EU aerospace sector. Trade tensions between the EU and the US risk reigniting the long-standing rivalry between aerospace giants Boeing and Airbus. However, the two economies' production systems are tightly intertwined. For instance, the LEAP engine, used in both Airbus and Boeing jets, is co-produced by US-based General Electric and France's Safran. Aircraft remain a central issue in ongoing EU-US negotiations. Following a discussion with US President Donald Trump on the sidelines of the G7 summit in Canada on Monday, European Commission President Ursula von der Leyen said both leaders had directed their teams to accelerate negotiation. EU Trade Commissioner Maroš Šefčovič also met with US Trade Representative Jamieson Greer on Monday, on the margins of the G7. A follow-up meeting with US counterparts is scheduled to take place in Washington on Thursday and Friday, an EU spokesperson confirmed. The US currently imposes tariffs of 50% on EU steel and aluminium, 25% on cars, and 10% on all other EU imports. President Trump has warned he will raise tariffs on all EU imports to 50% if no 'fair' agreement is reached by 9 July.
BreakingNews.ie
2 hours ago
- Business
- BreakingNews.ie
Tariffs and gender-based violence on agenda for North South Ministerial Council
The leaders of the governments of Ireland and Northern Ireland will discuss the impact of international tariffs on their respective economies during a major summit on Friday. International trade shocks are high on the agenda as Northern Ireland First Minister Michelle O'Neill and deputy First Minister Emma Little-Pengelly are due to chair a meeting of the North South Ministerial Council (NSMC) in Armagh. Advertisement It will be the first time the Irish Cabinet meets collectively with the Northern Ireland Executive since the formation of the Government. Taoiseach Micheál Martin and Tánaiste Simon Harris are among members of the Government attending the 29th plenary meeting of the body. Mr Martin, who also attended the British-Irish Council in Newcastle, Co Down, last week, said he welcomed that the NSMC was also being held in Northern Ireland. 'Today's meeting is an opportunity to discuss areas of shared focus and ambition across our two administrations, North and South, as outlined in our respective programmes for government, including on this occasion the challenges of tackling gender-based violence, and the opportunities to work more effectively across the island to achieve that aim,' he said. Advertisement 'The meeting is also an opportunity to consider the wider context in which business and trade on this island function and how we can respectively and jointly ensure economic opportunity for all parts of the island into the future. 'The ongoing work of the NSMC and of all ministers present is vital to harnessing the full potential of our shared island and enhancing co-operation, connection and mutual understanding across communities. I look forward to our discussions with Executive counterparts to further co-operation and help deliver tangible positive outcomes North and South.' Northern Ireland First Minister Michelle O'Neill and deputy First Minister Emma Little-Pengelly during the British-Irish Council summit in Co Down (Liam McBurney/PA) Mr Harris said he was anticipating a 'substantive and productive exchange of views' across a range of important issues. 'We will be continuing the very good conversations we had at the British-Irish Council summit in Co Down last week, the latest in what are regular and ongoing contacts between the two administrations, at both political and official level,' he said. Advertisement 'Much has changed since we last met in this format, in September, with events in the international sphere meaning that we are all dealing with a very different set of challenges than before. 'One of the issues of most concern right now is the application by the US of international trade tariffs, and the potentially serious implications for our respective economies, and for the island as a whole. 'In that regard, I remain in ongoing contact with the First Minister, deputy First Minister and Minister for the Economy, and our respective trade policy experts are also in touch.'
Bloomberg
2 hours ago
- Business
- Bloomberg
US Tariff Spike Hits China's Small Parcels, Squeezing Exporters
US tariff hikes on small packages from China triggered a slump in shipments last month, contributing to a huge drop in bilateral trade and roiling exporters like Shein Group Ltd. The value of small parcels sent from China to the US fell to just over $1 billion in May, the least since early 2023, according to customs data released Friday. The 40% plunge from the same month last year marks a sharp reversal for a booming trade route, coming just as the US government eliminated a long-standing tariff loophole.
Japan Times
3 hours ago
- Business
- Japan Times
Japan won't fixate on July 9 in U.S. trade talks, says Akazawa
Japan won't fixate on the looming date for so-called reciprocal tariffs to go back to higher levels, Tokyo's top trade negotiator said, signaling that the Asian nation stands ready for the possibility that talks will drag on. "To avoid any misunderstanding, I would like to confirm that I have not said at all that July 9 is the deadline for negotiations between Japan and the U.S.,' Economic Revitalization Minister Ryosei Akazawa told reporters on Friday in Tokyo. "Japan and the U.S. are in regular communication through various channels, and we will continue to consider what is most effective and engage in appropriate consultations.' Akazawa deflected a question over whether Japan will seek an extension of the deadline for the across-the-board tariffs. The U.S. is poised to return the duties to their original levels on July 9 for many nations, which would mean an increase to 24% from 10% at present for Japan. U.S. Treasury Secretary Scott Bessent has indicated the U.S. may grant an extension to countries that are negotiating in good faith. Prime Minister Shigeru Ishiba and U.S. President Donald Trump failed to reach a deal earlier this week on the sidelines of the Group of Seven leaders' summit in Canada, despite holding three phone calls to discuss the tariffs prior to their in-person meeting. Akazawa on Friday said he's yet to schedule the next round of negotiations with his U.S. counterparts and that Japan won't set a specific deadline for the talks. He once again described the trade discussions as similar to "walking through fog,' a phrase he used before the G7 gathering. The Japanese trade negotiator also hinted at some trouble in vying for time with the U.S. when various matters including rising tensions in the Middle East compete for Washington's attention. "It is also possible that the U.S. side may find it difficult to allocate sufficient time domestically to make substantial progress in the Japan-U.S. negotiations,' Akazawa said. "This is truly the case for both sides. We are not solely doing the tariff negotiations.' Akazawa spoke a day after Ishiba met with opposition party leaders, who came away from the conference with the notion that Japan's trade surplus in autos with the U.S. is a sticking point between the two sides. As with other nations, Japan has also been slapped with a 25% tariff on cars and related parts as well as a 50% levy on steel and aluminum. "Both Japan and the U.S. have national interests that can't be compromised,' Akazawa said. "Protecting the profits of the automotive industry, which is our key industry, is in Japan's interest.'
