The European Union is accelerating free trade talks with Asia following hefty tariffs by US President Donald Trump, the bloc’s trade chief said Wednesday.
Apple was fined 500 million euros ($570 million) on Wednesday and Meta 200 million euros, as European Union antitrust regulators handed out the first sanctions under landmark legislation aimed at curbing the power of Big Tech.
The EU’s retaliatory tariffs on US goods worth 21 billion euros will be on hold until July 14, Brussels said on Monday, to give time for negotiations with Washington.
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Euro zone economic growth could fall much more from the impact of US trade tariffs than initially estimated by the European Central Bank and the turmoil could also drag inflation down in the near term, four sources told Reuters.
As President Donald Trump launches his tariff war against both friends and foes of the United States, concerns are once again surfacing about the US dollar’s future as the global reserve currency.
The European Union will impose counter tariffs on 26 billion euros ($28 billion) worth of US goods from next month, the European Commission said on Wednesday, ramping up a global trade war in response to blanket US tariffs on steel and aluminium.
It was another roller-coaster week in US President Donald Trump’s trade war as tariffs against China came into force while Mexico and Canada were given a temporary reprieve.
Oil prices dropped on Wednesday, as traders were cautious ahead of potentially gloomy manufacturing data and an annual meeting at Jackson Hole, where heavy-hitter central bankers including from the United States will talk interest rates.
Oil prices were little changed on Tuesday as investors remained downbeat on China’s economic malaise hobbling demand from the world’s top crude importer, limiting the impact of supply cuts.
The dollar eased from recent 10-weak peaks on Tuesday as global risk appetite, hurt by a jump in US government bond yields and a weakening Chinese economy, staged a rebound.
Germany’s “lacklustre” economy will likely stagnate again in the third quarter, the Bundesbank central bank said Monday, as weak demand from abroad and high interest rates takes their toll on Europe’s industrial powerhouse.
Russia remained China’s largest crude supplier in July, Chinese government data showed on Sunday, even as Russian shipments fall from all-time highs on narrower discounts and rising domestic demand crimps Russian exports.
British retail sales fell more than expected in July, official data showed Friday, with poor weather blamed for the setback as the country tries to revive its flagging economy.
China, the world’s top crude importer, is drawing on record inventories amassed earlier this year as refiners scale back purchases after Opec+ supply cuts drove global prices above $80 a barrel, traders and analysts said.
Britain’s annual inflation rate dropped sharply in July to a 15-month low, official data revealed Wednesday, off the back of lower energy prices and in line with economists’ expectations.
Russia began testing its new digital rouble with consumers on Tuesday, in the hope blockchain technology will help it evade sanctions and tighten control over its citizens.
Basic wages in Britain hit a new record growth rate, figures showed on Tuesday, adding to worries for the Bank of England (BoE) about long-term inflation pressures even after 14 back-to-back increases in interest rates.
