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 fell on Thursday, after posting the largest decline in a month in the previous session, as US interest rate hike expectations offset the impact of drawdowns in US crude stockpiles.
British inflation unexpectedly slowed in August, data showed Wednesday, hitting an 18-month low and sparking hope this week’s widely-forecast interest rate hike by the Bank of England could be its last for now.
The dollar remained firm on Wednesday ahead of a much-anticipated rate decision by the Federal Reserve later in the day, while sterling slid on increased bets the Bank of England (BoE) will pause its historic run of interest rate hikes.
Turkish President Tayyip Erdogan asked Tesla CEO Elon Musk to build a Tesla factory in Turkey, the country’s communications directorate said on Monday.
The European Union could become as dependent on China for lithium-ion batteries and fuel cells by 2030 as it was on Russia for energy before the war in Ukraine unless it takes strong measures, a paper prepared for EU leaders said.
Foreign business confidence in China has reached its lowest in years, US and European enterprise lobbies warned Tuesday, as slowing growth and geopolitical tensions hit investment prospects.
Eurozone inflation slowed slightly in August, the EU statistics agency said on Tuesday, revising its previous figure.
The OECD raised its global economic outlook for 2023 on Tuesday but cut the growth forecast for next year as “painful” interest-rate hikes aimed at curbing inflation take their toll.
The US dollar hovered near a six-month high on Monday as traders looked ahead to interest rate decisions from the Federal Reserve, the Bank of England and the Bank of Japan this week.
Russia’s United Oil- and Gas-Chemical Co and China’s Xuan Yuan Industrial Development have agreed to jointly invest 5 billion yuan ($686 million) in construction of a transshipment oil complex in Russia’s far east, the Roscongress fund said on Monday.
