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.
Why do investors flock to gold when economic times turn tough? As the precious metal reaches record highs AFP explains why it remains such a trusted lifeline.
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.
Apple supplier Foxconn aims to double its workforce and investment in India by next year, a company executive said on Sunday.
The German economy is likely to shrink this quarter as industry is in recession and private consumption is adding little to growth, the Bundesbank said in a monthly economic report on Monday.
Russia’s central bank raised its key interest rate for the third time in two months on Friday as it grapples with higher inflation and a weaker rouble.
The Canadian dollar weakened against its US counterpart on Friday, but the currency held on to much of its weekly gain as oil prices rose and investors turned attention to domestic inflation data.
The EU insisted on Friday that its economy could survive any retaliation from China, after Beijing warned that Brussels’ probe into Chinese electric car subsidies would harm trade relations.
Germany’s economic weakness is casting a flattering light on France’s relative resilience that belies the otherwise middling performance of the euro zone’s second-biggest economy, economists say.
Russian companies have ceased offering fertiliser such as di-ammonium phosphate (DAP) to India at discounted prices due to tightening global supplies after becoming the biggest suppliers to the country last year, three industry sources told Reuters.
Oil prices jumped by about 1 percent on Tuesday, boosted by a tighter supply outlook and Opec optimism over the resilience of major economies in the face of rising interest rates.
The UK unemployment rate edged higher to 4.3 percent in the three months to the end of July, as wage growth remained at a record high, official data showed Tuesday.
The European Commission cut its 2023 and 2024 eurozone economic growth forecasts on Monday, with the single currency area weighed down by Germany’s poor performance.
