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.
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Canada’s economy saw an unexpected 0.2 percent annualized decline in the second quarter, government data showed Friday, as housing investment and consumption slowed.
British finance minister Jeremy Hunt said on Saturday inflation was on track to halve by the end of 2023, vowing to focus on the goal as he laid out his priorities ahead of the reopening of parliament after the summer break.
Oil was little changed on Monday after China took steps to bolster its flagging economy, though investors remained worried about the pace of growth as well as further US interest rate hikes that could dampen demand.
German business sentiment fell for the fourth month in a row in August, a key survey showed Friday, deepening the sense of gloom in Europe’s biggest economy.
The expansion of the BRICS group of developing countries could provide a lifeline to capital-starved new entrants Iran and Argentina, but investors and analysts say a broader economic boon for the bloc’s members is far from certain.
Russia hopes to increase its marine product exports to China in the wake of China’s ban on Japanese seafood imports after the release of treated radioactive water from the wrecked Fukushima nuclear power plant into the sea.
The price cap on energy bills for most British households is to fall again, regulator Ofgem announced on Friday, offering mild relief amid the ongoing cost-of-living crisis.
Oil prices steadied after earlier declines on Thursday caused by disappointing economic data from key economies, with investors awaiting a speech by US Federal Reserve Chair Jerome Powell on Friday for clues on interest rate moves.
Britain’s economy looks on course to shrink during the current quarter and risks falling into a recession, as a survey on Wednesday showed a slump in factory output and broader weakness in the face of higher interest rates.
