US President Donald Trump is unlikely to follow through on his threat to impose 100% tariffs on countries buying Russian oil, as it would exacerbate politically damaging inflationary pressures. Similar threats against Venezuelan oil buyers have also met with limited success, particularly in China. This month, Trump said he would impose 100% secondary tariffs on countries buying Russian exports unless Moscow agrees to a major peace deal with Ukraine within 50 days, a deadline that expires in early September. The threat mirrors the March announcement that the US would impose tariffs on...
European Commission President Ursula von der Leyen said she will travel to Scotland this weekend to meet with US President Donald Trump, as both sides aim to reach a trade deal before the August 1 deadline when 30% tariffs on the bloc's exports are due to take effect. After months of negotiations and back-and-forth diplomacy between Brussels and Washington, D.C., the two sides have zeroed in on a deal last week that will see the EU face 15% tariffs on most of its trade. Limited exceptions are expected to apply to aviation, some medical devices and generic drugs, some alcoholic beverages,...
The United States and European Union have reached a landmark trade agreement that includes a 15% tariff on EU goods entering the U.S., President Donald Trump announced Sunday while in Scotland. The broad-strokes deal encompasses significant EU purchases of U.S. energy and military gear, along with substantial investments in the American economy. According to Trump, the European Union has committed to purchasing $750 billion worth of energy from the United States. He also stated that the EU has agreed to make $600 billion in investments in the U.S. "They are agreeing to open up their...
The leaders of Cambodia and Thailand met in Malaysia on Monday (July 28) to try to reach a ceasefire agreement on the fifth day of their fierce border conflict, amid international efforts to halt the fighting. The Southeast Asian neighbors, engaged in their deadliest conflict in more than a decade, accused each other of starting the fighting last week, before escalating it with heavy artillery bombardment and Thai airstrikes along their 817-km (508-mile) land border. Photos from the Thai and Malaysian governments showed the Chinese and U.S. ambassadors to Malaysia attending Monday's...
European governments and companies reacted with a mix of relief and concern on Monday (July 28th) to the framework trade agreement reached with US President Donald Trump. They acknowledged what they considered an unbalanced deal, but managed to avoid a deeper trade war. The agreement announced Sunday between the two countries, which account for nearly a third of global trade, will see the US impose 15% import tariffs on most EU goods – half the threatened tariffs, but much higher than Europe had hoped. However, many specific details of the deal remain unknown. "While awaiting the full...