Tag: European Union

EU energy ministers on Monday backed a proposal to phase out Russian oil and gas imports to the bloc by January 2028, the Council of the European Union said.

Shares of Europe’s biggest carmakers traded lower on Wednesday, amid concern that the European Union’s latest efforts to protect the domestic steel market could threaten the region’s auto sector.

The European Union’s decision to hike steel tariffs and sharply cut import quotas has provoked widespread concern in the U.K., as well as rumblings of discontent among carmakers on the continent.

The European Commission has pledged to support Rome after the US threatened Barilla and other Italian pasta makers with tariffs of up to 92 per cent over what Washington describes as dumping practices.

The European Union is aiming to expedite legislation to remove all tariffs on U.S. industrial goods by the end of the week, a demand made by President Donald Trump before the U.S. will lower its duties on the bloc’s automobile exports, Bloomberg News reported on Wednesday.

The U.S. and European Union on Thursday revealed fresh details about their trade framework, including on hotly contested and anticipated pharma and semiconductor tariffs.

The European Union has reached an agreement on a new sanctions package against Russia, which includes a lower price cap for Moscow’s crude oil barrels.

President Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.

China has called on the European Parliament to stop politicizing trade and economic issues and applying double standards on export controls, according to a statement from China’s mission to the European Union on Friday.

The European Union (EU) is stuck in limbo as uncertainty persists around when a trade agreement with the U.S. might be reached.

The European Union is willing to accept a trade arrangement with the US that includes a 10% universal tariff on many of the bloc’s exports, but wants the US to commit to lower rates than that on key sectors such as pharmaceuticals, alcohol, semiconductors and commercial aircraft.

European Union leaders are to tell the European Commission on Thursday whether they want to reach a quick trade agreement with the United States on terms that favour Washington or keep fighting for a better deal.

The European Commission is to propose lowering the Russian oil price cap and banning the use of Nord Stream infrastructure as part of a fresh round of sanctions against Moscow, the Financial Times reported on Tuesday.

The European Central Bank slashed interest rates at its latest policy meeting on Thursday as expected, bringing its key deposit rate down by 25 basis points to 2.0%, although officials did not provide outright guidance for changes later this year.

The European Commission said on Monday it would make a strong case this week for the United States to reduce or eliminate tariffs even after Donald Trump said he would double import duties on steel and aluminium to 50%.

The European Union on Tuesday approved the creation of a 150 billion-euro ($170.7 billion) EU arms fund, driven by fears of a Russian attack in the coming years and doubts about U.S. security commitments to the continent.

President Donald Trump said Sunday that he agreed to an extension on the 50% tariff deadline on the European Union until July 9.