Tariffs

Exclusive: deal in 2020 had sought to stimulate local battery making but industry says it still cannot meet targetsThe EU and UK car industries are urging the European Commission to adjust the Brexit trade deal and suspend, for a second time, tariffs on imports of electric vehicles.They have expressed concerns that they will not be able to meet the conditions set for 1 January 2027 for tariff-free sales. This is because of strict rules of origin over what products can qualify for tariff-free trade under the EU-UK Trade and Cooperation Agreement which has applied since 2021. Continue reading...

• The U.S. Trade Representative (USTR) is considering imposing additional tariffs of 12.5% on India and 53 other nations as part of a Section 301 investigation. • In response to these potential duties, India is seeking to resolve the dispute through strategic trade negotiations and agreements. • This move comes amid broader economic tensions and the potential for increased protectionism under a possible second Trump administration.

Proposal for 10-12.5% levies, to also include EU, Taiwan, Canada and Australia, would allow US president to skirt court-imposed limitsDonald Trump has threatened tariffs of between 10% and 12.5% on 60 countries including the UK, EU and Australia over alleged forced labour failures, in the latest attempt to revive his signature trade policy.The EU immediately hit back, saying it expected the US to respect the tariff deal it entered into last July and arguing stealth tariffs breached the spirit of that agreement. Continue reading...

• European markets, including the Stoxx 600 and FTSE 100, are reacting to geopolitical tensions and potential trade disruptions. • The U.S. Trade Representative has proposed tariffs of up to 12.5% on 60 trading partners, including the EU, China, and Japan, over alleged failures to ban forced labor goods. • In corporate news, Zara parent company Inditex saw its stock rise over 5% following a fiscal first-quarter earnings update on Wednesday.

US claims world’s 10th-biggest economy engages in ‘unreasonable’ trade practices that ‘restrict US commerce’Sign up for the Breaking News US newsletter emailThe Trump administration proposed 25% tariffs on imports from Brazil, charging that the world’s 10th-biggest economy engages in trade practices that are “unreasonable’’ and that “burden or restrict US commerce”.Luiz Inácio Lula da Silva said he received the decision “with indignation”. The Brazil president also blamed the decision by the US administration on his rival in October’s elections, Flávio Bolsonaro, the senator who visited Washington last week. The senator is the son of former president Jair Bolsonaro, once nicknamed “the Trump of the Tropics” by his allies. Continue reading...

Wall Street has proved incredibly resilient to instability, and while consumer confidence has dipped, shares have soaredIt was a dark Friday for Wall Street on 27 March. Oil prices were climbing and the war with Iran raged on. Markets responded accordingly, with the Dow and Nasdaq entering correction territory, falling more than 10% below their peak, after a month of selloffs.Fast forward seven weeks later to 13 May, and the situation in Iran only looked marginally better. Oil prices were high, and the strait of Hormuz was still closed. Peace talks with Iran seemed tenuous, even with the pressures of high gas prices. Donald Trump on Wednesday said he is “not even a little bit” motivated by Americans’ financial situation to end the war. Continue reading...

• A U.S. trade court declared President Trump's proposed 10% tariffs on global imports unlawful, marking a significant legal setback for his trade agenda. • The ruling, issued within the past 2 hours, stems from challenges by importers arguing the tariffs exceed presidential authority under existing trade laws. • This decision matters as it disrupts Trump's strategy to pressure trading partners like China and the EU amid escalating tensions over the Strait of Hormuz.