Antonio Costa succeeds Charles Michel as President of EU council

Abolishing tariffs is desirable, but not at the cost of lowering regulatory standards or resetting relations with the European Union. A bilateral trade agreement between the UK and the US holds limited economic significance, with a projected long-term GDP increase of just 0.07%, contradicting Brexiters' claims of transformative benefits. Current tariffs on cars and pharmaceuticals pose a threat, especially with the potential reimposition of a 10% tariff on UK exports to the US, making it...

Some of Britain’s largest supermarkets and food producers, including Marks and Spencer and J Sainsbury, have urged the EU to finalize a veterinary agreement with the UK government to facilitate smoother exports of food products post-Brexit. In a letter to EU negotiator Maroš Šefčovič, twelve companies highlighted the increased costs due to "unnecessary red tape" and emphasized the economic benefits of reducing border frictions. Amid rising political tensions ahead of local elections, industry leaders expressed...

The European Central Bank has reduced its main interest rate to 2.25%, marking the third cut this year, in response to slowing growth in the eurozone and the effects of US border taxes. This quarter-point reduction aligns with expectations from City economists and aims to mitigate the impact of tariffs imposed on EU imports into the US. The bank's decision reflects ongoing economic challenges faced by the 20-member euro area. Full Article

Italian Prime Minister Giorgia Meloni is set to meet with US President Donald Trump in a significant summit aimed at strengthening ties between the EU and the US, marking her as the first European leader to engage with Trump since his trade tariff announcements. Meloni, who has cultivated a friendly relationship with Trump, arrived in Washington for the meeting, which includes a lunch and will be covered by White House and Italian journalists. This high-stakes...

The European Central Bank (ECB) has reduced its benchmark interest rate by a quarter-point to 2.25%, the lowest in over two years, in response to economic uncertainties stemming from US President Trump's trade war. This decision reflects a deteriorating growth outlook due to rising trade tensions, although the ECB's shift in language signals potential limits on future rate cuts. Despite Trump's temporary tariff delay, economists warn that his protectionist policies could still negatively impact the...

When discussing complaints about American car manufacturers, a common grievance is the perceived unfairness of foreign tariffs, particularly from the EU, which imposes a 10% tariff on US autos, compared to the US's 2.5%. However, US carmakers are hindered by their own protectionist policies, such as the 25% "chicken tax" on light trucks, resulting in a lack of competitiveness in the global market, especially in the EV sector. While traditional US manufacturers focus on larger...