Bryce Baschuk Bloomberg Published 11:33 PM EDT Sep 15, 2019 Some of Europe’s top luxury brands are targeted in President Donald Trump’s latest tariff salvo, which could affect billions of dollars in exports of American-bound whiskeys, wine, Champagne, handbags and men’s suits. A panel of three World Trade Organization arbiters, as expected, said Friday the U.S. can legally impose tariffs on an array of European exports in retaliation for Europe’s illegal government aid to Airbus SE. EU sources say they expect the WTO arbiters to publicly circulate a report by month’s end that will allow new U.S. duties on a range of goods worth $5 billion to $7 billion per year, while Trump has threatened tariffs on $11 billion. Washington’s response is expected within days after the WTO’s green light for retaliation. The U.S. has identified possible targets – with tariffs potentially as high as 100% – on a list of goods with a total export … [Read more...] about Next Trump tariffs may soon hit Europe’s luxury-goods exporters
What tariffs do the eu impose
This article originally published in December has been updated. Unless the British parliament approves a Brexit deal, or another extension to the UK's EU membership is agreed, or the government decides to cancel Brexit – then by law the United Kingdom will leave the European Union without an agreement on October 31. Several of the contenders to replace Theresa May as prime minister, including the favourite Boris Johnson, say they are determined to take the UK out in the autumn, without a deal if necessary. Polling suggests many members of Britain’s ruling Conservative Party favour such an option. A "no-deal" exit would mean that legal arrangements covering many aspects of everyday life would abruptly cease to apply. It would also bring a significant change in the trading relationship between the UK and the EU. The EU is the UK’s largest trading partner, although its importance has been slightly declining. Official UK figures show that 44% of all UK exports went to … [Read more...] about No-deal Brexit: what would ‘WTO terms’ mean for UK-EU trade?
The United Kingdom was due to leave the European Union at the end of March – but amid bitter division and political chaos has failed to find the exit door. Previous reports in this series have examined the history of the UK’s troubled relations with Europe: the first from its entry in 1973 and through the Thatcher years; the second as the 1990s brought closer integration; the third as EU expansion and rising Euroscepticism brought tensions to a head; and the fourth on the tumultuous events before and after the 2016 referendum. Here we look at the key events since the UK triggered the formal exit process, as tense negotiations between London and Brussels eventually resulted in a deal – only for British political turmoil to force Brexit to be delayed, prolonging uncertainty over the future. April 2017: May gets trigger-happy The previous month has seen British Prime Minister Theresa May fire the starting pistol for the UK’s exit from the EU, invoking Article 50 of … [Read more...] about The UK and the EU part 5: Never Can Say Goodbye
LONDON -- Britain is due to leave the European Union on April 12 unless Prime Minister Theresa May can break the deadlock in parliament or asks Brussels for more time, raising the prospect of an abrupt, no-deal Brexit for the world's fifth-biggest economy. EU officials said on Tuesday that a no-deal Brexit was becoming more likely and the European Central Bank said financial markets needed to price in the growing risk. Here is an outline of the potential economic impact for Britain of leaving the EU without the cushion of a transition. UK ECONOMY The Bank of England estimates a worst-case Brexit -- involving border delays and markets losing confidence in Britain -- could shock the economy into a 5 percent contraction within a year, nearly as much as during the global financial crisis. Output in a less severe but still disruptive no-deal Brexit -- in which Britain and the EU avoid snarl-ups at the borders, for example -- would fall by around 3 percent. Over the longer term, Britain's … [Read more...] about No-deal Brexit: what it might mean for UK economy
You have to hand it to the French. They’ve got style, sophistication, confidence and in the Élysée Palace, they now have a President whose raison d’être is the resurrection of the European dream. Isn’t this exactly what Europe needs? The contrast President Macron seeks to draw is a stark one. In Brussels, the EU establishment frets over Brexit, US tariffs and the relentless rise of populism. But on the banks of the Seine, a young and dynamic leader sets out policy priorities for the good of all Europeans, not just short term policies designed to win the next national election. And yet, the muted reaction to President Macron’s latest renaissance in other member states tells a different story. Behind the soaring rhetoric – “rediscovering the spirit of progress” and beyond the obviously unachievable, like a European minimum wage – there has emerged an awakening. Albeit, not the awakening that Macron had in mind when sculpting … [Read more...] about French renaissance or European nightmare? Why Macron has the EU on edge ǀ View