Stellantis sees greater tariff impact
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Jeep owner Stellantis said on Monday it suffered a massive loss in the first half of the year, when it felt the first impact of new US tariffs and took a massive charge following a change in US laws.
“Further euro strength is likely to be self-defeating,” said Valentin Marinov, a currency strategist at Crédit Agricole, a French bank. Exports were already likely to weaken and become a drag on the eurozone economy because of U.S. tariffs and European government policies that would encourage more imports.
Major stock markets slipped on Tuesday as New York backed off its record highs and European markets fretted over an August 1 deadline for the EU to avert steep tariffs
UBS warns Trump’s proposed US tariffs could significantly impact Greece’s exports, posing risks to growth through 2026.
One-fifth of the EU’s exports are heading to the US. Tariffs on the carmaking sector hit the German economy the most, but potential tariffs on the pharmaceutical one could cost substantially to the Irish economy.
Washington and the EU imperialist powers are tearing apart the economic foundations of the NATO alliance that have underlay relations between them since the end of World War II.
As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.
The EU as a whole has an annual trade surplus with the United States of $235.6 billion, according to the Bureau of Economic Analysis (BEA), which reports to the U.S. Department of Commerce. Only China has a higher amount. Ireland has the largest surplus among EU members, at $86.7 billion.
The only acceptable tariff on European Union exports to the United States would be zero as the bloc is already facing a detrimental exchange rate, the head of Italy's business lobby said on Wednesday.
European currency markets saw significant movements on Thursday, with the US dollar falling against the euro and safe-haven currencies like the Japanese yen and Swiss franc returning to favor. The ...