2025-07-28 12:55

BRUSSELS, Aug 21 (Reuters) - The United States and the European Union agreed a joint statement on theframework trade dealstruck at the end of July to end months of uncertainty for industries and consumers. Here are the main elements of the statement, produced after weeks of wrangling, spelling out what both sides have agreed to. Sign up here. * EU TO ELIMINATE TARIFFS ON ALL U.S. INDUSTRIAL GOODS: The EU is to remove tariffs on all U.S. industrial goods and provide preferential market access for a wide range of U.S. seafood and agricultural goods, including tree nuts, dairy products, fresh and processed fruits and vegetables, processed foods, planting seeds, soybean oil, and pork and bison meat. * BASELINE U.S. TARIFF RATE ON EU GOODS: Almost all EU goods entering the U.S. will be subject to a 15% baseline tariff. The 15% tariff is not added to any existing rates. It is designed to be the maximum rate, except for limited instances of pre-existing rates being higher. * CARS: Cars and car parts will be subject to the 15% tariff, compared to the 27.5% they face now, but only from the first day of the month in which the European Union introduces as legislative proposal to remove its tariffs on U.S. industrial goods. The joint statement also says that the U.S. and the EU intend to accept and provide mutual recognition of each other's standards for cars. * PHARMACEUTICALS AND SEMICONDUCTORS: EU pharmaceuticals and microchips and lumber will be subject to 15% tariffs. This will only be the case after the United States concludes Section 232 investigations and sets new global tariff rates for the two sectors. For the EU, the maximum rate would be 15%. For now, there are only subject to low or zero pre-existing duties. * OTHER SECTORS: The United States will apply only the Most Favoured Nation (MFN) tariffs from Sept 1 on the following EU products: unavailable natural resources (including cork), all aircraft and aircraft parts, generic pharmaceuticals and their ingredients and chemical precursors. * METALS: The joint statement does not mention any specific tariff rates for EU metals exports to the U.S., saying only that both sides "intend to consider the possibility to cooperate on ring-fencing their respective domestic markets from overcapacity, while ensuring secure supply chains between each other, including through tariff-rate quota solutions." EU and US officials have previously said tariffs on European steel, aluminium would stay at 50%, with the same tariff also applying from August 1 to copper. EU officials have said European metal exports within an agreed quota would face the most-favoured nation tariff rate agreed under WTO rules, which are low and in some cases zero depending on the grade. Exports outside of the quota would be subject to 50% tariffs. * WINE AND SPIRITS: The written joint statement does not mention the wine and spirits sector specifically. It says however, that both sides "agree to consider other sectors and products that are important for their economies and value chains for inclusion in the list of products for which only the MFN tariffs would apply." * STRATEGIC PURCHASES: The European Union commits in the joint statement to procure U.S. liquefied natural gas, oil, and nuclear energy products with an expected offtake valued at $750 billion through 2028. The EU also declares its intention to buy at least $40 billion worth of U.S. AI chips for its computing centres. The EU also plans to work with the United States to adopt and maintain technology security requirements in line with those of the United States to avoid technology leakage to "destinations of concern." * European companies are to invest $600 billion in across strategic sectors in the United States through 2028. EU officials said the investment pledge was based on the combined investment intentions expressed by European companies. * DEFENCE PROCUREMENT: EU member states will purchase U.S. military equipment. The deal does not specify an amount. * OTHER ITEMS: The EU will work with the U.S. to streamline requirements for sanitary certification for U.S. pork or dairy products. The two sides will also cooperate on investment screening and export controls as well as addressing 'non-market' policies, such as China's subsidised production. * The EU will work to address the concerns of U.S. producers regarding the EU deforestation law to avoid undue impact on trade, because production in the U.S. poses "negligible risk" to global deforestation. * The EU commits to work to provide additional flexibilities to U.S. small and medium sized companies concerned about the impact of the EU's Carbon Boarder Adjustment Mechanism - the law that imposes a tax on goods imported to the EU from regions which do not have CO2 emissions laws as strict as in Europe. * DIGITAL SERVICES: The joint statement says that the United States and the European Union commit to address unjustified digital trade barriers and that the EU confirms that it will not adopt or maintain network usage fees. The statement also says the US and the EU will not impose customs duties on "electronic transmissions". ($1 = 0.8669 euros) https://www.reuters.com/business/autos-transportation/whats-trumps-trade-deal-with-europe-2025-07-27/

2025-07-28 12:51

July 28 (Reuters) - Liquefied natural gas developers led gains for U.S. energy companies in premarket trading on Monday, after the European Union pledged $750 billion worth in strategic purchases as part of a sweeping trade pact. The framework trade deal, which ended months of uncertainty for industries and consumers on both sides of the Atlantic, calls for strategic purchases, covering oil, gas, and nuclear fuel, during U.S. President Donald Trump's term in office. Sign up here. NextDecade (NEXT.O) , opens new tab, Venture Global (VG.N) , opens new tab, and Cheniere Energy (LNG.N) , opens new tab jumped between 5% and 7%, with the deal bolstering the prospects for American LNG exporters as they expand to meet growing demand for cleaner-burning fuels. Uranium miner Energy Fuels (UUUU.A) , opens new tab rose 4% to $10.42. The U.S. became the world's biggest LNG supplier in 2023, surpassing Australia and Qatar, as surging global prices fed demand for more exports, due in part to supply disruptions and sanctions linked to Russia's 2022 invasion of Ukraine. Oil prices , also rose over 1.5%. The agreement imposes a 15% U.S. import tariff on most EU goods, a softer blow than markets had feared. "Terms of the EU-U.S. trade deal were at the forefront, with the 15% tariff level better than feared (30% was mooted previously)," said Ashley Kelty, an analyst at Panmure Liberum. "This should see less of a drag on industrial activity between the two." Still, Kelty noted the deal could weigh on gas prices. "The demand for the EU to buy more U.S. energy will see more U.S. LNG imports in the future," Kelty said, signalling a potential supply glut. Shares of U.S. natural gas producers Expand Energy (EXE.O) , opens new tab and EQT Corp (EQT.N) , opens new tab were up 1.6% and 2%, respectively, before the bell. https://www.reuters.com/business/energy/us-lng-producers-soar-eu-agrees-750-billion-energy-purchases-2025-07-28/

2025-07-28 12:50

Brazil development bank to seed funds with 5 bln reais To launch public call for further 15 bln reais in August Others approached include BlackRock, Lightrock, Patria LONDON/BRASILIA, July 28 (Reuters) - Brazil is in talks with global investors including TPG (TPG.O) , opens new tab and Brookfield (BN.TO) , opens new tab to raise nearly $4 billion for climate-focused projects, as it ramps up a green finance push ahead of hosting the COP30 climate summit in November. Led by state development bank BNDES, the move is the latest attempt by President Luiz Inacio Lula da Silva's government to encourage private-sector investment in the climate agenda of Latin America's largest economy amid rising fiscal pressure. Sign up here. "Together with BNDES we are talking to some of the biggest asset managers like Brookfield and TPG and others that could be partners in the funds," Tatiana Rosito, Brazil's Secretary for International Affairs at the finance ministry, told Reuters. Under the plan, due to be formally launched in August with a public call for investment, BNDES will provide 5 billion reais ($906.3 million) in seed capital, said two sources with knowledge of the matter, both of whom requested anonymity given the confidential nature of the discussions. BNDES has been holding early-stage talks with dozens of domestic and international firms to gauge appetite for the effort, the sources said. Selected managers will be expected to raise three times the amount committed by the bank, bringing total funding to 20 billion reais ($3.63 billion), they added. BNDES did not respond to a request for comment. Brookfield and TPG are among the biggest investors in companies and projects focused on helping the world shift to a low-carbon economy, and both are working closely with Alterra, the world's largest private climate-focused investment fund. Alterra was launched during the COP28 climate talks in Dubai in 2023 with an initial commitment of $30 billion from the United Arab Emirates government. Brookfield and TPG are both running funds seeded by Alterra that can invest in countries like Brazil. Other firms approached by BNDES include BlackRock (BLK.N) , opens new tab, the world's biggest asset manager, with more than $12 trillion in assets, impact investor Just Climate, growth private equity investor Lightrock and local firms including Patria, Vinci and Perfin. All declined to comment. The push for private investment comes as some richer countries cut development finance, including the administration of climate-sceptic U.S. President Donald Trump. Brazil has already issued sovereign bonds that tie the use of proceeds to its sustainability agenda, while the Eco Invest Brazil Program aims to reduce the risk of projects, for example around currency volatility, to make it easier for private sector investors to join in. The government last year also launched its Climate and Ecological Transformation Investment Platform to connect investors with projects in sectors including forest conservation, greening heavy industry and energy storage. Monies raised in the upcoming capital call would not be limited to emerging industries, though, and could also support more mature sectors such as wind and solar power, one of the sources said. The bank expects to receive proposals from asset managers by the end of October. Final selection is likely in the first quarter of 2026, with capital ready for deployment by mid-year, the source added. ($1 = 5.5167 reais) https://www.reuters.com/sustainability/cop/brazil-talks-with-tpg-brookfield-over-4-billion-climate-finance-push-2025-07-28/

2025-07-28 12:48

United States and EU avert trade war with 15% tariff deal Trump to reduce 50-day deadline for Russia to end war in Ukraine OPEC+ panel likely to keep oil policy steady, sources say LONDON, July 28 (Reuters) - Oil prices rose on Monday after a trade deal between the United States and the European Union and U.S. President Donald Trump's comments saying he would shorten a deadline he had set for Russia to end its war in Ukraine or face severe tariffs. Brent crude futures were up $1.18, or 1.7%, at $69.62 a barrel by 1218 GMT while U.S. West Texas Intermediate crude was up $1.16, or 1.8%, at $66.32. Sign up here. Trump said he was reducing the 50-day deadline he had given Russia, which was due to end in early September. The trade deal between the U.S. and European Union and a possible extension of the U.S.-China tariff pause are supporting global financial markets and oil prices, IG markets analyst Tony Sycamore said. Sunday's framework trade pact with the EU sets a 15% U.S. import tariff on most EU goods while Trump said it also called for $750 billion of EU purchases of U.S. energy in the coming years. Senior U.S. and Chinese officials meet in Stockholm on Monday to try to extend their tariff truce before an August 12 deadline. The U.S.-EU deal removed another layer of uncertainty and the focus seems to be shifting back towards fundamentals, said PVM analyst Tamas Varga, adding that a strong dollar and falling Indian oil imports have weighed on crude prices. On the supply side, an OPEC+ panel is unlikely to alter existing plans to raise oil output when it meets on Monday, four OPEC+ delegates told Reuters on July 25. ING expects OPEC+ to at least complete the full return of 2.2 million barrels per day of additional voluntary supply cuts by the end of September. https://www.reuters.com/business/energy/oil-rises-us-eu-deal-shorter-us-deadline-russia-2025-07-28/

2025-07-28 12:44

TURNBERRY, Scotland, July 28 (Reuters) - U.S. President Donald Trump said on Monday he was reducing the 50-day deadline he gave Russia over its war in Ukraine, underscoring his frustration with Russian President Vladimir Putin for prolonging fighting between the two countries. "I'm disappointed in President Putin," Trump said, speaking alongside British Prime Minister Keir Starmer ahead of their meeting in Scotland. "I'm going to reduce that 50 days that I gave him to a lesser number because I think I already know the answer what's going to happen." Sign up here. He did not give a new deadline. Trump set the 50-day deadline earlier this month. The U.S. president has repeatedly voiced exasperation with Putin for continuing attacks on Ukraine despite U.S. efforts to end the war. Before returning to the White House in January, Trump, who views himself as a peacemaker, had promised to end the three-and-a-half-year-old conflict within 24 hours. Trump has threatened new sanctions on Russia and buyers of its exports unless an agreement is reached by early September. But the president, who has also expressed annoyance with Ukrainian President Volodymyr Zelenskiy, has not always followed up on his tough talk about Putin with action, citing what he deems a good relationship that the two men have had previously. "We thought we had that settled numerous times, and then President Putin goes out and starts launching rockets into some city like Kyiv and kills a lot of people in a nursing home or whatever," Trump said. "And I say that's not the way to do it." https://www.reuters.com/world/europe/trump-says-he-is-reducing-50-day-deadline-russia-war-ukraine-2025-07-28/

2025-07-28 12:39

ATHENS, July 28 (Reuters) - Firefighters battled to put out wildfires on Monday in three separate provinces in Turkey, in Greece and near a tourist resort in Albania, stoked by strong winds after days of searing heat across the Mediterranean region. Smoke billowed over the mountainous Black Sea province of Karabuk, some 200 kilometres north of the capital Ankara, as a wildfire which raged for a sixth day forced the evacuation of more than a dozen villages and burnt swathes of forests. Sign up here. In the northwestern province of Bursa, three firefighters were killed on Sunday when their vehicle crashed, Turkey's Forestry Ministry said on Monday. Crews fought to tame two separate blazes there on Monday, following the evacuation of more than 3,600 people from settlements in the southern provinces of Mersin and Antalya. Turkey has seen dozens of wildfires in recent weeks amid extreme heat, while 10 firefighters were killed last week battling a fire in the central Eskisehir province. Hot and dry summers have been common in the Mediterranean region, but more intense heatwaves have contributed to destructive wildfires in recent years amid fast-rising temperatures across the globe. In Greece, dozens of firefighters battled a blaze that broke out at the foot of Mount Hymettus in Athens near a university campus in the densely populated suburbs. At least 18 helicopters and aircraft were operating in the area. In Albania, firefighters assisted by the army battled to control a wildfire before it reached the seaside city of Saranda and other tourist resorts in the south of the country on the Ionian coast. Some 13 people have been arrested over arson-related offenses in the past three days, local police said. Bulgaria deployed firefighting planes to help ground forces tame a large wildfire in a wooded southwestern area, while in Greece, several villages were evacuated and five people were injured in separate wildfires over the weekend under scorching heat and strong winds. As Greece saw off its third summer heatwave on Monday, rainy weather in Serbia helped firefighters there bring more than 100 wildfires under control. https://www.reuters.com/business/environment/firefighters-battle-blazes-turkey-greece-albania-after-days-scorching-heat-2025-07-28/