UK News: Trump targets France with threat to slap tariffs on champagne - - PressFrom - United Kingdom
  •   
  •   

UK News Trump targets France with threat to slap tariffs on champagne

15:45  03 december  2019
15:45  03 december  2019 Source:   news.sky.com

Donald Trump ‘enjoyed’ No 10 meeting with Boris Johnson

  Donald Trump ‘enjoyed’ No 10 meeting with Boris Johnson US President Donald Trump has said he “enjoyed” a meeting with Prime Minister Boris Johnson in Downing Street last night. [] The post Donald Trump ‘enjoyed’ No 10 meeting with Boris Johnson appeared first on CityAM.

President Trump on Saturday sought to smooth over his prickly relationship with French President Emmanuel Macron as he arrived in France for the G7 summit – telling reporters he loves French wine, hours after threatening to slap tariffs on the export.

WASHINGTON – President Donald Trump ’s administration proposed Monday slapping stiff tariffs on .4 billion in French products including cheese and champagne in retaliation for France ’s new digital services tax. In July, Trump threatened to slap on French wines in retaliation for the tax.

a close up of a bowl: Champagne is among the goods the US has threatened to target with tariffs of up to 100% © Getty Champagne is among the goods the US has threatened to target with tariffs of up to 100%

The Trump administration is threatening to slap tariffs on French products worth billions of dollars, as part of a major escalation of its trade war.

Champagne, luxury handbags and Roquefort cheese could be affected under the proposals, which are in response to a new French tax on big US tech firms.

According to US officials, the charges would cover French imports worth $2.4bn (£1.9bn).

The plans are aimed at making the goods less attractive to US consumers as they could double current prices.

The announcement, the latest in an expansion of US trade threats this week, contributed to a fall in global stock markets which deepened during a news conference given in London by Donald Trump in which he signalled there was no deadline for concluding his existing trade war with China - blamed for a global economic slowdown.

Trump says he'll stay out of UK election - then backs Boris Johnson

  Trump says he'll stay out of UK election - then backs Boris Johnson Donald Trump vowed to stay out of the UK General Election on his arrival in London for the Nato summit [] The post Nato summit 2019: Donald Trump backs Boris Johnson and rejects Labour's NHS 'plot' claim appeared first on CityAM.

Stock markets around the world tumbled following US President Donald Trump ’s latest tweets, reigniting fears about global trade tensions. Wall Street closed one percent lower on Monday, after Trump said he would target Europe again over the Boeing-Airbus subsidies’ dispute.

Earlier, France ’s Finance Minister Bruno Le Maire warned against conflating the digital tax that Paris seeks to slap on US tech companies and the levies on French wine pledged by President Trump .

Donald Trump holding a sign: Relations between Donald Trump and his French counterpart Emmanuel Macron are expected to be severely tested © Imagebridge Relations between Donald Trump and his French counterpart Emmanuel Macron are expected to be severely tested

Ahead of a difficult NATO summit, he said: "If France puts a tax on our companies, I don't want that," adding: France wants to tax them out of the blue."

He said he had a good relationship with his French counterpart but accused Emmanuel Macron of "sometimes saying things he should not do".

Mr Trump's trade officials argue that France's digital services tax unfairly discriminates against US firms such as Google, Facebook and Amazon.

The tax, which was introduced this year, is designed to prevent tech companies from avoiding taxes in France by placing key office functions in territories with a lower rate.

The Latest: Macron wants bigger Europe military role in NATO

  The Latest: Macron wants bigger Europe military role in NATO LONDON (AP) — The Latest on the NATO summit in London (all times local): 7:05 p.m. French President Emmanuel Macron said Europeans should play a greater role within the NATO military alliance in order to be less dependent on the United States. Macron said he wants “more European defense to get a less unbalanced NATO.” That came after he met with Turkish President Erdogan, German Chancellor Angela Merkel and British Prime Minister Boris Johnson on the sidelines of a NATO summit. © Provided by Associated Press President Donald Trump meets French President Emmanuel Macron at Winfield House, Tuesday, Dec. 3, 2019, in London.

The latest threat by the White House to slap higher import tariffs on a major trading partner The Trump administration released a 14-page list of EU goods that could attract a higher tariff , including several symbolic targets such as “French cheese”, roquefort cheese, wine, champagne , olive oil and

President Donald Trump targets China with up to billion in Chinese imports. The Trump administration says China's trade practices involve stealing Lighthizer told lawmakers on Thursday, however, that China is likely to retaliate against the tariffs by targeting U.S. agricultural products that

It imposes a 3% annual levy on the French revenues of digital companies with yearly global sales worth more than €750m (£580m) and French revenue exceeding €25m (£19.3m).

a large passenger jet flying through a blue sky: A dispute has been raging at the WTO for 15 years over state support for US and European plane-makers. Pic: Airbus © Other A dispute has been raging at the WTO for 15 years over state support for US and European plane-makers. Pic: Airbus

The French finance minister responded to the tariff threat by saying it was not something to be expected from an ally.

Shares in French firms that could be affected, including luxury goods maker LVMH - behind the Louis Vuitton and Moet & Chandon brands - fell in response.

Shares in LVMH, which recently announced a takeover of US-based jewellery powerhouse Tiffany, were 1.5% down at the open in Paris.

The US Trade Representative Robert Lighthizer added that digital taxes introduced by Austria, Italy and Turkey could also be met with a trade response.

A similar tax scheme has been proposed by the UK, but it has not been enacted.

Trump criticises European allies ahead of NATO's 70th anniversary summit

  Trump criticises European allies ahead of NATO's 70th anniversary summit U.S. President Donald Trump lashed out at European allies before a NATO anniversary summit in London on Tuesday, singling out France’s Emmanuel Macron for “very nasty” comments on the alliance and Germany for spending too little on defence. Underlining the breadth of strife in a transatlantic bloc hailed by its backers as the most successful military alliance in history, Trump demanded that Europe pay more for defence and also make concessions to U.S. interests on trade.The attack echoed a similar tirade by Trump ahead of NATO’s last summit in July 2018.

President Trump ’s dispute with France could upend a broader effort to unite 135 countries around a France ’s economy and finance minister, Bruno Le Maire, on Tuesday denounced the tariff threat as In October, his administration slapped tariffs on French aircraft, wine and cheese and a range of

Yet Trump on Monday seemed to be again sending a bigger message about tariffs . If markets have surged since the summer in part because investors Brazil’s bet backfires | Trump ’s announcement that he is reinstating tariffs on steel and aluminum from Brazil is a slap in the face for Brazilian

The US tariff threat against France - announced after US markets closed on Monday - came at the end of a day of already heightened trade tensions.

Hours earlier, the World Trade Organisation (WTO) granted Washington permission to impose its proposed 25% tariffs on a string of EU products including Scotch whisky in retaliation for subsidies to aerospace giant Airbus.

The EU is preparing a retaliation of its own under the dispute, dating back 15 years, for historic US financial support for Boeing.

Donald Trump also used his Twitter account to declare tariffs were to be slapped on steel and aluminium products shipped from Brazil and Argentina to the US, because the weakness of their currencies had left American businesses uncompetitive.

Gallery: US-China Trade War: A timeline (Photos)

The spat between the US and its largest economic competitor, China, has already resulted in tit-for-tat tariffs on billions of dollars worth of each other's goods since July 2018.

Relations between the world's two biggest economies worsened last week after Mr Trump signed a bill in support of pro-democracy protesters in Hong Kong.

It was seen as setting back hopes of a so-called "phase one" trade deal with the Chinese to cool tensions.

The US is currently slated to raise tariffs against Beijing in mid-December should progress in trade talks continue to lag.

Mr Trump told reporters that he was even prepared to wait until after the US presidential election next year to resolve the crisis.

Renewed trade worries - largely blamed for a fallback in stock markets in Europe and the US on Monday - pushed stocks further into the red on Tuesday.

In London, the FTSE 100 was trading 1.4% lower by lunchtime but much of that was explained by a weakening in the dollar which helped sterling climb to $1.30.

A stronger pound tends to hurt the value of the index's dollar-earning constituents as they get less for their US currency when they book it in the UK.

Commenting on the market view Neil Wilson, chief market analyst at Markets.com, said: "What we are seeing is the weaponisation of trade and using it for diplomatic purposes.

"It is no coincidence that these announcements come as Trump lands in London for the NATO summit and a chance to demand European allies spend more on defence.

"It will also draw attention away from the Chinese talks, which clearly are not yielding the necessary outcome as far as the White House is concerned...and it's a clear signal to Beijing that Trump is not shying away from tariffs - as he said yesterday - if there is no phase one deal the tariffs will go up."

Our Christmas Together Appeal proudly supports Age UK and The Children’s Society who are providing vital services to society’s most vulnerable this festive season. Because no one should feel alone. Together we can make a big difference. Join us here.

London NATO summit begins as tensions spike on either side of Atlantic .
Donald Trump arrived in London on Tuesday ostensibly to celebrate 70 years of the NATO military alliance. But tensions on either side of the Atlantic have reached an acrimonious pitch, prompting the US president to defend the organisation he has long derided. Late last month, French president Emmanuel Macron described NATO as a “brain dead” alliance, noting that European members could no longer take the support of the US for granted. Trump, whoLate last month, French president Emmanuel Macron described NATO as a “brain dead” alliance, noting that European members could no longer take the support of the US for granted.

—   Share news in the SOC. Networks

Topical videos:

usr: 0
This is interesting!