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☆ E.U. Extends Tariff Waiver for Ukrainian Grain, Despite Some Protests
▼ + stars: | 2023-04-28 | by ( Matina Stevis-Gridneff | ) www.nytimes.com time to read: +1 min

BRUSSELS — European Union ambassadors agreed on Friday to allow Ukraine’s grains into the bloc free of tariffs for another year, while granting more than $100 million in aid for farmers in neighboring E.U. Four of those countries — Poland, Bulgaria, Hungary and Slovakia — had recently enacted unilateral bans on Ukrainian food imports in an effort to contain the problem. “We have a solution which is addressing the concerns both of farmers in neighboring member states and Ukraine,” Valdis Dombrovskis, the E.U. Mr. Dombrovskis said it would include a financial support package of 100 million euros, or about $110 million, for farmers in neighboring member states, from an E.U. “In return, the neighboring member states will be withdrawing their unilateral measures,” he said, referring to the Ukrainian import bans.

WASHINGTON, April 17 (Reuters) - Just a month after the biggest banking crisis in more than a decade, the world's top economic and financial policymakers gathered in Washington and said surprisingly little about financial system stability - at least publicly. Some officials conveyed a sense that banking system safety was further down the priority list of global economic problems. "But it's still something where we need to stay vigilant and address potential risks which may emerge in our financial system," Dombrovskis told reporters. He added that the European Union's banking system was stable, well capitalized with ample liquidity. But during the IMFC's closed meeting, the possible spillovers from financial stability risks were a main topic, Ukrainian Finance Minister Serhiy Marchenko told Reuters.

☆ EU's Dombrovskis sees some progress on steel, battery minerals talks with U.S.
▼ + stars: | 2023-04-14 | by ( David Lawder | ) www.reuters.com time to read: +2 min

Dombrovskis, the EU's top trade official, told reporters that he could not provide any details on timing for reaching a U.S.-EU deal after Washington and Tokyo's quick agreement in late March. "We're making some progress, but also we're seeing that those are not easy discussions," Dombrovskis said of the minerals talks, adding that the EU was pursuing its own competing subsidies for clean energy technologies. That deal included new U.S. import quotas for specific duty-free volumes of EU steel and launched talks on a global arrangement to combat "dirty" metals production aimed at excluding Chinese capacity. Dombrovskis said, however, that the key parameters from the EU side was that the agreement would have to result in "complete withdrawal" of U.S. tariffs on EU metals as well as the quota arrangement. Creation of a green metals club would also need to be compliant with World Trade Organization rules, he added.

☆ EU's Dombrovskis: U.S.-Japan battery minerals deal a good basis for U.S-EU talks
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 14 (Reuters) - European Commission Executive Vice President Valdis Dombrovskis said on Friday that the bloc was willing to move quickly on a trade agreement with the United States for critical minerals used in electric vehicles and a recent U.S.-Japan deal was a "good basis for discussions." Dombrovskis told reporters he could not provide any details on timing for a U.S.-EU deal after Washington and Tokyo's quick agreement. The U.S. Treasury on Tuesday is expected to reveal which vehicles would see reduced access to U.S. tax credits of up to $7,500 based on their minerals and components content. "We see this U.S.-Japan agreement as a good basis for discussions, a good basis for the decisions and essentially we don't see reasons why we should be treated worse than Japan," Dombrovskis said during International Monetary Fund and World Bank meetings in WashingtonReporting by David LawderOur Standards: The Thomson Reuters Trust Principles.

☆ EU does not want to end communication with China, Dombrovskis says
▼ + stars: | 2023-04-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU does not want to end communication with China, Dombrovskis saysEuropean Commission Executive Vice President Valdis Dombrovskis said the EU's relationship with China is about "better risk management" and more "diversification."

☆ EU urges firm results, green alliance from US trade talks
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, April 12 (Reuters) - The United States and the European Union need to produce clear results next month from their forum on trade and technology and forge closer ties on green products and technology, European Trade Commissioner Valdis Dombrovskis said on Wednesday. "We should also be aiming to move forward on digital and sustainable trade," Dombrovskis said. The transatlantic partners should, he said, help set common standards for green goods and technologies, ensure fair competition and build resilient supply chains. Dombrovskis said the two should work to align the domestic supports of the IRA and the EU Green Deal, so "turbo-charging" the green transition. In my view, we should be aiming for nothing less than a green transatlantic marketplace," Dombrovskis said.

☆ EU pushes against 'Made in USA' rule for EV support
▼ + stars: | 2023-03-09 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

Washington is providing tax credits of up to $7,500 for consumers buying electric vehicles, but only if final assembly and battery components amounting to at least half of the value are made in North America. European Commission Vice President Valdis Dombrovskis, who oversees EU trade policy, said discussions were continuing on these local content requirements and that the EU wanted to establish how battery components were defined. "Is it only specific battery components or everything? A further criteria for the tax credit is that a large share of critical materials comes from a U.S. free trade agreement (FTA) partner, which the European Union is not. The United States and the European Union are nevertheless working towards a deal to make European minerals eligible for tax credits, a senior EU official said on Friday.

☆ Morning Bid: Ten-four, Treasury yields soar
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +4 min

The remarkable sight of 10-year Treasury yields back above 4% for the first time in almost four months is only matched by two-year yields at 15-year highs stalking 5%. Weekly jobless claims on Thursday and the latest Fed speakers take on unusual importance in such a febrile rates market. And 6% Fed rates that seemed fanciful only a month ago are now being openly discussed by banks. Despite year-on-year oil prices now tracking declines of 25%, European inflation fears are a key feature of this week's nervousness. Benchmark German 10-year bond yields soared to 11-year highs at 2.77%.

☆ U.S. trade official Tai discussed Inflation Reduction Act with EU's Dombrovskis
▼ + stars: | 2023-02-17 | by ( Kanishka Singh | ) www.reuters.com time to read: +1 min

WASHINGTON, Feb 17 (Reuters) - U.S. Trade Representative Katherine Tai on Friday met with European Union Executive Vice President Valdis Dombrovskis and discussed the U.S. Inflation Reduction Act, Tai's office said in a statement. The legislation excludes electric vehicles assembled outside of North America from tax credits in the United States. European nations are not the only ones who have raised concerns with the Inflation Reduction Act. Tai and Dombrovskis also discussed the ongoing negotiations for a global arrangement on sustainable steel and aluminum and agreed to remain in close contact as negotiations continue in 2023, the USTR office added. Reporting by Kanishka Singh in Washington; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Washington pushes for harsher action against banks with Russia ties
▼ + stars: | 2023-02-14 | by ( John O'Donnell | ) www.reuters.com time to read: +6 min

"We are looking at additional banks and financial institutions to see how Russia deals with the outside world. Some European banks, including UniCredit (CRDI.MI) and Raiffeisen Bank International (RBIV.VI), have large businesses there and must follow local rules to grant payment holidays to soldiers. ENFORCEMENTO'Brien said that the United States would step up enforcement, something the EU also hopes to improve. "We are now looking at how sanctions, including financial sanctions, can be most effective," he said. "While the majority of important Russian banks are sanctioned, there is a lot outside that perimeter that you could go after," said Nicolas Veron, of Washington think tank the Peterson Institute for International Economics.

☆ Europe unveils $270 billion response to US green subsidies
▼ + stars: | 2023-02-01 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Stung by the Biden administration’s huge green subsidy program, the European Union unveiled plans for its own “Green Deal” Wednesday to cut red tape and deliver tax breaks. The proposals, which will be debated by EU leaders next week, would make €250 billion ($272 billion) available from existing EU funds for the greening of industry, including offering tax breaks to businesses investing in net-zero technologies. EU leaders are worried that tax breaks for American companies, which amount to $270 billion, will disadvantage European firms and lure them to the United States. In a document detailing its new green industry plan, the European Commission also fingered China, saying it has provided green subsidies at a level twice as high as those in the European Union, relative to GDP. “Europe and its partners must do more to combat the effect of such unfair subsidies and prolonged market distortion,” it added.

☆ Seven EU countries oppose new EU funding as response to U.S. subsidy plan - letter
▼ + stars: | 2023-01-27 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

BRUSSELS, Jan 27 (Reuters) - Plans by the European Commission to create new European Union funding for the green industry are facing mounting opposition in the 27-nation bloc, as seven EU countries openly rejected the idea in a letter to the EU executive. The letter, seen by Reuters and dated Jan. 26, was signed by the Czech Republic, Denmark, Finland, Austria, Ireland, Estonia and Slovakia and addressed to the European Commission vice president responsible for trade, Valdis Dombrovskis. All 10 countries say the EU should be using funds already approved instead of seeking more money. But in their letter, the seven countries said the EU should first spend the money it had already agreed to raise through the 800 billion euro post-pandemic recovery and resilience fund (RRF) of grants and cheap loans. "We have to ensure that the economy can better absorb the already agreed EU funding," the seven countries wrote.

☆ British finance minister sticks to tax-hiking plans, pledges post-Brexit reforms
▼ + stars: | 2023-01-27 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +3 min

Optimism in the U.K. economy has been in "short supply" in recent months, Hunt said. The Finance Minister stressed the importance of making the U.K. a place where companies want to do business. Hunt's speech comes as the U.K. inflation rate most recently reached 10.5% in December, well above the Bank of England's target of 2%. U.S. Inflation Reduction Act concernsJeremy Hunt said the U.K. government has "some concerns" about the U.S. Inflation Reduction Act in a Q&A session that followed his speech Friday. Absolutely not," Hunt added.

☆ From green subsidies to chips, Davos debates reflect a world in flux
▼ + stars: | 2023-01-20 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

Davos, Switzerland CNN —The World Economic Forum in the Swiss Alps is typically a venue for politicians and business leaders to deliver sermons about the benefits of globalization and cross-border cooperation. European leaders used Davos to amplify complaints about the law’s tax breaks for American companies that make parts for green energy projects, which they claim will disadvantage European firms. German Chancellor Olaf Scholz addresses the World Economic Forum, in Davos, Switzerland, on Wednesday. Representatives from Asia’s third largest economy showed up in force at Davos to meet with international investors. “We’re looking at a less efficient world,” US Trade Representative Katherine Tai said.

☆ EU remains concerned about U.S. Inflation Reduction Act, trade commissioner says
▼ + stars: | 2023-01-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU remains concerned about U.S. Inflation Reduction Act, trade commissioner saysValdis Dombrovskis, European Commissioner for Trade, says the European Union is concerned about the "discriminatory measures" in the Inflation Reduction Act, adding that the region is focusing on negotiations rather than "saber-rattling" with the United States.

☆ 'Discriminatory' measures in U.S. Inflation Reduction Act still need addressing, top EU minister says
▼ + stars: | 2023-01-19 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The European Union still believes President Joe Biden's Inflation Reduction Act discriminates against companies in the bloc, its top trade minister said Thursday. However, Valdis Dombrovskis told CNBC that the EU was engaged in ongoing negotiations with U.S. officials that had allayed only some of its concerns so far. He noted he met with U.S. Trade Representative Katherine Tai two days ago, a meeting at which the pair pledged to increase engagement on key issues including electric vehicle subsidies. "Our concerns are the discriminatory measures in [the] U.S. Inflation Reduction Act, which is discriminating against EU companies," he said in an interview at the World Economic Forum in Davos, Switzerland. "We think we should be addressing the climate change and green transition jointly, building transatlantic value chains, not breaking them apart."

☆ EU expects only partial fix from talks on U.S. green subsidy law
▼ + stars: | 2022-12-08 | by ( Expert Analysis | Reuters Professional | Calls Grow For Companies To Disclose Impacts On Nature In Bid To Plug Finance Gap | ) www.reuters.com time to read: +2 min

REUTERS/Kevin Lamarque/File PhotoBRUSSELS, Dec 8 (Reuters) - The European Union should not expect talks with the United States to resolve all the problems it sees in the U.S. Inflation Reduction Act and is not ruling out any potential response, EU trade chief Valdis Dombrovskis said on Thursday. The EU argues that the $430 billion act, which grants consumers tax credits for U.S.-produced electric vehicles (EV) and other green products, could make the United States a world leader in the EV market at Europe's expense. "And then we'll see to which extent our concerns are taken into account," he told lawmakers. At that point, the European Union would have to consider its response, Dombrovskis said, adding that the bloc did not want to enter a subsidy race. Reporting by Philip Blenkinsop Editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

They issued a joint statement after the third ministerial-level of the U.S.-EU Trade and Technology Council (TTC) vowed to work constructively to resolve it. EU Trade Commissioner Valdis Dombrovskis on Monday called the $430 billion U.S. Inflation Reduction Act discriminatory and urged steps be taken before year's end to modify the law. It offers consumers tax credits of $7,500 for new purchases of Tesla (TSLA.O), Ford (F.N) and other North American-made EVs that the EU fears will significantly hurt European. Other participants included U.S. Commerce Secretary Gina Raimondo, U.S. Trade Representative Katherine Tai and European Commission Vice President Margrethe Vestager. During a state visit to Washington last week, French President Emmanuel Macron told broadcaster CBS it was a "job killer" for Europe.

☆ Tax credits for EU electric vehicles to dominate U.S. trade talks
▼ + stars: | 2022-12-05 | by ( ) www.cnbc.com time to read: +2 min

U.S. Secretary of State Blinken attends the Freedom of Expression Roundtable, in New York, U.S., September 19, 2022. The European Union's top trade official on Monday called for urgent steps before the end of the year to modify a U.S. climate law that would cut off the bloc's electric vehicles from U.S. tax credits, calling the measure discriminatory. EU Trade Commissioner Valdis Dombrovskis, speaking to Deutsche Welle before a meeting of the U.S.-EU Trade and Technology Council (TTC) said the law threatened to undermine progress made by the year-old transatlantic forum. Dombrovskis said the EU was looking at how to make its own subsidies "more efficient" and potential increases in joint U.S.-EU financing. Participants include U.S. Secretary of State Antony Blinken, Commerce Secretary Gina Raimondo, U.S. Trade Representative Katherine Tai and European Commission Executive Vice Presidents Valdis Dombrovskis and Margrethe Vestager.

☆ Monday's EU-US trade talks overshadowed by tax concerns on climate measure
▼ + stars: | 2022-12-05 | by ( David Lawder | ) www.reuters.com time to read: +3 min

COLLEGE PARK, Md., Dec 5 (Reuters) - Top European Union officials intend to complain loudly to their U.S. counterparts at a trade meeting on Monday about the bloc's electric vehicles being cut off from tax credits in U.S. President Joe Biden's signature climate law. "The Inflation Reduction Act will be part of the range of discussions on trade," a spokesperson for the White House National Security Council said in a statement. The U.S. side was "committed to continuing to understand EU concerns" through a newly established task force, the spokesperson added. European and South Korean officials criticized the Inflation Act at the G20 Summit in Indonesia last month. French officials say they are hopeful an executive order from the White House could give European nations a break, without the need for seeking revisions from Congress - a move the White House wants to avoid.

☆ EU to adapt state aid schemes in response to U.S. subsidy package, von der Leyen says
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, Dec 4 (Reuters) - The EU will adapt its state aid rules to prevent an exodus of investment triggered by a new U.S. green energy subsidy package, the bloc's chief executive said on Sunday. "Competition is good ... but this competition must respect a level playing field," European Commission President Ursula von der Leyen said in a speech in the Belgian city of Bruges. "The (U.S.) Inflation Reduction Act should make us reflect on how we can improve our state aid frameworks and adapt them to a new global environment," she added. The topic is one of several on the agenda of the EU-U.S. Trade and Technology Council meeting on Dec. 5. Reporting by Sabine Siebold and Riham Alkousaa; Editing by Gareth Jones and David HolmesOur Standards: The Thomson Reuters Trust Principles.

[1/34] A Ukrainian serviceman fires a mortar on a front line, as Russia's attack on Ukraine continues, in Zaporizhzhia region, Ukraine November 16, 2022. "After a trip to the ... Kherson region, one thing became clear - our people there need a lot of help. Zelenskiy said Ukrainian forces had repelled about 100 attacks in Donetsk, with no letup in the fighting. Ukraine's military said Russian forces had fired shells at a series of towns in eastern and southern Ukraine. Also hit by artillery fire were towns further west in Donetsk and in Zaporizhzhia region in southern Ukraine, including Vuhledar and Hulyaipole.

[1/34] A Ukrainian serviceman fires a mortar on a front line, as Russia's attack on Ukraine continues, in Zaporizhzhia region, Ukraine November 16, 2022. "After a trip to the... Kherson region, one thing became clear - our people there need a lot of help. Investigators in liberated areas of Kherson region have uncovered 63 bodies bearing signs of torture after the Russian forces left, Ukraine's interior minister was quoted as saying. Ukraine's military said Russian forces had fired shells at a series of towns in eastern and southern Ukraine. Also hit by artillery fire were towns further west in Donetsk and in Zaporizhzhia region in central Ukraine, including Vuhledar and Hulyaipole.

[1/34] A Ukrainian serviceman fires a mortar on a front line, as Russia's attack on Ukraine continues, in Zaporizhzhia region, Ukraine November 16, 2022. REUTERS/StringerSummarySummary Companies Redeployed Russian forces challenge Ukraine in eastUkraine minister says bodies, signs of torture found in KhersonRussia accuses Ukraine of executing more than 10 Russian POWsKYIV/KHERSON, Ukraine, Nov 18 (Reuters) - Successive waves of Russian missile strikes have crippled almost half of Ukraine's energy system, Prime Minister Denys Shmyhal said on Friday, as heavy fighting raged in areas in the east and south. "After a trip to the... Kherson region, one thing became clear - our people there need a lot of help. On that (east) bank of the river, the (Russian) forces are gathering. Ukraine's military said Russian forces had fired artillery on the towns of Bakhmut and nearby Soledar in the Donetsk region, among others.

☆ Europe shows a united front against Biden's Inflation Reduction Act, says it threatens industry
▼ + stars: | 2022-11-09 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The sweeping U.S. legislation, which was approved by U.S. lawmakers in August and includes a record $369 billion in spending on climate and energy policies, was discussed by the 27 EU finance ministers on Tuesday. The same official added that "there is a political consensus (among the 27 ministers) that this plan threatens the European industry." The EU has listed at least nine points in the U.S. Inflation Reduction Act that could be in breach of international trade rules. We don't want to see any kind of decision that could harm this level playing field. "The level playing field is at the core of the trade relationship between the two continents and we don't want to see any kind of decision that could harm this level playing field," he said.

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