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An explosion in Bandar Abbas, Iran, has injured at least 47 people
State media reported that a large explosion struck Shahid Rajaee Port in southern Iranian city Bandar Abbas, causing at least 47 injuries. The explosion occurred just as Iran was about to begin a third round nuclear talks with United States in Oman. However, the cause of this explosion wasn't immediately known. The explosion of containers in the Shahid Rajaee Port wharf caused this incident. "We are currently evacuating the injured and transferring them to medical centers," said a local crisis-management official on state television. Initial estimates by Fars News Agency indicate that 47 people have been injured. The semi-official Tasnim News Agency added that port activities were suspended in order to put out the fire. They also said that due to the large number port workers, "many people are probably injured or killed by the incident." Iranian media reported that the blast caused windows to shatter within a range of several kilometers. Footage shared online showed a mushroom cloud following the explosion. In 2020, the same port was hit by a massive cyberattack which caused massive backlogs in the waterways and on the roads leading up to the facility. The Washington Post reported that Iran's arch enemy Israel was behind the incident in retaliation to an earlier Iranian cyberattack.
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Sources: TikTok owner considers data center in Brazil
Three people with knowledge of the matter said that ByteDance is considering a large investment in a Brazilian data center to harness the abundant wind power on Brazil's northeast coast. Two sources, who requested anonymity in order to discuss confidential negotiations, said that the company was in discussions to partner with renewable power producer Casa dos Ventos in developing a facility at the Pecem Port Complex in the state Ceara. Discussions are taking place as Latin America’s largest economy tries to position itself as the global hub for a fast-growing industry of data centers, by leveraging its abundant renewable energy. According to one source, initial discussions are centered on a data center of 300 megawatts (MW), but the project may eventually be expanded to 900MW in a subsequent phase. According to a second source, the total demand could be as high as 1 gigawatt. Brazil would become a key part of the Chinese firm's Western Hemisphere operations. ByteDance, a Chinese company, announced in February that it would invest $8.8 Billion in Thailand data centers over a five-year period. TikTok has declined to comment on the plans for Brazil. Pecem has been considered as a potential location for Brazilian data centres due to the nearby landing stations of submarine cables and the concentration in renewable energy generation. Casa dos Ventos has requested grid connection in Pecem for a project to build a datacenter. TotalEnergies and Casa dos Ventos have partnered on wind power in 2022. The Brazilian national grid operator ONS initially refused it because of stability concerns due to the high demands placed on such facilities. Two sources claim that the Brazilian Mines and Energy Ministry has begun evaluating the possibility of increasing grid capacity to support data center projects at Pecem and in other areas. TikTok, as well as the Ministry of Culture and Tourism, did not respond immediately to a comment request. ByteDance was not reachable. Casa dos Ventos refused to comment on ByteDance's talks, but stated in a press release that it was "committed" to turning the Pecem Port into a hub of technological innovation and energy transformation. The company is building the largest data center in the country and a green hydrogen project that will be powered with renewable energy. The company stated that it was evaluating partnerships with companies who can help implement both projects. (Reporting from Leticia Fucuchima, Sao Paulo; Marcela Ayres, Bernardo Caram and Brenda Goh at Shanghai; Fabio Teixeira at Rio de Janeiro. Editing by Marguerita Chôy.
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Vehicle Carriers Seek Relief from Wide US Port Fees
Three sources said that operators of hulking cars carriers were seeking relief from U.S. trade representative's surprise plan that would levy port charges on all foreign-built vessels in this segment, including the 20 vessels that guarantee transportation for the U.S. Military during a national emergency or war. USTR announced these fees on April 17, as part of a continuing effort to charge certain China-linked vessels calling at U.S. port fees in order to fund domestic shipbuilding and counter China's dominant position on the high seas. The fees were a shock to the industry because they did not only target ships built in China or owned by Chinese companies. According to two lawyers who asked to remain anonymous for fear of reprisals, the fees on vehicle carriers would affect the 20 U.S. flagged and U.S. crewed vehicle carriers that are admitted to the U.S. Maritime Security Program, which supports Washington's readiness. These fees would also impose massive costs on customers of vehicle carriers, who are already suffering from the 25% auto tariffs that President Donald Trump imposed. As the levies weren't mentioned in the USTR port fees proposal of February, vessel carriers did not have an opportunity to provide feedback. One of the lawyers said, "The fee for the car carrier came out of nowhere." Both parties said that the USTR had overreached, because the fees were levied on ships that are made in countries not included in the Biden administration’s fast-tracked investigation which found that China unfairly dominates global maritime, logistic and shipbuilding sectors. The World Shipping Council warned that on April 18, the new fees would affect almost all car carriers and could have unintended effects. WSC has declined to provide any further comment. Attorneys and an industry group have asked to meet with USTR in order to express their concerns. USTR has not yet commented on whether it will meet with representatives of vessel carriers. USTR will begin charging foreign-built vehicles carriers $150 per car they can carry. This fee will be implemented on October 14, 2014. The USTR plans to charge foreign-built vehicle carriers $150 for every car the ship has capacity to carry, beginning on October 14. MILITARY RISK? Vehicle carriers are essential to the U.S. Military's readiness, as they can transport large items such as aircraft, tanks and helicopters. American Roll-On Roll-Off Carrier Group of Florida, an operator of vehicle carriers under the U.S. flag, is a part of Wallenius Wilhelmsen Group. Liberty Global Logistics is a New York-based provider. Wallenius Wilhelmsen and ARC did not respond immediately to Wallenius's request for comment. Maersk Line Ltd., the U.S. division of the Danish container shipping company, which is part of MSP, has said that it is reviewing USTR's most recent information and is preparing for various scenarios. Port fees are not charged to operators of container ships, tankers, and other vessels that fall within the MSP. Alphaliner data shows that there are currently 1,466 vehicle carriers in use. Alphaliner reported that only 39 of these ships were constructed in the United States. (Reporting and editing by Peter Graff, Mark Potter, and Lisa Baertlein)
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Vehicle Carriers Seek Relief from Wide US Port Fees
Three sources said that operators of hulking cars carriers were seeking relief from U.S. trade representative's surprise plan that would levy port charges on all foreign-built vessels in this segment, including the 20 vessels that guarantee transportation for the U.S. Military during a national emergency or war. USTR announced these fees on April 17, as part of a continuing effort to charge certain China-linked vessels calling at U.S. port fees in order to fund domestic shipbuilding and counter China's dominant position on the high seas. The fees were a shock to the industry because they did not only target ships built in China or owned by Chinese companies. According to two lawyers who asked to remain anonymous for fear of reprisals, the fees on vehicle carriers would affect the 20 U.S. flagged and U.S. crewed vehicle carriers that are admitted to the U.S. Maritime Security Program that supports Washington's readiness. These fees would also impose massive costs on U.S. automobile manufacturers, already suffering from President Donald Trump's tariff policy. As the levies weren't mentioned in the USTR's original port fee proposal of February, vessel carriers did not have an opportunity to provide feedback. One of the lawyers said, "The fee for the car carrier came out of nowhere." Both parties said that the USTR had overreached, because the fees were levied on ships that are made in countries not included in the Biden administration’s fast-tracked investigation which found that China unfairly dominates global maritime, logistic and shipbuilding sectors. The World Shipping Council, whose members include Swedish car transporter Wallenius Wilhemsen on April 18, warned that the new fees would affect almost all car carriers and could have unintended effects. WSC has declined to provide any further comment. Attorneys and a group of industry representatives have asked to meet with USTR in order to express their concerns. USTR has not yet commented on whether it will meet with representatives of vessel carriers. USTR will begin charging foreign-built vehicles carriers $150 per car they can carry. This fee will be implemented on October 14th. The USTR plans to charge foreign-built vehicle carriers $150 for every car the ship has capacity to carry, beginning on October 14. MILITARY RISK? Vehicle carriers are essential to the U.S. Military's readiness, as they can transport large items such as aircraft, tanks and helicopters. American Roll-On Roll-Off Carrier Group of Florida, an operator of vehicle carriers under the U.S. flag, is a part of Wallenius Wilhelmsen Group. Liberty Global Logistics is a New York-based provider. Wallenius Wilhelmsen and ARC did not respond immediately to Wallenius's request for comment. Maersk Line Ltd., the U.S. division of the Danish container shipping company, which is part of MSP, has said that it is reviewing USTR's most recent information and is preparing for various scenarios. Alphaliner data shows that there are currently 1,466 vehicle carriers in use. Alphaliner reported that only 39 of these ships were constructed in the United States. (Reporting and editing by Peter Graff.)
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Asian spot prices remain at a 1-year low due to a tepid demand
The price of Asian spot LNG (liquefied natural gases) increased this week despite production problems in Asia and Europe. However, it was still at a near-year-low due to tepid overall demand. Average LNG price for delivery to North-east Asia in June Industry sources estimate that the price of a million British thermal unit (mmBtu) is now $11.80, up from last week's $11.50/mmBtu which was its lowest level since mid-May. Martin Senior, Argus' head of LNG pricing, stated that there are only a few buyers for immediate cargoes. Chinese and Indian importers are largely ignoring the market because prices are over $11.00/mmBtu. South Korea, however, is currently Asia's main spot buyer. He said that the South Korean demand was strong. Stocks held by Kogas (the country's state-owned company) were last heard of as being around 20 percent filled. This has led to interest from not only Kogas but also Komipo and Kospo, as well Prism. Private importers can benefit from buying cargoes at a lower price than Kogas' tariff. Siamak Adibi said that despite a recent outage of the Bintulu LNG Complex owned by Petronas, the supply situation is still good. Equinor's Hammerfest Terminal, Europe's biggest LNG export facility, was also offline for scheduled annual maintenance on Tuesday until July 19. Adibi said that the exports from Venture Global’s Plaquemines facility in the U.S. reached 1 million tonnes per month. BP also loaded the first cargo from its Greater Tortue Ahmeyim offshore Mauritania, and Senegal. He added that "we also expect the start-up of LNG Canada by mid-year, and a ramp up in supply from Corpus Christi" - referring to Cheniere Energy’s plant in the U.S. S&P Global Commodity Insights' daily North West Europe Gas Marker benchmark price for cargoes to be delivered in June was $10.49/mmBtu ex-ship on April 24. This represents a $0.70/mmBtu reduction from the gas price in June at the Dutch TTF Hub. Argus estimated the price for delivery in June at $10.58/mmBtu. Spark Commodities estimated the price for May at $10.376/mmBtu. Florence Schmit is an energy strategist with Rabobank London. She said that while Europe's demand for gas has begun to decline due to seasonal trends, there are still concerns about storage injections in the summer. She said that the winter premium on summer contracts was still trading at only 0.50 euros per Megawatt Hour, which is not enough incentive to encourage full injections. The EU's roadmap for the phase-out of Russian fuel supplies will also scupper any expectations that Russian pipeline supplies would return, and push European buyers even further to seaborne imports. According to Spark Commodities analyst Qasim Afghan, the Atlantic LNG freight rates increased to $35,750/day last Friday while Pacific LNG rates dropped to $22,250/day. He added that despite pointing towards Asia earlier in the week, the U.S. arbitrage for the front month to North-East Asia via Cape of Good Hope is now closed, and it's marginally pointing toward Europe.
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Mexico's largest port expands as it bets global trade despite Trump’s tariffs
Mexico is expanding its largest seaport as it bets on global trade and positive economic growth despite the grim outlook caused by U.S. president Donald Trump's tariff wars. According to the Mexican Navy which operates the facility, the Mexican Government aims to turn the Port of Manzanillo, on Mexico's Pacific Coast, into the busiest port in Latin America. It will be able to process 10 million 20-foot containers (6.1-meter-long) and can handle up to 10,000,000 cargoes. In 2024, it will be the largest port in Mexico and the third-largest in Latin America. It will handle nearly 4 million 20 foot containers. Claudia Sheinbaum, the Mexican president, has a major infrastructure project in mind. It is a multi-billion dollar port extension. Mexico is investing in order to combat an economic slump caused by Trump's trade conflicts. The International Monetary Fund cut its growth predictions for the majority of countries earlier this week. Mexico was one of the countries that saw their growth forecasts slashed by 0.3%. This is due to U.S. Tariffs affecting exports. Sheinbaum disagreed with the IMF's forecast and said that public investments would stop the economy from contracting. She also praised her government's Plan Mexico, an initiative to boost the domestic industry. According to a document released by the government earlier this month, the success of the plan depends in part on modernizing the country's port facilities, including Manzanillo. Julieta Juarez Ochoa is the commercialization manager at Manzanillo. She says that the U.S. Tariffs haven't slowed down trade in the port. She stated that the majority of imports to Manzanillo are from Asia, and they are used primarily in manufacturing at home. She said, "We don’t see any impact (of U.S. Tariffs) and we don’t anticipate a significant one." She said that the expansion would increase Manzanillo’s ability to handle containerized goods and hydrocarbon products. Sheinbaum said that the project is expected to be completed by 2030. Reporting by Diego Delgado in Manzanillo Mexico; Writing and Editing by Laura Gottesdiener
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Iranian Oil Minister in Moscow seeks to strengthen ties with Russia
Mohsen Paknejad, the Iranian Oil Minister, said that during his visit to Moscow last Friday, Iran would increase cooperation with Russia in banking and agriculture. He also stated that he would remove all barriers between Russia and Iran in any sphere of cooperation. Since the beginning of the conflict in Ukraine, Russia has strengthened its ties with Iran and signed an agreement for strategic partnership with Tehran in January. Both countries are subject to Western sanctions. Paknejad, speaking on state television earlier on Friday said that Iran would sign a $4-billion agreement with Russian companies for the development of seven Iranian oilfields. Russia and Iran have a long-standing history of co-operation. In fact, the first nuclear reactor in Iran was built at Bushehr, in the southern part of the country. At a January meeting in the Kremlin with his Iranian counterpart Masoud Peshkian, Russian President Vladimir Putin said that Russia could eventually supply Iran up to 55 billion cubic meters (bcm), though initially at lower volumes up to 2 bcm. The 55 bcm figure is similar to that of the Nord Stream 1 pipelines, which were damaged in blasts and stopped delivering gas to Europe after 2022. Gazprom, the Russian gas giant, signed a Memorandum with National Iranian Gas Company in June last year to supply Russian pipeline natural gas to Iran. The possible routes of the pipeline are not known. Paknejad said, in a speech to a Russia-Iran Intergovernmental Commission at Moscow, that Iran would implement agreements with Gazprom. This included a regional hub of distribution for gas. Both countries have been discussing the possibility of setting up a regional hub for gas distribution in Iran. Paknejad, Putin's representative for relations with the Organization of Petroleum Exporting Countries(OPEC), met Alexander Novak on Thursday. Three sources familiar with OPEC+ discussions said that the meeting was held as several members of OPEC+ - the group consisting of OPEC, its allies, and Russia - suggested that the group increase oil production in June by a second month running. The proposed increases highlight a growing dispute between members about compliance with production quotas. The announcements come in response to President Donald Trump's calls for OPEC members to lower oil costs and his return to a "maximum-pressure" policy on Iran, whose exports Washington wishes to reduce to zero. (Reporting and writing by Olesya Aastakhova, Anastasia Teterevleva, Vladimir Soldatkin, editing by Mark Trevelyan).
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China's demand for long-range Hybrids is surging, and automakers are rushing to meet it
Chinese automakers are competing with foreign automakers to launch ever-more advanced hybrids that can travel long distances. This is in response to the growing demand for cars on the largest auto market. China, unlike many other markets, treats EVs and Hybrids as a single "new energy vehicle sector" where brands compete to offer consumers a range of electrified vehicles with longer driving distances. Zeekr, a Geely division, unveiled this week the 9X, a large plug in hybrid SUV, which can travel 400 km (249 mi) on its own electric power before the gasoline engine kicks into action. This is a range that rivals many electric cars and is far greater than the typical plug-in hybrids sold in America, Europe and elsewhere. Chinese automakers also have a flourishing business in the so-called "extended-range electric vehicles" (EREVs), with small petrol engines which serve as generators to extend their large batteries' range. According to the China Passenger Car Association, both EREVs (electric hybrid vehicles) and plug-ins (plug-in hybrids) grew faster in China than pure EVs last year. The whole electrified segment now accounts for about half of the new cars sold. EREVs sales grew 79%, to 1.2 millions vehicles. Plug-in hybrids sales jumped by 76%, to 3.4million units. EV sales grew by 23% to 6.3million units. In the first quarter, fully electric models outgrew both hybrids and led China's new energy sector. The hybrid boom in China, and worldwide, has led to more traditional automakers including gasoline-electric models into their lineups. Previously they had focused solely on expanding EV options. Volkswagen is planning a new platform for full EVs, EREVs, and hybrids to help reverse the slowdown in sales of foreign automakers in China. VW board member Ralf brandstaetter said that drivetrain flexibility is critical for the German automaker's efforts to "find its edge." Ola Kaellenius, CEO of Mercedes-Benz, told reporters at the Shanghai auto show that hybrids were "definitely" a trend. He predicted they would "coexist for a longer time with battery-electric cars." TRANSITIONAL TECHNOLOGY Some automakers, notably Tesla, have dismissed hybrids. They claim that they are a technology in transition and will only slow down the rapid EV switchover needed to reduce climate change. This view is shared by many environmentalists in the U.S. Pure-play Chinese EV manufacturers are also sceptical about hybrids, especially in China where the government and industry built a massive EV charging network. William Li, CEO at Nio Electric Vehicles, said: "It doesn't even make sense." Many Chinese automakers want to give their customers whatever they ask for amid a price war with consumers that is continuing to threaten their profitability. Plug-in hybrids are also a way to get around trade barriers, especially in Europe. The European Union has placed tariffs on Chinese electric vehicles and hybrids. In February, Geely's Lynk & Co announced that in June, it would launch a plug in hybrid SUV called the 08 with a range of only 200 km. This is the longest in Europe. Felix Kuhnert is an automotive analyst with PwC Germany. He said that China's auto industry was "technologically more dogmatic" than other global competitors. This is the position taken by Chinese EV manufacturer Leapmotor. It has launched four EREVs, despite its CEO Zhu Jiangming saying that typical EV ranges of 500 km allow consumers to buy an electric car "without a problem." The company sees EREVs in the market as a way to offer consumers more range for a higher price. "We think this is only for luxury cars," an area where consumers are willing to pay an additional 20,000 yuan (2,744) in order to relieve range anxiety. MORE HYBRIDS COMING According to research firm JATO Dynamic, China's automakers will launch 16 new EREVs, 37 new plug-ins, and 32 new fully electric vehicles in 2024. According to a major automaker, EREVs, plug-in hybrids, and EVs together will account for approximately 35% of the sales in China, which is the largest auto market in the world, compared with about 45% for electric vehicles. CATL, a Chinese battery manufacturer, has invested in the sector. In October, it launched its first battery for extended-range hybrids with a 400 km range. CATL stated that the battery was used by several Chinese EV brands including Li Auto and would be installed into nearly 30 models by industry giants such as Geely or Chery. Bo Yu, an expert in China's market for research firm Jato Dynamics predicted that automakers would continue to invest and innovate in the segment of hybrid vehicles for the foreseeable. She said, "We will see them more."
Executives, trade and labor associations comment on Trump's reciprocal duties
U.S. president Donald Trump announced on Wednesday that he will impose a baseline 10% tariff on all imports into the United States, and higher duties for some of the biggest trading partners. This could escalate a global trade war and upset the global economy.
The latest responses from business executives, unions and trade associations.
Companies
On Holding
We've noted the tariffs announced and we are continually monitoring the changing situation and policy changes. "Our global value chain and supply chain is well-positioned."
GERMANY'S FRESENIUS
"We... strongly support the proposal to exclude pharmaceuticals from the reciprocal tariff, as such a tariff could potentially lead to shortages of important medicines for American patients."
STEEL GROUP APERAM
We will examine the feasibility of moving some of our production to the U.S. if we are able to export limited quantities from the EU.
The current lack of predictability in regulatory matters creates a hostile business environment both on the US and European sides.
STELLANTIS
The automaker announced that it would temporarily stop production in some of its Canadian assembly plants and Mexican assembly factories, including its Windsor assembly facility in Canada.
ANTONIO BARAVALLE is the CEO of LAVAZZA
We had planned to increase the local production (in the U.S.A.) by 100%.
"We're ready to go... but there's this other element to investigate, the duties for Brasil... If they put 10% on Brazil, then the duty (of 20%) is already half.
The coffee maker produces about 50% of the amount it sells locally in the U.S.
FERRARI
The purchase contracts for Ferraris contain standard and clear clauses that allow the company to adjust the price in the event of a change in the market conditions before the vehicle is delivered.
A Ferrari spokesperson confirmed that new tariffs would also be applied to Ferrari cars that were ordered in the past but have not yet been delivered to the U.S.
MOTOFUMI SHITARA, CEO, YAMAHA MOTOR
"Our exports will certainly be affected." We will have to raise prices or reduce costs if these tariffs are extended over time, even for vehicles.
MAERSK
"We expect our customers to be more careful about their stock levels." We're likely going to see some air freight rush orders in the U.S. very soon, before the tariffs go into effect. We will also see a rise in the demand for bonded warehouses as customers want to delay clearing their goods until they have more certainty."
GERRESHEIMER
Tariffs are affecting primarily our exports to the U.S. from our Mexico-based plant. Injection vials are one example. We will pass on these customs fees to our customers as an additional cost. We will be able, if necessary and if customs duties remain in place for a longer period of time, to move our capacities."
MASSIMO BATTAINI is the CEO of PRYSMIAN
The announcement seems to have had a positive effect on the local production. The tariffs are applied to the finished products and removes any risk of U.S. producers being undercut by foreign production.
ANDERS VINDEGG HEAD OF MEDIA RELATIONS, HYDRO
"We work actively from Norway as well as in Brussels, the EU to inform and work actively with organisations and other initiatives that we are a part of in order to leverage the importance Norwegian aluminium for Europe."
ASSOCIATIONS
IPC, A Global Association for Electronics Manufacturing
"We are pleased with President Trump's focus on revitalizing American defense industry, and his commitment to strengthen American manufacturing. Tariffs won't achieve this goal...Trade essential for supply-chain resilience and innovation. Tariffs will only increase costs and drive production overseas.
RETAIL INDUSTRY LEADER ASSOCIATION
The President's plan will not only hit the budget of every family, but also American innovation and national security.
These newly announced tariffs - and the anticipated retaliatory duties on American businesses - risk destabilizing U.S. economic growth and manufacturing.
EUROCOMMERCE, EUROPEAN RETAIL INDUSTRY BODGE
"EuroCommerce urges the EU and U.S. Administrations to engage constructively in dialogue. In the event that negotiations fail, EU can use its legal authority to take action against unfair trade practices by a third country. The EU has a wide range of tools to help it address the situation.
International Apparel Federation
The announcement by the U.S. Government of high taxes on trade with the rest is a shock to the global apparel industry. This unnecessarily creates an entirely new, often irrational world that affects billions of dollars in investments and the lives and livelihoods of tens and millions of people who work in our industry worldwide. Someone will pay the price at some point."
CANADIAN STEEL ASSOCATION
To reduce its dependence, the Canadian Steel Industry urgently needs the adoption of border measures to address unfair trade in steel in Canada, and help recapture the Canadian Market for our industry, workers, and communities.
The Spanish Association of Olive Oil Exporters
This 20% is a serious disadvantage for the Spanish olive oil industry, as compared to other countries that produce olive oil but do not belong to the European Union.
"98% (of the olive oil consumed by Americans) is imported, so these tariffs would result in an increased purchase price which will be paid by U.S. consumers." consumers."
KEVIN C RAVEN, CEO of ADS GROUP on AEROSPACE COMPONENTS
We are not sure if the exemption from all tariffs (on items classified as airworthy by regulators) is still in place and if these tariffs are applicable or not. This could make the situation worse.
COPA-COGECA EU FARMING GROUPS
The introduction of additional tariffs could disrupt global supply chains and drive up prices. It would also limit the market access of farmers and agricooperatives from both sides of Atlantic. This will have significant economic implications for the agricultural industry.
ANTHONY BRUN, HEAD OF FRENCH GROWERS ASSOCIATION (UGVC)
"One might have been frightened by much higher tariffs. However, this risk remains and is associated with a possible conflict over bourbon whisky. Already, we face tariffs from China. Now, there is the U.S. and the consequences are going to be brutal for wine growers.
SIGRID de VRIES, Director General, European Automobile Manufacturers' Association
"We urge both leaders to meet immediately to find a resolution to any issues that prevent free and fair trading between historical allies, and to allow the EU-US relations to flourish again."
SWISS BUSINESS GROUP ECONOMISSE
"We must prevent a further escalation in the trade conflict. Swiss economic diplomacy and the Federal Council are urged to find quick solutions with the U.S. Government at the negotiation table. "From an economic perspective, the U.S. tariffs on Switzerland are not comprehensible - rather the opposite."
DIRK JANDURA HEAD OF GERMANY EXPORTERS ASSOCIATION (BGA)
"We'll have to pass on these tariffs as price increases and this will impact turnover in many instances." It is an economic dead end that will result in welfare losses on both sides of Atlantic. Reporting by Bureax; compiled by Mrinalika, Roy, Pasquini, Alessandro, and Linda Pasquini. Editing by Alan Barona and Milla Nissi.
(source: Reuters)