Customs duties

The European Union is open to discussing purchases of energy and arms from the United States to ward off tariffs that President Donald Trump has threatened to impose on the bloc, EU's top economy official has said.

Trump has vowed to address a long-running deficit in goods trade with the EU, either through tariffs of more oil and gas exports.

U.S. President Donald Trump announced plans to impose tariffs on the European Union, citing trade imbalances with the U.S. He criticized the EU for not importing enough American goods and vowed to "straighten that out" by enforcing tariffs or pushing for increased purchases of oil and gas.

EU, German and Chinese leaders took turns defending global cooperation in Davos as the spectre of new trade wars looms following Donald Trump's return to the White House.

Over 2.7 million euros in cash and precious metals were seized during the BELENOS II customs operation aimed at enforcing the Cash Control Regulation and combating illegal financial activities.

Presidents Joe Biden and Xi Jinping managed to keep US-China tensions contained in 2024, but when Donald Trump strides back into the White House later this month, he will break this fragile stability, driving an unmanaged decoupling of the world's most important geopolitical relationship and increasing the risk of global economic disruption and crisis.

The trade war could export China’s deflation to Europe warns Klaas Knot. China could start selling its goods to Europe at reduced prices if the US launches a trade war by imposing new tariffs, according to the European Central Bank board member.

Türkiye has begun imposing a 30 percent customs duty on goods originating from Turkish Cyprus, reducing earlier 60-percent application and extending its tax regulation for the European Union countries to the Turkish side of the Mediterranean island.

President-elect Donald Trump has said in an interview that he could not guarantee that consumer prices wouldn't rise if he implements tariffs on U.S. trade.

Europe's economic news agenda is dominated by the urgent question of what the continent's reaction should be to protectionary measures heralded by the incoming US administration. Should the European Union become embroiled in a tariff race that could disrupt global trade flows, and how should it position itself between China and Western economies?

World trade faces an uncertain outlook in 2025 because of the threat of trade wars, after global commerce hit a new peak this year, the U.N. has said.

The U.N. trade and development agency UNCTAD said global exchanges of goods and services are expected to reach a record level of nearly $33 trillion in 2024.