EU unveils €2-trillion budget proposal
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European Union, Donald Trump and 30 tariffs
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US and EU 'making progress' on trade deal
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The European Commission advanced a $2.3 trillion budget proposal that would boost EU defense spending through the next three years.
The European Union has warned that its trade with the United States could be effectively wiped out if Washington makes good on its threat to slap a 30% tariff on goods imported from the bloc.
EU trade chief Maros Sefcovic will head to Washington on Wednesday for tariff talks, an EU spokesperson told Reuters, adding that he will meet U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer.
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The European Union has proposed a budget of close to €2 trillion ($2.3 trillion) for its next seven year budget, as it seeks to fend off a range of challenges from rising global economic competition to increased defense demands.
Clearing house chief executive cautions against move to raise more money for Ukraine by investing in riskier assets
The European Union executive on Wednesday proposed a two-trillion-euro long-term budget focused on tackling overseas competition and Russian aggression, but it was quickly shot down by Germany, the bloc's largest member.
The normalisation of ties was first confirmed by both the European Parliament and Beijing earlier this year. Wednesday's remarks also came ahead of a China-EU leaders' summit slated for later this month when the EU's Ursula von der Leyen and Antonio Costa are expected to meet Chinese President Xi Jinping and Premier Li Qiang in Beijing.