The Council today formally approved new customs duty rules for items contained in small parcels entering the EU, largely via e-commerce. The new rules respond to the fact that such parcels currently enter the EU duty free, leading to unfair competition for EU sellers. "As global e-commerce booms, EU customs rules must keep pace. Abolishing the out-of-date exemption for small parcels will help support EU business and shut down avenues for unscrupulous sellers. Now, we need to move forward decisively on the...

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Import tariffs imposed by other countries tend to lower euro area inflation and weaken growth. However, the sectors most exposed are also the most responsive to interest rate changes. This means that monetary policy can help offset disinflationary pressures and support activity.   Tariffs are a tax on trade. The immediate impact falls on the country imposing them, as import prices rise and trade volumes fall. But trading partners can also be affected. On the one hand, higher import costs reduce...

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Bernd Lange, chair of Parliament’s International Trade Committee and standing rapporteur for the US, has issued the following statement regarding the EU-US trade deal. Following a Wednesday afternoon meeting of the committee’s shadow rapporteurs (i.e. political group representatives responsible for work on the legislation linked to the implementation of the Turnberry deal), Bernd Lange (S&D, Germany) said: “A majority of shadow rapporteurs of the International Trade Committee have today decided to resume work on the two Turnberry legislative proposals. A vote could...

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The EU and India concluded negotiations today for a historic, ambitious and commercially significant free trade agreement (FTA), the largest such deal ever concluded by either side. It will strengthen economic and political ties between the world's second and fourth largest economies, at a time of rising geopolitical tensions and global economic challenges, highlighting their joint commitment to economic openness and rules-based trade. European Commission President, Ursula von der Leyen, said: “The EU and India make history today, deepening the partnership between the world's biggest...

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