Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Economy

31 Oct 2021

U.S and EU Create New Trade Deal to Remove Tariffs on Exports

The Index Today

In recent news, The European Union and the U.S have agreed to remove tariffs on steel and aluminum to boost exports worth $10 billion each year. On Saturday, negotiations were in the works to determine a balance between market demands and climate change.

Both sides have are working to finalize a deal before the 1st of December this year. The U.S Secretary of Commerce told reporters, “We’ve reached an agreement with the EU which maintains the 232 tariffs, but allows limited volumes of EU steel and aluminum to enter the U.S tariff-free. It was a very successful negotiation and we agreed on a way forward for how to face our shared challenge which is global access capacity mainly by China.”

The new deal is expected to help strengthen and fix the relationship between both regions. U.S officials have said tariff-rate quotas means both countries can export products in certain quantities at notably lower duty rates. The tariffs rate are expected to be announced later. According to reports, the U.S imported over 2.5 million tons of steel from the EU last year.

Clay pottery with table linens