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European Commission
The European Commission has fined luxury fashion houses Gucci, Chlo and Loewe over 157 million euros (nearly USD 183 million) for anti-competitive practices restricting independent retailers' ability to set prices for their luxury goods. The Commission said the companies' fixing of resale prices breached the bloc's competition rules, harmed consumers and would not be accepted. The decision sends a strong signal to the fashion industry and beyond that we will not tolerate this kind of practice in Europe, and that fair competition and consumer protection apply to everyone, equally,' commission vice president Teresa Ribera said in a statement on Tuesday. The commission said that the three brands restricted the ability of independent retailers to set their own prices for high-end apparel, leather goods, footwear and accessories sold both online and in physical stores. The brands required the retailers to stick to recommended retail prices, set maximum discount rates as well as periods
European Commission President Ursula von der Leyen on Wednesday said she plans to seek sanctions and a partial trade suspension against Israel over the war in Gaza. The 27-nation EU is deeply divided in its approach to Israel and the Palestinians, and it's unclear whether a majority will be found to endorse the sanctions and trade measures. Von der Leyen added that the commission will set up a Palestine donor group next month, part of which will focus on Gaza's future reconstruction. Von der Leyen said that the events in Gaza and the suffering of children and families has shaken the conscience of the world. Man-made famine can never be a weapon of war. For the sake of the children, for the sake of humanity. This must stop, she added, to applause in the European Parliament at its meeting in Strasbourg, France.
The UK's Trade Remedies Authority (TRA) has published its initial findings that a countervailing or anti-subsidy measure on the imports of polyethylene terephthalate (PET) from India be maintained for a further five years. The proposal, published in a Statement of Essential Facts' this week, follows a review initiated in July last year which concluded that subsidised imports of PET are likely to recur if the measure was no longer applied and that injury to UK industry would also be likely to recur. The TRA also found that maintaining the measure is in the economic interest of the UK, a statement notes. Countervailing or anti-subsidy measures are the UK's one of three trade policy tools to counter imports which are causing or threatening injury to domestic industry, the other two being anti-dumping and safeguard measures. Countervailing or counteracting measures address imported goods which are being subsidised by foreign governments. The TRA found that while Indian imports of PET
European Commission President Ursula von der Leyen on Thursday welcomed President Donald Trump's decision to temporarily halt most US tariffs, but she did not say whether the European Union intends to press ahead with its own retaliatory measures. I have authorised a 90 day PAUSE, Trump said, after recognising the more than 75 countries that he said have been negotiating on trade and had not retaliated against his latest increases in tariffs. Countries subject to the pause will now be tariffed at 10%. The EU's rate was 20%, but it was not entirely clear how the 27-nation bloc would be impacted. China was not included. Trump further jacked up the tax rate on Chinese imports to 125%. Von der Leyen described the halt on reciprocal tariffs as an important step towards stabilising the global economy. Clear, predictable conditions are essential for trade and supply chains to function. Before Trump's announcement on Wednesday, EU member countries voted to approve retaliatory tariffs on $2