"Then we will also do that," Mr Juncker said in response to Washington's proposed measures to impose tariffs on vehicles. REUTERS
"Then we will also do that," Mr Juncker said in response to Washington's proposed measures to impose tariffs on vehicles. REUTERS

EU to impose retaliatory duties if the US fails to lift auto tariffs



The European Union will respond in kind if US President Donald Trump reneges on his pledge not to impose car tariffs, European Commission President Jean-Claude Juncker said as trade tensions between Europe and the United States rose again.

Mr Juncker told German broadcaster ZDF on Friday that the EU would not let anyone determine its trade policies. If Washington decided to imposed tariffs on vehicles after all, he said, "then we will also do that".

Mr Trump rejected on Thursday an EU offer to eliminate tariffs on cars and said the EU's trade policies are "almost as bad as China", Bloomberg News reported.

Mr Juncker said he had negotiated a "ceasefire agreement" on trade with Mr Trump in July and while such deals were often jeopardised, they were generally respected.

Chancellor Angela Merkel is due to meet Juncker on Tuesday, German government spokeswoman Ulrike Demmer said on Friday. She declined to comment on Trump's latest remarks but said Germany fundamentally sought to lower trade barriers and promote free trade.

The trade issue is also likely to be addressed when Merkel meets French President Emmanuel Macron in France later on Friday.

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The EU remains at odds with the United States over the US blocking of the appointment of judges at the World Trade Organisation, over tariffs set for reasons of national security, and over Washington's tough stance towards China.

Mr Trump agreed in July to hold back on threatened 25-per cent car tariffs while the United States and Europe talked about cutting other trade barriers, but US officials have grown frustrated about the slow pace of progress.

Speaking to the trade committee of the European Parliament on Thursday, European Trade Commissioner Cecilia Malmstrom said the EU had "profound disagreements" with the United States.

Malmstrom said a working group that she and US Trade Representative Robert Lighthizer will oversee on the issue was not engaged in formal negotiations.

She added that the EU would be willing to reduce its car tariffs to zero if the United States did the same, going beyond the provisional agreement struck in July which referred only to "non-auto industrial goods".

In the Bloomberg interview, Trump said of the EU proposal to scrap auto tariffs: "It's not good enough."

Why your domicile status is important

Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

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Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

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%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
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Director: Amith Krishnan

Rating: 3.5/5


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