President Trump announced a new trade deal with the European Union on Friday that will nearly triple the amount of U.S. beef exported to Europe in the coming years.
"Our beef farmers, we didn't think were being treated fair, but the European Union stepped up and we appreciate it," Trump said at a signing ceremony in the White House's Roosevelt Room.
Under the agreement, the EU will establish a 35,000-ton annual duty-free quota for beef imports exclusively from the U.S. The quota will initially start at 18,500 tons and be increased over a seven year period.
The hike in U.S. beef exports to the EU — currently around 13,000 tons annually — will boost the industry's sales in Europe from $150 million to $420 million a year, according to U.S. Trade Representative estimates.
"Today is about delivering real, positive tangible results in the transatlantic trade relationship — the strongest, biggest trade relations in the world," Stavros Lambrinidis, the EU Ambassador in Washington, said at the signing ceremony. "The is a great day for American farmers. This is a great day for European consumers."
The deal, however, still requires approval from the European Parliament.
"Opening markets to our farmers is about more than just an industry, it is about a way of life," Trump added, speaking alongside other U.S. and EU trade officials, as well as, several cowboy hat-wearing cattle ranchers and industry representatives.
The deal comes just over a year since Trump and President of the European Commission Jean-Claude Juncker signed a Joint Statement pledging to solidify trade relations, which topped $1.3 trillion in 2018, though tariff-free agreements.
"For many years it has been difficult for us to sell our high-quality U.S. beef to European consumers because of the restrictive tariff and non-tariff barriers," Jennifer Houston, president of the National Cattlemen's Beef Association, said in a statement praising the deal. "It is exciting to know that European families will enjoy more of the delicious U.S. beef that we feed our families."
U.S. Trade Representative Robert Lighthizer also spoke at the signing ceremony, praising the guaranteed market share U.S. ranchers will have in Europe and urging the European lawmakers to quickly approve the deal.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
Starbucks’ AI barista aims to speed service and improve experience. Nick Lichtenberg, Fortune Business Editor, explains its impact on workers and customers.
