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U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger tough countermeasures from the 27-nation bloc. It means iconic U.S. industries like bourbon, jeans and motorcycles should beware.“The EU will act to safeguard its economic interests,” von der Leyen said in a statement in reaction to U.S. President Donald Trump’s imposition of tariffs on steel and aluminum the previous day.“Tariffs are taxes bad for business, worse for consumers,” von der Leyen said. “Unjustified tariffs on the EU will not go unanswered they will trigger firm and proportionate countermeasures.”Just as Trump imposed similar tariffs during his first presidency, the EU countermeasures could easily amount to those that were used to retaliate then if the measures come into force March 12.Bernd Lange, the chair of the European Parliament’s trade committee, warned that previous trade measures were only suspended and could legally be easily revived.“When he starts again now, then we will, of course, immediately reinstate our countermeasures,” Lange told rbb24 German radio.“Motorcycles, jeans, peanut butter, bourbon, whiskey and a whole range of products that of course also affect American exporters” would be targeted, he added.The EU Commission, which negotiates trade relations on behalf of the bloc, said it is not clear what countermeasures would apply, but officials and observers have said they would target Republican states and traditionally strong U.S. exports.In Germany, which is the EU’s largest economy, Chancellor Olaf Scholz told parliament that “if the U.S. leaves us no other choice, then the European Union will react united,” adding: “Ultimately, trade wars always cost both sides prosperity.”Trump is hitting foreign steel and aluminum with a 25% tax in the hope that they will give local producers relief from intense global competition, allowing them to charge higher prices.EU Commission vice-president Maroš Šefčovič said Tuesday that the tariffs are “economically counterproductive, especially given the deeply integrated production chains established through our extensive transatlantic trade and investment ties.”“We will protect our workers, businesses and consumers,” Šefčovič said, but added that “it is not our preferred scenario. We remain committed to constructive dialog. We stand ready for negotiations and to find mutually beneficial solutions where possible.”The EU estimates that the trade volume between both sides stands at about $1.5 trillion, representing some 30% of global trade. “There is a lot at stake for both sides,” he told the EU legislature.While the bloc has a substantial export surplus in goods, it says that is partly offset by the U.S. surplus in the trade of services.The EU says that trade in goods reached 851 billion euros ($878 billion) in 2023, with a trade surplus of 156 billion euros ($161 billion) for the EU. Trade in services was worth 688 billion euros ($710 billion) with a trade deficit of 104 billion euros ($107 billion) for the EU. Geir Moulson contributed from Berlin, Lorne Cook from Brussels Raf Casert, Associated Press
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E-Commerce
Fox Sports is projecting a Super Bowl record average audience of 126 million U.S. viewers across television and streaming platforms for Philadelphia’s 40-22 victory over Kansas City on Sunday night.The game was televised by Fox, Fox Deportes and Telemundo and streamed on Tubi as well as the NFL’s digital platforms.Fox’s projections on Monday included Nielsen’s early numbers and streaming data from Tubi and the NFL. Updated and more complete numbers were expected on Tuesday.It would be the second straight year the Super Bowl has reached a record audience. The Chiefs’ 25-22 overtime victory over San Francisco last year averaged 123.7 million on CBS, Nickelodeon, Univision and streaming platforms.According to Fox, the audience peaked at 135.7 million in the second quarter.The early data projects 14.5 million watched on streaming platforms, including 13.6 million on Tubi, where the game was available for free.Some of the increase can be attributed to a change in the way viewers are counted. This is the first year Nielsen is measuring out-of-home viewers for all states but Hawaii and Alaska.It was previously the top 44 media markets, which covered 65% of the country.The ratings also include Nielsen data from smart TVs along with cable and satellite set-top boxes.After two straight years of close Super Bowls, Sunday’s game was decided in the first half as Philadelphia built a 24-0 lead.This Super Bowl also had Donald Trump and Taylor Swift in attendance.Trump was the first sitting president to attend a Super Bowl, while Swift’s romance with Chiefs tight end Travis Kelce continues to keep the pop superstar’s fans interested in the NFL.It was the third straight year the Super Bowl averaged more than 100 million viewers after a period where four of the five games before 2023 had fallen short of that number because of cord-cutting. That included 95.2 million for the 2021 Super Bowl between Tampa Bay and Kansas City, which was the game’s lowest TV-only average since 2007.The NFL playoffs averaged 35.2 million viewers the first three weekends, down 9% from last year’s record of 38.5 million.That followed a regular season that averaged 17.5 million. While that was the sixth-highest average dating to 1995, it was a 2% decline from 2023. AP NFL: https://apnews.com/hub/nfl Joe Reedy, AP Sports Writer
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E-Commerce
Shares in Super Micro Computer, Inc. (Nasdaq: SMCI) are down around 4% in premarket trading this morning as of the time of this writing after surging over 17% yesterday on optimism about the companys Q2 2025 earnings, which will be announced after the close of market today. But while investors are no doubt interested in learning how the storage and server solutions company performed in its most recent quarter, they are also eagerly awaiting news from the company on the filing status of its much-delayed Form 10-K with the U.S. Securities and Exchange Commission (SEC). Unless that form is filed within the next two weeks, Super Micro Computer (aka Supermicro) is at risk of being delisted from the Nasdaq. Heres what to know in the run-up to Supermicros eagerly anticipated updates. SMCI stock has been on a wild ride recently It’s not uncommon for people to describe the recent experience of SMCI investors as being on a roller-coaster they can’t get off of. This is due to several concerning events surrounding the company, which began in the latter half of 2024. The drama kicked off in August when a report from activist investment short-selling firm Hindenburg Research alleged that it had discovered glaring accounting red flags at Supermicro. The following month, the Wall Street Journal reported that the U.S. Department of Justice (DOJ) was investigating the company over alleged accounting irregularities. But things really hit the fan in October when Supermicros auditor, Ernst & Young, resigned from its duties. In EYs resignation letter, the accounting firm said it was unwilling to be associated with the financial statements prepared by [Super Micro Computers] management.” Given all the uncertainty and concern this spate of news generated, its little surprise SMCI stock spent much of the past six months experiencing extreme volatility. For example, after EY announced its resignation as the company’s auditor, SMCI stock plummeted 32% in one day. By mid-November, shares were trading below $18 at one point. (This is a significant contrast to early 2024 when shares topped $120.) The stock recovered some by the first part of December after a special committee said it found no evidence of misconduct at the company. But since then, SMCI shares have fluctuated up and downincluding yesterday with their 17% rise and todays premarket fall of about 4%. Will Supermicro be delisting from the Nasdaq? A major concern for investors is the fact that Supermicro has so far failed to file an important form with the SEC. This form, known as Form 10-K, is a legal requirement, and if it is not filed, the company can be delisted from the Nasdaq stock exchange. Indeed, Nasdaq has now given Supermicro until February 25 to file the form, according to the company. Should Supermicro fail to file the form by then, the company could be booted from the Nasdaqsomething that would be a devastating blow to both itself and its investors. This means that besides finding out how the companys Q2 went when the company delivers its earnings today, investors will be paying close attention to any updates on the companys delinquent SEC filing. Where will SMCI stock price go from here? In March 2024, Super Micro Computer shares were trading at an all-time high of above $122, but by November, they had crashed to below $18. In the past year, they have lost over 42% of their value, as of yesterdays close. However, year-to-date SMCI shares are up nearly 40%. Where they go from here, at least in the short term, will likely be very dependent on both the financial results the company announces today and the update it gives about its delinquent SEC filing and any possible delisting from the Nasdaq. Supermicro is expected to announce its Q2 2025 results today (February 11, 2025) at 5 p.m. ET.
Category:
E-Commerce
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