Economy

The future of e-commerce
EU Commissioner: “Shocked by toxins from discount giants”

EU Commissioner Michael McGrath is shocked by some of the dangerous and toxic products sold via Chinese platforms such as Temu and Shein, reports The Guardian.

Around 12 million discount goods enter the EU every day from e-tailers outside the EU. McGrath is now awaiting the results of a secret EU investigation that is expected to further strengthen suspicions that Chinese retailers are circumventing EU rules.

Among the most serious examples are baby bottles with choking hazards, raincoats for children containing toxic chemicals, sunglasses without UV protection and children's shorts with dangerously long drawstrings.

“I am shocked, we have a responsibility to protect European consumers,” says McGrath, adding that the growth of the platforms is distorting competition.

In a response, Shein states that the company invests $15 million a year on measures for regulatory compliance and product safety. Shein has not yet commented on the data.

The EU Commission's spokesperson for trade affairs did not want to comment on the ongoing negotiations.

Tariff crisis  Trump's tariff policy
Sources: EU prepares plan if talks with the US collapse

EU trade representatives are to meet next week to develop a plan with countermeasures if negotiations with the US break down, Bloomberg reports.

According to sources to the news agency, the EU wants to continue negotiating to reach an agreement before August 1, but talks in Washington are progressing slowly. The US is said to want to impose an almost general tariff of over 10 percent on EU goods, while the exemptions will be fewer and limited to the aerospace industry, certain medical products, generic drugs, a number of spirits and certain manufacturing equipment on which the US depends.

Lutnick: Confident that the US will reach a trade agreement with the EU

US Commerce Secretary Howard Lutnick is confident that an agreement with the EU will be reached. He says this in an interview with CBS and states that August 1 is a "hard deadline".

- These are the world's two largest trading partners talking to each other. We will reach a deal. I am confident of that.

Lutnick adds that he has spoken with European trade negotiators early on Sunday.