European Parliament members (MEPs) yesterday adopted their position on two proposals implementing the tariff aspects of the European Union (EU)-United States (US) Turnberry trade deal.

On July 27, 2025, in Turnberry, Scotland, US President Donald Trump and European Commission President Ursula von der Leyen reached a deal on tariff and trade issues, outlined in a joint statement published on August 25.

EU Parliament members have adopted their position on two proposals implementing the tariff aspects of the EU-US Turnberry trade deal.
The texts, if agreed with EU members, will eliminate most tariffs on US industrial goods and offer preferential market access for many US seafood and agricultural goods.
The members strengthened the proposed suspension clause, and introduced ‘sunrise’ and ‘sunset’ clauses.

The texts, if agreed with EU member states, will eliminate most tariffs on US industrial goods and provide preferential market access for a wide range of US seafood and agricultural goods, in line with the commitments made in summer 2025 between the EU and the United States.

The MEPs strengthened the proposed suspension clause, which would allow the tariff preferences with the US to be suspended under a number of conditions.

For instance, the Commission would be able to propose suspending all or some trade preferences if the US were to impose additional tariffs exceeding the agreed 15-per cent ceiling, or any new duties on EU goods, a release from the Parliament said.

The suspension clause could also be activated if the US undermines the objectives of the deal, discriminated against EU economic operators, threatened member states’ territorial integrity, foreign and defence policies, or engaged in economic coercion, it noted.

The MEPs have introduced a ‘sunrise clause’ that means the new tariffs would only become effective if the US respects its commitments. These conditions include the US lowering its tariffs on EU products with a steel and aluminium content below 50 per cent, to a tariff of maximum 15 per cent.

Furthermore, for EU products with a steel and aluminium content of above 50 per cent, unless the US reduces its tariffs to a maximum of 15 per cent, EU tariff preferences for US exports of steel, aluminium and their derivative products would cease to apply six months after the entry into application of the regulation.

The members also agreed on an expiry date for the main regulation on March 31, 2028. This could only be extended via a new legislative proposal, to be submitted following a thorough impact assessment of the effects of the regulation.

The European Commission would be tasked with monitoring the impact of the new rules and would be able to suspend the new tariffs temporarily, should US imports reach a level that could cause serious harm to EU industry.

Fibre2Fashion News Desk (DS)

Germany’s ifo business climate index fell to 86.4 points in March from 88.4 in February, reflecting a more pessimistic outlook among companies, even as assessments of current conditions remained broadly stable.

The uncertainty has increased noticeably, with the ongoing conflict involving Iran weighing heavily on corporate confidence. The escalation has effectively stalled hopes of a near-term economic recovery, particularly as energy markets remain volatile, ifo said in a press release.

In the manufacturing sector, sentiment declined after showing improvement in recent months. The drop was driven largely by a significant deterioration in expectations, while firms also reported a less favourable view of their current business situation. Energy-intensive industries were particularly affected, underscoring the pressure from elevated input costs.

Germany’s business sentiment weakened in March, with the ifo business climate index falling to 86.4 from 88.4 amid rising uncertainty and the Iran conflict dampening recovery hopes.
Manufacturing saw a sharp drop in expectations, especially in energy-intensive sectors.
Trade sentiment also declined due to inflation concerns, although current conditions remained relatively stable across sectors.

The trade sector also registered a decline in sentiment, primarily due to a more pessimistic outlook. Concerns over rising inflation among German consumers have led to weaker expectations in both wholesale and retail segments, signalling subdued demand conditions ahead.

Despite the gloomier outlook, businesses in the trade sector reported a slightly improved assessment of their current situation. This suggests that while present activity remains relatively stable, confidence in future performance is deteriorating.

Fibre2Fashion News Desk (SG)

Australian department store chain Myer Holdings Limited has reported a solid financial performance for the first half (H1) of fiscal 2026 (FY26) ended January 24, 2026, with the company posting total sales of $2,279.5 million, marking a 24.5 per cent increase year-on-year (YoY). On a comparable basis, sales rose 2.1 per cent, driven by growth in womenswear, home, concessions, and Just Jeans.

Operating gross profit surged 35.1 per cent to $886.0 million, while underlying earnings before interest and tax (EBIT) rose 10.5 per cent to $112.8 million. Underlying net profit after tax (NPAT) increased 21.7 per cent to $51.7 million, with statutory net profit after tax (NPAT) up 32.8 per cent to $40.3 million.

Myer has reported strong H1 FY26 results, with total sales rising 24.5 per cent to $2,279.5 million and NPAT up 21.7 per cent to $51.7 million.
Growth was supported by Apparel Brands integration and strategic investments.
Loyalty members reached 5.1 million.
Early H2 FY26 sales rose 1.7 per cent, though the company remains cautious amid macroeconomic pressures and weak discretionary demand.

The company maintained strong financial discipline, with cost of doing business at 27.9 per cent of total sales, within its FY26 target of around 29 per cent. Myer also reported a robust net cash position of $287 million, reflecting strong cash conversion and balance sheet flexibility, Myer said in a press release.

Myer’s ongoing transformation strategy continued to gain traction during the period, particularly through its customer engagement and brand expansion initiatives. The relaunched Myer one loyalty programme reached a record 5.1 million active members, supported by enhanced personalisation driven by AI-led data modelling.

The company also strengthened its product portfolio, introducing new exclusive brands and securing partnerships with global names such as Fenty Beauty, La Mer, Gap, and Topshop.

“Our H1 result reflects momentum across our business as we continue to implement the Myer Group Growth Strategy. Sales growth was achieved both in store and online, and our disciplined cost management allowed us to make targeted investments including in e-commerce, marketing, product, merchandise and supply chain to deliver on our plan,” said Olivia Wirth, executive chair at Myer.

“We achieved our biggest Black Friday on record for Myer Retail, and total sales for the group through the important trading months of December and January were in line with last year—a good outcome that demonstrates the resilience of the business,” added Wirth.

The integration of Myer Apparel Brands progressed steadily, with the company targeting at least $30 million in annualised synergies, alongside an additional $10 million from integrating sass & bide, Marcs, and David Lawrence.

Operationally, Myer continued to optimise its store network, closing 22 stores and opening 12 during the period, while advancing its omni-channel capabilities. The company is set to launch an expanded Myer Marketplace platform in May 2026.

Supply chain efficiency also improved, with 32 per cent of online orders fulfilled through third-party logistics and distribution centres, compared to 13 per cent a year earlier.

In the first seven weeks of the second half (H2), total sales grew 1.7 per cent YoY, with Myer Retail sales up 2.2 per cent, driven by strong performance in home and kids categories.

Despite the positive momentum, the company remains cautious amid macroeconomic uncertainty and pressure on discretionary spending.

“Given the current volatility in the wider macroeconomic environment and the ongoing pressures on discretionary spending, we are more focused than ever on delivering value for our customers,” added Wirth.

Fibre2Fashion News Desk (SG)