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Visa, the world’s largest payments network operator, and its closest rival Mastercard have proposed a 0.2 percent fee on non-EU debit card payments carried out in shops and a 0.3 percent fee on credit card payments, the Commission said on Tuesday. This would bring their fees in line with those charged for EU cards, which were the subject of a long EU investigation after a 1997 complaint by business lobby EuroCommerce mens chain cufflinks uk online. The group, whose members include Carrefour (CARR.PA), Marks & Spencer (MKS.L), Lidl and Metro (B4B.DE), welcomed the offer but criticized the big difference in online and offline transaction fees..
Under the terms of the offer for online payments, debit card charges would be 1.15 percent and 1.50 percent for credit cards and the commitments would apply for five-and-a-half years. “No such distinction is made for cards issued in the EU.. We therefore cannot understand why merchants should be charged more for a perceived risk which can only arise by the card issuers’ failure to implement adequate fraud prevention measures,” the lobbying group said. European consumer group BEUC urged merchants to pass on the cost savings to consumers mens chain cufflinks uk online.
Third parties have a month to provide feedback before the Commission decides whether to accept the offer, which was revealed by Reuters last month, or demand a bigger reduction. Mastercard said it expected to incur a $650 million charge in the fourth quarter of this year because of a substantial fine related to a second EU antitrust investigation. The Commission three years ago charged the company with imposing rules which blocked banks in one EU country from offering lower interchange fees to a retailer in a second EU country. Mastercard scrapped this practice in December 2015 after the bloc adopted rules capping such charges mens chain cufflinks uk online.
WOLFSBURG, Germany (Reuters) – The global system of international trade is in crisis, the World Trade Organization (WTO) warned on Tuesday, as German car bosses gathered in Washington hoping to stave off potential tariffs on U.S. imports of luxury cars. Top officials from Daimler (DAIGn.DE), BMW (BMWG.DE) and Volkswagen (VOWG_p.DE) have been summoned to the United States to meet White House economic adviser Larry Kudlow to discuss U.S. efforts to rebalance global trade mens chain cufflinks uk online. The meeting comes after months of warnings from U.S. President Donald Trump that he might impose big tariffs on imported cars, and days after he agreed a truce in a broader trade war with China..
“The system is in crisis mode and how this plays out remains to be seen,” WTO Deputy Director General Karl Brauner told the Handelsblatt automotive summit in Wolfsburg, Germany mens chain cufflinks uk online. Global trade and welfare cannot continue when large countries take unilateral action which deviates from common rules and principles, Brauner warned. “You need legal certainty and predictability, and if everybody just does whatever they want, it’s over,” Brauner said, adding the visit by German car bosses may help Trump’s administration understand the impact of tariffs on global trade..