Business
EU and US agree trade deal, with 15% tariffs for European exports to America

BBC North America Editor, at Turnberry, Scotland
The United States and European Union have agreed a trade deal, ending a months-long standoff between two of the world’s biggest economic partners.
After make-or-break negotiations between President Donald Trump and European Commission President Ursula von der Leyen in Scotland, the pair agreed a US tariff on all EU goods of 15%.
That is half the 30% import tax rate Trump had threatened to implement starting on Friday. He said the 27-member bloc would open its markets to US exporters with zero per cent tariffs on certain products.
Von der Leyen also hailed the deal, saying it would bring stability for both allies, who together account for almost a third of global trade.
Trump has wielded tariffs against major US trade partners in a bid to reorder the global economy and trim the American trade deficit.
As well as the EU, he has struck tariff agreements with the UK, Japan, Indonesia, the Philippines and Vietnam, although he has not achieved his goal of “90 deals in 90 days”.
France’s European Affairs Minister Benjamin Haddad reacted to the deal early on Monday, saying it had some merits – such as exemptions for some key French business sectors such as spirits – but was unbalanced.
“The trade agreement negotiated by the European Commission with the United States will bring temporary stability to economic actors threatened by the escalation of American tariffs, but it is unbalanced,” wrote Haddad on X.
Sunday’s agreement was announced after private talks between Trump and Von der Leyen at his Turnberry golf course in South Ayrshire.
Trump – who is on a five-day visit to Scotland – said following their brief meeting: “We have reached a deal. It’s a good deal for everybody.”
“It’s going to bring us closer together,” he added.
Von der Leyen also hailed it as a “huge deal”, after “tough negotiations”.
The EU’s top official described the deal as a “framework” agreement, with further technical details to be negotiated “over the next weeks”.
The commission has the mandate to negotiate trade deals for the entire bloc – but it still requires approval by EU member states, whose ambassadors will meet on Monday for a debrief from the commission.
Trump said the EU would boost its investment in the US by $600bn (£446bn), including American military equipment, and spend $750bn on energy.
That investment over the next three years in American liquified natural gas, oil and nuclear fuels would, von der Leyen said, help reduce European reliance on Russian power sources.
Some goods will not attract any tariffs, including aircraft and plane parts, certain chemicals and some agricultural products. A separate deal on semiconductors may be announced soon.
One key area where a deal is yet to be struck is alcohol, with France and the Netherlands in particular seeking tariff exemptions for their respective wine and beer industries.
But a 50% US tariff Trump has implemented on steel and aluminium globally would stay in place, he said.
“I want to thank President Trump personally for his personal commitment and his leadership to achieve this breakthrough,” Von der Leyen said.
“He is a tough negotiator, but he is also a dealmaker.”
Both sides can paint this agreement as something of a victory.
For the EU, the tariffs could have been worse: it is not as good as the UK’s 10% tariff rate, but is the same as the 15% rate that Japan negotiated last week.
For the US it equates to the expectation of roughly $90bn of tariff revenue into government coffers – based on last year’s trade figures, plus there’s hundreds of billions of dollars of investment now due to come into the US.
One thing is clear: Trump is celebrating after striking the largest trade deal in history.
While there is a lot of upside for the US in this deal, it is less clear what the EU gains.
It was notable that Von der Leyen spoke about “rebalancing” the trading relationship.
Previously the EU has argued the relationship is not out of balance as the EU buys far more services from America than it sells to them.
It sounded as though von der Leyen was deliberately speaking Trump’s language in order to seal the agreement.
It came after the US president finished 18 holes at the Turnberry resort with guests and family, including his son Eric, amid showery conditions.
Trade in goods between the EU and US totalled about $976bn last year. The US imported about $606bn in goods from the EU and exported around $370bn in 2024.
That imbalance, or trade deficit, is a sticking point for Trump. He says trade relationships like this mean the US is “losing”.
If he had followed through on tariffs against Europe, import taxes would have been levied on products from Spanish pharmaceuticals to Italian leather, German electronics and French cheese.
The EU had said it was prepared to retaliate with tariffs on US goods including car parts, Boeing planes and beef.
European leaders cautiously welcomed the deal.
The Irish Prime Minister, the Taoiseach Micheál Martin, noted the fact that tariffs would still be higher than before, making trade “more expensive and more challenging”.
Among EU countries, Ireland is the most reliant on the US as an export market.
Germany’s Chancellor Friedrich Merz posted on X that a trade conflict would have hit Germany hard.
“Stable and predictable trade relations with market access benefit everyone on both sides of the Atlantic, businesses and consumers alike,” he added.
Italian Prime Minister Giorgia Meloni welcomed the deal, but said she needed to see the details, Italy’s Ansa news agency reported.
British Prime Minister Keir Starmer plans his own meeting with Trump at Turnberry on Monday.
The US president will be in Aberdeen on Tuesday, where his family has another golf course and is opening a third next month.
The president and his sons plan to help cut the ribbon on the new fairway.

Business
Payhawk transforms spending experience for businesses with four enterprise-ready AI agents

- Financial Controller, Procurement, Travel, and Payments agents act within policy – giving finance more control and eliminating busywork.
- For employees, forms, tickets, policies, reports and finance jargon are replaced with natural language conversation.
- Payhawk’s Fall ’25 Product Edition also includes global payments at 0.3% FX in 115 currencies.
LONDON, Sept. 16, 2025 (GLOBE NEWSWIRE) — Payhawk, the finance orchestration and spend management platform, today announced its Fall ’25 Product Edition, expanding its AI Office of the CFO stack. The release brings a coordinated set of AI agents — Financial Controller, Procurement, Travel, and Payments — that complete everyday finance work, following the roles, policies, and approvals finance already sets with a full audit trail.
Employees make natural-language requests, and the agents guide them end-to-end through each process, collecting approvals in the background. Over time, agents learn preferences and anticipate needs, so tasks are completed faster and with less wasted effort.
“Enterprises don’t need more chat, they need outcomes,” said Hristo Borisov, CEO and Co-founder of Payhawk. “The majority of agents on the market today lack enterprise capabilities to be adopted at scale, such as permissions, policies, multi-tenancy, audit trails, and data security standards – all absolutely critical when it comes to business payments. Our AI agents act within your controls and finish real finance tasks, so the easy thing for employees is also the right thing for the business.”
Invisible orchestration by design
Payhawk’s agents operate within existing roles, permissions, and policies, keeping data in-platform and logging every action for auditability. Finance teams gain control and visibility, while repetitive busywork is eliminated.
What each аgent handles
- Financial Controller Agent — Speeds up month-end closing by chasing receipts and uploading documents from vendor portals automatically, flagging anomalies, and escalating reminders around close. Expenses are submitted 2x faster.
- Procurement Agent — Employees say what they need; the agent gathers context, applies budgets and policy, routes approvals, increases card limits or creates purchase orders — no forms, fewer tickets and reminders. Request to purchase time reduced by 60%.
- Travel Agent — Books within policy via natural language based on user preferences, then auto-creates a trip report and groups expenses for one-click approval and ERP export. Saves up to 90 minutes per trip.
- Payments Agent — Deflects approximately 40% of helpdesk work for your finance team by giving instant answers on failed transactions, blocked cards, pending reimbursements or funding issues and proposes compliant next steps.
Beyond the release of the AI Office of the CFO, Payhawk’s Fall ’25 Product Edition includes global payments at 0.3% FX in 115 currencies in partnership with JP Morgan Payments, enhanced role/permission controls, and additional platform improvements.
Payhawk will be hosting a product showcase on October 2nd 2025. To sign up, visit https://payhawk.com/editions/fall-2025.
About Payhawk
Payhawk is the finance orchestration platform that unifies global spend management with intelligent automation and real-time payments. Our solution combines corporate cards, expense management, accounts payable, and procure-to-pay in a single platform — eliminating manual processes that slow companies down.
Unlike solutions that force a trade-off between powerful controls and great user experience, Payhawk delivers both, enabling finance teams to drive efficiency and growth while maintaining control. Headquartered in London with 9 offices across Europe and the US, Payhawk serves mid-market and enterprise companies in 32+ countries. Learn more at www.payhawk.com.
Georgi Ivanov
Senior Communications Manager
georgi.ivanov@payhawk.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e27967d8-aa3f-4532-a4f4-d36c2a530404
Business
Former xAI CFO Named OpenAI’s New Business Finance Officer

OpenAI has hired Mike Liberatore, the former chief financial officer at Elon Musk’s AI company xAI, CNBC reported on September 16.
Liberatore’s LinkedIn profile lists his current role as the business finance officer at OpenAI. His tenure at xAI lasted merely four months, and previously, he worked as the vice president of finance and corporate development at Airbnb.
The report added that Liberatore will report to OpenAI’s current CFO, Sarah Friar, and will work with co-founder Greg Brockman’s team, which manages the contracts and capital behind the company’s compute strategy.
According to The Wall Street Journal’s report, Liberatore was involved with xAI’s funding efforts, including a $5 billion debt sale in June. He also oversaw xAI’s data centre expansion in Memphis, Tennessee, in the United States. The reasons for his departure remain unknown.
Liberatore is an addition to the list of recent high-profile departures from xAI. Last month, Robert Keele, who was the general counsel at the company, announced his departure, stating that there were differences between his worldviews and Musk’s.
The WSJ report also added that Raghu Rao, a senior lawyer overseeing the commercial and legal affairs for the company, left around the same time.
Furthermore, Igor Babuschkin, the co-founder of the company, also announced last month that he was leaving xAI to start his own venture capital firm.
That being said, Liberatore’s appointment at OpenAI comes at a time when the company has announced significant structural changes.
OpenAI recently announced that its nonprofit division will now be ‘paired’ with a stake in its public benefit corporation (PBC), valued at over $100 billion. The company also announced it has signed a memorandum of understanding with Microsoft to transform its for-profit arm into a PBC. This structural change was initially announced by OpenAI in May.
Business
Google Advisor Explains Why ESG-Led AI Is Essential For Business Resilience In The Future Of Work

This article is based on the Future of Work Podcast episode “Why AI and ESG Must Evolve Together to Protect the Future of Work” with Kate O’Neill. Click here to listen to the entire episode.
In the rush to innovate, are today’s leaders forgetting why they started?
Businesses chasing AI without aligning to human-centered metrics risk building beautiful systems that fail spectacularly.
In a recent episode of The Future of Work® Podcast, Kate O’Neill, CEO of KO Insights and a seasoned digital transformation strategist, delivered a critical message to today’s business leaders: you must stop chasing metrics in isolation and start thinking in terms of ecosystems.
As AI becomes an increasingly central part of how organizations operate, leaders face a choice: retrofit outdated success models to new technologies, or reimagine the system altogether through the lens of purpose, resilience, and human flourishing.
With a career advising clients as varied as Google, McDonald’s, and the United Nations, O’Neill isn’t a futurist just making vague predictions. She’s a strategist with a clear framework and a call to action to solve AI integration problems: align artificial intelligence initiatives with Environmental, Social, and Governance (ESG) principles — not in name only, but in measurable, mission-driven ways that track real-world outcomes.
“I think ESG as a concept is valid. It’s not the principles that are wrong. It’s that we’ve been measuring the wrong things,” she said during the podcast conversation.
This insight forms the cornerstone of O’Neill’s approach. In a world captivated by AI’s predictive capabilities and automation potential, organizations often overlook the encompassing impact of their decisions.
Are these technologies improving lives? Are they regenerating ecosystems — social or environmental — rather than extracting from them? Too often, she explains, companies confuse compliance with progress, chasing ESG as a branding exercise instead of a structural transformation.
This critique is not about abandoning ESG or digital transformation. Quite the opposite. It’s about evolving both.
From Checklists to Systems Thinking
The past decade has seen ESG reporting become a staple of corporate responsibility efforts. But O’Neill points out a flaw: ESG frameworks often push businesses to focus on standardized inputs and outputs rather than actual impact.
These rubrics, while helpful for consistency, can fail to reflect the lived experience of people and communities affected by a company’s operations.
Instead, she argues for aligning with the United Nations Sustainable Development Goals (SDGs), a framework of 17 interrelated goals with actionable metrics designed to improve life for all — not just shareholders.
To her, that’s a better approach, as most businesses are doing something that could be furthering the SDGs, but they just don’t necessarily realize it.
From water access and infrastructure to gender equality and education, the SDGs provide a nuanced, flexible way for companies to identify where their operations already intersect with meaningful societal progress.
More importantly, they allow companies to evolve those operations in a direction that’s measurable, values-aligned, and resilient.
Making ESG Real in the Age of AI
AI technologies are tools that mirror the systems they’re built within. When integrated blindly, AI can amplify inequities and environmental damage. But when aligned with well-defined social goals, it can act as a force multiplier for good.
Consider how companies often rush to replace human labor with AI in the name of efficiency. O’Neill challenges this logic, not just from a social justice perspective but from a business strategy standpoint. In many cases, this kind of substitution overlooks deeper ESG implications — regional job displacement, lost organizational knowledge, reduced resilience in the face of uncertainty.
“Additive” use of AI, she argues, is far more effective than “replacing” strategies. Enhancing human capability, rather than removing it, yields more sustainable organizations.
This philosophy stems from a fundamental distinction O’Neill highlights: the difference between sense-making and prediction.
Humans interpret, synthesize, and apply judgment. Machines, even the most advanced AI, rely on data and probability. One of her favorite analogies comes from healthcare: a doctor can hear the emotional nuance in a teenager’s “I’m fine” — something no large language model can reliably decode today.
In complex systems — like health, education, or public infrastructure — nuance matters.
A Fast-Changing Landscape Needs Slow, Strategic Thinking
Much of the anxiety among today’s executives comes from the pace of change. Technology is moving faster than ever, and leaders are under pressure to act quickly or risk irrelevance. But as O’Neill notes, movement alone isn’t enough. Strategic motion — guided by values and grounded in measurable, ecosystem-wide outcomes — is what will separate resilient organizations from fragile ones.
The goal is progress, not perfection, and that progress requires recognizing the trade-offs embedded in every transformation decision.
We are already seeing early-stage consequences: water-intensive AI data centers straining local ecosystems; workers displaced without meaningful re-skilling pathways; energy use surging in areas already vulnerable to climate stress.
What Companies Can Do Now
The path forward, according to O’Neill, is rooted in clarity, alignment, and iteration. Businesses don’t need to pivot overnight or rebuild their operations from scratch. They need to take stock of what they already do well, identify the SDG most aligned with their mission, and begin tracking meaningful, relevant metrics that reflect their contribution to a better future.
This can be as simple as adding one SDG-aligned KPI to a leadership dashboard or as complex as redesigning hiring practices to retain knowledge and community ties. What matters most is the intentionality behind the action.
For leaders struggling with how to begin, O’Neill offers practical guidance: don’t wait for perfect information. Move. Learn. Adapt. Align technology strategy with purpose — not in a silo, but as part of a larger ecosystem of human and planetary thriving. Because in the future of work, success will be defined by how wisely we integrated AI into the human systems that sustain us.
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