EU May Delay First Counter-tariffs against US to Mid-April

FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium August 21, 2020. REUTERS/Yves Herman/File Photo
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium August 21, 2020. REUTERS/Yves Herman/File Photo
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EU May Delay First Counter-tariffs against US to Mid-April

FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium August 21, 2020. REUTERS/Yves Herman/File Photo
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium August 21, 2020. REUTERS/Yves Herman/File Photo

The European Union could delay imposition of a first set of counter-measures against the United States over President Donald Trump's steel and aluminium tariffs until mid-April, European Trade Commissioner Maros Sefcovic said on Thursday.

The European Commission had proposed re-imposing tariffs on 4.5 billion euros ($4.9 billion) of US products on April 1, followed by hitting a further 18 billion euros of US goods on April 13, Reuters said.

"We are now considering to align the timing of the two sets of EU counter-measures so we can consult with member states on both lists simultaneously, and this would also give us extra time for negotiations with our American partners," Sefcovic told a hearing at the European Parliament.

The first set of EU counter-measures includes applying a 50% tariff on US bourbon. Trump threatened to slap a 200% tariff on all wines and other alcoholic products coming from the EU if the bloc went ahead with this.

The Trump administration is also planning further tariffs on April 2.

French Prime Minister Francois Bayrou said on Sunday that the EU was probably mistaken in targeting American whiskey, while Italian Prime Minister Giorgia Meloni cautioned EU partners on Tuesday against escalating the trade dispute with the United States.

"I am not certain that responding to tariffs with more tariffs is necessarily a good deal," Meloni, who is close to Trump, said.



Türkiye's Stock Market Hit Hard after Arrest of Istanbul Mayor

Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
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Türkiye's Stock Market Hit Hard after Arrest of Istanbul Mayor

Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)

The Istanbul stock exchange's main index was hit hard on Friday, closing 7.8 percent down on the third day of protests over the arrest of Istanbul mayor Ekrem Imamoglu.

The 53-year-old mayor -- Erdogan's main political rival -- was arrested on Wednesday, days before he was due to be named the CHP party's candidate for the 2028 presidential race.

The BIST 100 had already slipped by 8.7 percent on Wednesday following Imamoglu's arrest over allegations of "corruption" and links to a "terrorist organization".

The damage was limited to a fall of 0.5 percent on Thursday, but faced with a sharp fall on Friday, trading was suspended twice in the morning.

The index fell below 9,000 points during Friday trading for the first time since early November, a fall of more than 16.5 percent over five days.

Imamoglu's party has denounced his arrest as a "coup" and international organizations including the European Union have expressed concern.

It has also sparked street protests, which President Recep Tayyip Erdogan on Friday denounced as "street terror".