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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
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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.

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Saudi Sovereign Wealth Fund Launches First Global Commercial Paper Program

 The Saudi capital, Riyadh (SPA) 
 The Saudi capital, Riyadh (SPA) 
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Saudi Sovereign Wealth Fund Launches First Global Commercial Paper Program

 The Saudi capital, Riyadh (SPA) 
 The Saudi capital, Riyadh (SPA) 

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has launched its first-ever global commercial paper program, marking a significant step in strengthening its short-term financing capabilities and expanding its reach in international capital markets.

According to an official statement, the program allows for the issuance of commercial paper through Special Purpose Vehicles (SPVs). It consists of two sub-programs: one for the US market and another for the European market.

The program has already earned top credit ratings: Moody’s assigned it a Prime-1 (P-1) rating, the highest short-term grade, while Fitch Ratings awarded an F1+ rating, also its highest for short-term instruments.

Fahad AlSaif, Head of Global Capital Finance and Head of Investment Strategy at PIF, said the launch aligns with the Fund’s broader financing strategy. “This program reflects our flexible and effective approach to funding, designed to support our long-term investment priorities,” he noted.

Commercial paper is widely used in global financial markets as a tool for short-term liquidity management. PIF’s program is expected to enhance its agility in managing cash flow while complementing its long-term funding plans.

Mohammed Al-Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the initiative highlights PIF’s commitment to robust liquidity management and its ambition to lead both domestically and internationally. He called the move a “strategic addition” to PIF’s funding ecosystem, noting that the strong credit ratings will allow the Fund to secure financing at competitive rates, positioning it to capitalize on key investment opportunities without being overly exposed to short-term market volatility or interest rate risks.

Al-Farraj added that the launch supports PIF’s strategy to diversify its funding sources and balance short-term needs with long-term goals. He pointed out that it will help drive major projects in critical sectors such as renewable energy, future industries, and advanced technology - key pillars of Saudi Arabia’s Vision 2030.

He also emphasized the program’s role in strengthening Saudi Arabia’s standing as a global financial hub and increasing its appeal to international investors.

The initiative follows PIF’s broader financing roadmap, which includes issuing green bonds - such as its landmark $3.5 billion sukuk offering - and reflects its continued pursuit of innovative, sustainable funding solutions to fuel the Kingdom’s economic transformation.