EU Seeks Unity in First Strike Back at Trump Tariffs

FILE PHOTO: An EU flag flutters. Reuters
FILE PHOTO: An EU flag flutters. Reuters
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EU Seeks Unity in First Strike Back at Trump Tariffs

FILE PHOTO: An EU flag flutters. Reuters
FILE PHOTO: An EU flag flutters. Reuters

European Union countries will seek to present a united front in the coming days against US President Donald Trump's tariffs, likely approving a first set of targeted countermeasures on up to $28 billion of US imports from dental floss to diamonds.
Such a move would mean the EU joining China and Canada in imposing retaliatory tariffs on the United States in an early escalation of what some fear will become a global trade war, making goods more expensive for billions of consumers and pushing economies around the world into recession, Reuters said.
The 27-nation bloc faces 25% import tariffs on steel and aluminium and cars and "reciprocal" tariffs of 20% from Wednesday for almost all other goods.
Trump's tariffs cover some 70% of the EU's exports to the United States - worth in total 532 billion euros ($585 billion) last year - with likely duties on copper, pharmaceuticals, semiconductors and timber still to come.
The European Commission, which coordinates EU trade policy, will propose to members late on Monday a list of US products to hit with extra duties in response to Trump's steel and aluminium tariffs rather than the broader reciprocal levies.
It is set to include US meat, cereals, wine, wood and clothing as well as chewing gum, dental floss, vacuum cleaners and toilet paper.
One product that has received more attention and exposed discord in the bloc is bourbon. The Commission has earmarked a 50% tariff, prompting Trump to threaten a 200% counter-tariff on EU alcoholic drinks if the bloc goes ahead.
Wine exporters France and Italy have both expressed concern. The EU, whose economy is heavily reliant on free trade, is keen to make sure it has wide backing for any response so as to keep the pressure up on Trump ultimately to enter negotiations.
Luxembourg will earlier on Monday host the first EU-wide political meeting since Trump's announcement of the sweeping tariffs when ministers responsible for trade from the 27 EU members will exchange views on the impact and how best to respond.
EU diplomats said the main aim of the meeting was to emerge with a united message of a desire to negotiate with Washington a removal of tariffs, but a readiness to respond with countermeasures if that failed.
"Our biggest fear after Brexit was bilateral deals and a break of unity, but through three or four years of negotiations that did not happen. Of course, here you have a different story, but everyone can see an interest in a common commercial policy," one EU diplomat said.
COUNTER-TARIFFS
Among EU members, there is a spectrum of opinion on how to respond. France has said the EU should work on a package going well beyond tariffs and French President Emmanuel Macron has suggested European companies should suspend investments in the United States until "things are clarified".
Ireland, almost a third of whose exports go to the United States, has called for a "considered and measured" response, while Italy, the EU's third largest exporter to the US, has questioned whether the EU should hit back at all.
"It's a difficult balance. Measures cannot be too soft to bring the United States to the table, but not too tough to lead to escalation," one EU diplomat said.
Talks with Washington to date have not borne fruit. EU trade chief Maros Sefcovic described his two-hour exchange with US counterparts on Friday as "frank" as he told them US tariffs were "damaging, unjustified".
The initial EU counter-tariffs will in any case be put to a vote on Wednesday and will be approved except in the unlikely event that a qualified majority of 15 EU members representing 65% of the EU's population oppose it.
They would enter force in two stages, a smaller part on April 15 and the rest a month later.
Commission President Ursula von der Leyen will also hold separate discussions on Monday and Tuesday with chief executives from the steel, automotive and pharmaceutical sectors to assess the impact of tariffs and determine what to do next.



Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.


Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.


Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.