EU Threatens Countermeasures over Trump’s Steel Tariffs Hike

President Donald Trump gestures after speaking at the US Steel Mon Valley Works-Irvin plant, Friday, May 30, 2025, in West Mifflin, Pa. (AP)
President Donald Trump gestures after speaking at the US Steel Mon Valley Works-Irvin plant, Friday, May 30, 2025, in West Mifflin, Pa. (AP)
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EU Threatens Countermeasures over Trump’s Steel Tariffs Hike

President Donald Trump gestures after speaking at the US Steel Mon Valley Works-Irvin plant, Friday, May 30, 2025, in West Mifflin, Pa. (AP)
President Donald Trump gestures after speaking at the US Steel Mon Valley Works-Irvin plant, Friday, May 30, 2025, in West Mifflin, Pa. (AP)

The European Commission said on Saturday that Europe was prepared to retaliate against President Donald Trump's plan to double tariffs on imported steel and aluminum, raising the prospect of an escalating trade fight between two of the world's largest economic powers.

Trump's announcement on Friday that he would increase tariffs on imported steel and aluminum to 50% from 25%, intensifies his global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back levies and trade restrictions for critical minerals.

The European Commission said it "strongly" regrets Trump's plan to increase tariffs, adding it "undermines ongoing efforts to reach a negotiated solution."

"This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic," a European Commission spokesperson said, adding that "the (European Union) is prepared to impose countermeasures."

The spokesperson noted that the European Union had paused its countermeasures to create space for continued negotiations.

"The European Commission is currently finalizing consultations on expanded countermeasures. If no mutually acceptable solution is reached, both existing and additional EU measures will automatically take effect on 14 July or earlier, if circumstances require," the spokesperson added.

Trump announced the higher tariffs just outside Pittsburgh, where he was talking up an agreement between Nippon Steel and US Steel. Trump said the $14.9 billion deal, like the tariff increase, will help keep jobs for steel workers in the US.

He later posted on social media that the increased tariff would also apply to aluminum products and that it would take effect on Wednesday.

The planned US move ratchets up pressure on global steel producers, and has sparked protests from trading partners around the world.

Canada's Chamber of Commerce quickly denounced the tariff hike as "antithetical to North American economic security."

"Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminum comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement.

Canada's United Steelworkers union on Saturday called the move a direct attack on Canadian industries and workers.

Australia's center-left government also condemned the tariff increase, with Trade Minister Don Farrell calling it "unjustified and not the act of a friend."

The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike.

Steel and aluminum tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25% on most steel and aluminum imported to the US went into effect in March, and he had briefly threatened a 50% levy on Canadian steel but ultimately backed off.



Foreign Start-ups Double in Saudi Market

Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups
Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups
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Foreign Start-ups Double in Saudi Market

Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups
Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups

The number of foreign start‑ups holding Saudi Arabia’s “Riyadi” entrepreneurship license has more than doubled to 550 by mid‑2025, up 118 % from the same period a year earlier, the Investment Ministry said.

The Riyadi permit lets overseas founders launch and scale technology and innovation‑focused companies in the kingdom. Officials say the surge reflects a government push to position Saudi Arabia as the Gulf’s start‑up hub by easing market entry and offering flexible regulation.

The General Authority for Small and Medium Enterprises (Monsha’at) has meanwhile issued 364 licenses for business incubators and accelerators, helping international entrepreneurs develop prototypes, find mentors and connect with investors.

Flagship tech gatherings such as Biban and LEAP in Riyadh – along with Saudi delegations to global events including Web Summit, VivaTech and Slush – have burnished the kingdom’s credentials as a magnet for venture capital and talent, the ministry said.

The momentum comes as Riyadh chases the economic‑diversification goals of its Vision 2030 plan. The government is targeting $100 billion a year in foreign direct investment (FDI) by 2030.

Overall investment licensing jumped 67.7 % last year. In the fourth quarter of 2024 alone, Saudi Arabia issued 4,615 licenses, up 59.9 % year on year.

Net FDI inflows moderated to 16.0 billion riyals ($4.27 billion) in the third quarter of 2024, 24 % lower than a year earlier but 37 % higher than the previous quarter’s 11.7 billion riyals ($3.12 billion), according to General Authority for Statistics data.

Saudi officials say the Riyadi license is integral to diversifying the economy, fostering innovation and embedding an entrepreneurial culture.