EU Eyes €93B US Tariff Response, Spain Rail Crash Kills 39, More
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What is the main topic discussed in this episode?
Bloomberg Daybreak is your best way to get informed first thing in the morning, right in your podcast feed. Hi, I'm Karen Moskow. And I'm Nathan Hager. Each morning, we're up early putting together the latest episode of Bloomberg Daybreak U.S. Edition. It's your daily 15-minute podcast on the latest in global news, politics, and international relations. Listen to the Bloomberg Daybreak U.S. Edition podcast each morning for the stories that matter with the context you need. Find us on Apple, Spotify, or anywhere you listen.
News when you want it with Bloomberg News Now. I'm Stephen Carroll. European leaders have reacted with outrage to President Trump's threat to impose tariffs on countries that oppose his desire to own Greenland. On Saturday, the US president denounced a 10% levy due to take effect next month and rising to 25% by June. on eight European countries, including the UK, Germany, France and Denmark. The move came after they committed to holding token military drills in Greenland. But US Treasury Secretary Scott Besant says Europe is too weak to ensure the Arctic territory's security.
If there were an attack on Greenland from Russia, from some other area, we would get dragged in. So better now, peace through strength, make it part of the United States, and there will not be a conflict because the United States right now, we are the hottest country in the world, we are the strongest country in the world. The Europeans project weakness, the US projects strength.
Scott Besson's comments on NBC's Meet the Press came as European leaders forcefully pushed back against Trump's comments. UK Prime Minister Keir Starmer blasted the tariff threat as completely wrong. France's President Emmanuel Macron called it unacceptable. And Sweden's Prime Minister Ulf Kristersen said his country wouldn't be blackmailed. EU leaders are now set to hold an emergency meeting to discuss possible retaliation to the latest tariff threat. Member states are discussing several options, including retaliatory levies on more than $100 billion of US goods. Meanwhile, France's president says the bloc should consider using its most powerful trade tool, the anti-coercion instrument. That would allow the EU to impose additional tariffs
new taxes on tech companies or targeted curves on investment in the bloc. Speaking on Sunday, Italy's Prime Minister, Giorgia Maloney, sought to cool tensions between the world's largest trading partners and said she had spoken to President Trump.
I think it is necessary instead to resume the dialogue on this, to avoid an escalation from this point of view, and that is what I am working on. I spoke with Donald Trump a few hours ago, to whom I said what I think, and I spoke to the Secretary General of NATO, who confirms to me that NATO is starting to work from this point of view.
Despite Georgia Maloney's efforts, Trump's plan to impose tariffs over Greenland calls into question the validity of the trade deal sealed last year between the EU and the US. The deal has already been partially implemented, but still needs approval from the European Parliament, which is now likely to halt the process.
What is the EU's planned retaliation to the US tariff threat on European goods?
An escalation of transatlantic tensions could risk a major market fallout, according to Deutsche Bank. Their global head of FX research, George Saravellos, notes that Europe is America's largest lender, with its countries owning $8 trillion of US bonds and equities. Security expert Troy Bouffard says the US president is missing the potential consequences.
I think all of these signals, the rhetoric, the sort of hostile takeover articulations and behavior is all part of this. He doesn't factor in the damage to relationships, isolation of the United States and losing allies. It's a zero-sum game for him with not much appreciation for international relations and foreign affairs.
College of Business and Security Management Assistant Professor Troy Bouffard speaking there. US and European stock futures are both falling on the news as the dollar weakened against most of its major peers, while demand for haven assets has pushed gold and silver to new record highs.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–3:13
2
What is the EU's planned retaliation to the US tariff threat on European goods?
3:13–4:32
3
Which US tariffs were announced and which European countries are targeted?
4:32–8:15
4
How are European leaders responding to the US Greenland-related tariff threat?
8:15–8:47
Speakers
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