Crypto News: Brussels Edition: Targeted tariffs

Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.

Donald Trump's upcoming slew of tariffs, expected to hit the EU alongside other key allies and trading partners, may end up being narrower in scope than first feared. While a major expansion of trade restrictions is still expected, it's shaping up as more targeted than the across-the-board global effort Trump has teased, officials familiar with the matter told us. Some countries or blocs might also be spared — a development likely to allay investor concerns over a no-holds-barred trade war. The world is bracing for what Trump has dubbed "Liberation Day" on April 2, when he'll kick off tariffs in apparent retaliation for barriers from other countries.

— Gian Volpicelli

What's Happening

Peace Hope | The US is still hopeful it can clinch a broad ceasefire deal between Russia and Ukraine in the next few weeks, even as Moscow intensifies its attacks. Washington's ideal deadline for a truce is April 20, which this year is Easter in both the Western and Orthodox churches, even if officials concede that timeline may slip.

On Hold | Italy has frozen talks on the deployment of Starlink for government applications, Defense Minister Guido Crosetto said. Italy has grown cautious about closing a €1.5 billion deal in the wake of seismic shifts in geopolitics brought about by the Trump administration.

Trump Rethink | European officials thought they had Trump figured out as a transactional deal maker, but the president's second-term diplomacy strategy significantly departs from the past. Ministries across Europe, the Middle East and Africa — used to regarding the US a stalwart ally — are in shock.

Big Blocks | This year's surprise surge in European stocks is helping to drive the region's largest wave of block sales this century — and bankers anticipate more deals ahead. Data we compiled show investors selling nearly €24 billion worth of European stocks through big-ticket trades in 2025.

Around Europe

Turkish Turmoil | Turkey on Sunday officially arrested Istanbul Mayor Ekrem Imamoglu, Recep Tayyip Erdogan's top foe. The move is set to inflame anti-government protests and rattle markets, as the Turkish president bets on the world turning a blind eye.

Greenland Trip | US Second Lady Usha Vance will travel to Greenland this week, the latest Trump ally to visit the island as the president ramps up his rhetoric that the US should buy it from Denmark. The wife of Vice President JD Vance will travel to Greenland with her son and a US delegation on Thursday and return on Saturday.

Insider Trading | The US Department of Justice is clamping down on traders who allegedly raked in more than $17 million from insider tips on more than 15 deal targets including Principia Biopharma and French utility Suez. Authorities say that a globe-spanning insider ring used disposable burner phones, derivatives and a bag full of cash to commit their crimes.

British DOGE | The UK will try to whittle down the number of civil servants by 10,000 in a bid to reduce the government's operating costs by 15%, Chancellor of the Exchequer Rachel Reeves said ahead of a key budget statement on Wednesday.

Chart of the Day

Morningstar DBRS put a negative outlook on its assessment of France's creditworthiness, adding to warnings over the country's debt burden amid growing demands for defense spending and persistent risks of political instability. France's fiscal challenges intensified last year after elections delivered a hung parliament, making it difficult for governments to pass urgent cuts to rein in deficits.

Today's Agenda

EU agriculture ministers convene in Brussels to kick off a two-day meeting
Climate Commissioner Wopke Hoekstra and environment Commissioner Jessika Roswall meet CEOs of European steel companies

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