| Commission President Ursula von der Leyen said she "deeply regrets" the latest tariff fusillade from President Donald Trump |
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| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. European Commission President Ursula von der Leyen said she "deeply regrets" the latest tariff fusillade from President Donald Trump: 25% levies on all cars not made in the US. The new tariffs, which will hit German automakers in particular, will take effect on April 2 — the same day Trump has promised a broader range of so-called reciprocal tariffs. "That's the real Liberation Day of America," he said, adding that round will be "very lenient." He later threatened to impose measures "far larger than currently planned" if the EU worked with Canada against the US. The EU expects Trump to apply a double-digit tariff rate across the bloc, rather than setting different rates for each member state, we're told. EU officials meeting with US counterparts in Washington this week see little chance of averting the next round. The bloc will take some time to assess its retaliatory plans, but it has built a robust toolbox since Trump's first term that it can wield. — Andrea Palasciano and Kevin Whitelaw | |
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| Kyiv Coalition | French President Emmanuel Macron is gathering leaders from more than 30 countries in Paris today to try to carve out a role for Europe in US-led ceasefire talks over Russia's war in Ukraine. Macron is using the opportunity to call for what he calls a "reassurance force" of troops that could be strategically deployed across Europe to deter potential Russian aggression. Tough Choice | European officials say that Trump is soon going to face a difficult decision in his efforts to end Russia's war in Ukraine: either push back on Putin or make concessions to the Russian leader in order to meet a self-imposed deadline for the end of the fighting. Facebook Breakup | EU regulators wanted Meta Platforms Inc. to create a standalone version of its Facebook Marketplace site or to offer users a way to access rival services, according to a decision made public on Wednesday. That commission's ruling, which took place last year, led to a €798 million fine. Coke Raids | Coca-Cola's business in Europe was targeted in EU antitrust raids earlier this month, we've been told. Firms were probed for potentially breaching competition rules — which can result in hefty fines. | |
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| Greek Recipe | As a country that has consistently maintained a high defense budget — even in the depths of a financial crisis — Greece has valuable lessons to offer Europe. With the EU scrambling to ramp up military spending in the face of Russian aggression and the US pivoting from its longstanding foreign policy, the nation's experience in protecting itself against a hostile neighbor could prove useful. Inner Workings | A report has laid bare the financial machinations of Hungary's central bank, which once owned a Polish property developer and Swiss luxury chalets before going on to lose hundreds of millions of dollars. Viktor Orban's political opponents have been particularly interested in the findings, as they want to highlight allegations of corruption and cronyism in advance of next year's election. Target Greenland | Trump isn't letting up on his demands for the US to annex Greenland, with Vice President JD Vance due to visit. "We're going to have to have it," Trump said, adding it was a matter of international security. Vance will arrive while Greenland's political parties are still trying to form a governing coalition following a general election earlier this month. Bank Bonds | UBS, UniCredit, and Nomura failed to overturn EU competition fines totaling hundreds of millions of euros. The fines were enacted over allegations that the banks colluded on government bond trading during the region's sovereign debt crisis. The decision can be appealed to the bloc's highest court. | |
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| Sweden announced it would increase defense spending to 3.5% of its economic output by 2030, up from the previous target last spring of 2.6%. A slew of European countries have recently announced more ambitious defense spending targets, meeting a key demand of Donald Trump. A new NATO-wide spending target of more than 3% is widely expected to be announced at the alliance's next summit in June. | |
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| All times CET - Commission President Ursula von der Leyen, Council President Antonio Costa and NATO's Mark Rutte join leaders of about 30 countries in Paris for a summit on Ukraine and European security
- 10.45 a.m. EU top diplomat Kaja Kallas holds press conference in Turkmenistan
- 1.15 p.m. French President Emmanuel Macron holds press conference after Ukraine summit
- EU environment ministers gather in Brussels
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