Daily brief
The European Union is planning to impose counter-tariffs worth approximately 93 billion euros on the United States in response to President Donald Trump's threat of 100% tariffs related to Greenland. EU officials have described preparing a significant trade response, with some reports calling it a 'trade bazooka', while also publicly calling for de-escalation. The White House has urged 'cooler heads to prevail' in the dispute.
The EU and the Mercosur bloc of South American nations have signed a free trade agreement, despite fierce opposition from farmers who fear a 'huge amount' of agricultural products could be redirected to the bloc.
An EU official stated that retaliatory tariffs on U.S. goods could take effect as early as February 7.
A key EU transport network is set to miss its 2030 completion targets, according to a report from the European Court of Auditors.
Negotiations for a free trade agreement between India and the EU are nearing completion, described by some as the 'mother of all trade deals'.