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illuminem summarises for you the essential news of the day. Read the full piece on CNN or enjoy below:
🗞️ Driving the news: EU Commission President Ursula von der Leyen warned that Europe has "a strong plan" for retaliating against new U.S. tariffs set to be announced by President Trump on April 2
• The Biden administration had rolled back many of Trump’s previous trade measures, but Trump is now preparing sweeping import levies, targeting steel, aluminium, cars, and potentially broader sectors
• Von der Leyen emphasised the EU’s openness to negotiations but confirmed all retaliatory tools are on the table
🔭 The context: The U.S. and EU are each other's largest trading partners, with a trade volume of $1.5 trillion and millions of jobs at stake
• Trump’s previous term saw steep tariffs that led to a similar tit-for-tat escalation
• The EU has already responded to recent U.S. tariffs with countermeasures targeting €26 billion in American goods
🌍 Why it matters for the planet: Trade tensions risk disrupting clean technology supply chains and joint climate initiatives
• Tariffs could slow progress on green tech innovation, increase costs for renewable infrastructure, and undermine cross-border collaboration on emissions targets.
•The EU’s ability to regulate U.S. tech firms may also face retaliation, impacting sustainability-focused digital regulations
⏭️ What's next: Trump is expected to unveil his tariff plan during a press conference on April 2, dubbed “Liberation Day”
• Canada, China, Japan, and South Korea have also signalled coordinated retaliation
• The EU and other nations are preparing countermeasures while hoping to avoid a full-scale trade war
💬 One quote: “We do not necessarily want to retaliate but, if it is necessary, we have a strong plan to retaliate and we will use it,” — Ursula von der Leyen, President of the European Commission
📈 One stat: The EU was the largest market for U.S. goods exports in 2024, surpassing Canada and Mexico
See here detailed sustainability performance of companies like Volkswagen, Airbus, and General Motors
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