BRUSSELS: The European Commission is drafting a list of products upon which it could impose heavy taxes to send “a political message” to Donald Trump if the US president follows through on plans to impose tariffs on steel and aluminum, a European source said yesterday.
“There will be steel and aluminum products, but also industrial, agricultural and food products as well,” said the source, who added Europe is “ready to act once there is specific confirmation” from Washington.
Trump triggered a furor on Thursday by announcing he would set tariffs of 25 percent on steel and 10 percent on aluminum to protect US producers as soon as next week.
He did not specify if the tariffs would target specific countries.
The announcement has sparked an outcry among US allies such as Canada, the EU, Mexico and Australia as well as China, the world’s biggest steel producer.
There has been speculation that the EU could target for retaliation products made in states that heavily supported Trump in the presidential election, like Kentucky bourbon and Florida oranges.
The source, who works at the commission, said these products could end up being among those targeted, but that the list has not yet been finalized.
“You have to find a good balance between the political message sent to Trump and the products which we have a need for,” said the source, who added the countermeasures would be taken in conformity with World Trade Organization (WTO) rules.
In 2002, the EU threatened to tax a range of US products as part of a “steel war” unleashed by the administration of George W. Bush.
The list included not just steel products but also orange juice, apples, sunglasses, photocopiers and other goods.
The US backed down before the EU carried out its threat to impose the retaliatory measures.
EU drafts list of US goods to target over new tariffs
EU drafts list of US goods to target over new tariffs
Closing Bell: Saudi main market sheds 85 points to finish at 11,098
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06.
The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.
Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).
Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.
Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30.
On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.
Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50.
On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.
The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.
The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.
The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session.
Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.
Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.
Tadweer shares last traded at SR3.80, up 2.70 percent.
