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
SVC drives $1.2bn investment surge, cements Saudi Arabia’s lead in MENA venture capital
JEDDAH: Saudi Venture Capital Co. has committed $1.2 billion since 2018 to venture capital and private equity funds, catalyzing $5.9 billion in partner investments and helping the Kingdom maintain its position as the leading venture capital market in the Middle East and North Africa in 2025.
SVC’s annual “Impact Report” revealed that the number of funds backed by the company has risen to 65, while the number of startups and small and medium-sized enterprises supported has exceeded 1,000 across key sectors, including e-commerce, fintech, and healthcare, as well as education technology, transport, and logistics.
The development reflects Saudi Arabia’s broader push to expand venture capital and startup funding as part of Vision 2030, with authorities seeking to strengthen the Kingdom’s position as a regional hub for innovation and private capital.
Nora Al-Sarhan, deputy CEO and chief investment officer at SVC, said the study highlights the transformative progress across Saudi Arabia’s private capital ecosystem driven by the goals of Vision 2030.
“We remain committed to developing investment programs, products, and developmental initiatives based on market needs analysis and aligned with leading global models, which enhance the competitiveness of the Saudi private capital ecosystem, support diversification of the national economy, and help achieve the goals of Vision 2030,” she said.
The analysis noted that SVC’s strategy helped the Kingdom retain its top ranking in MENA venture capital funding for the third consecutive year in 2025, reaching a record $1.7 billion.
“This reflects the growth seen across various economic and financial sectors under Vision 2030, which aims to strengthen the national economy,” SVC said in a statement.
The release underlined that the number of venture capital investors in the Kingdom has grown sixfold since SVC’s founding in 2018, rising from 34 to 200 by 2025. The expansion underscores the increasing depth of the market and the growing institutional investor base.
The report also highlighted the launch of the inaugural Private Capital Forum, a regional platform designed to advance dialogue on private capital. The event featured 59 speakers across 20 sessions, attracting 1,070 participants, reaching 7.2 million people digitally, and generating more than 10.5 million media impressions.
As of February 2025, SVC had supported 54 funds, which have invested in more than 800 startups and SMEs across various sectors.
Saudi Arabia remained the top VC destination in MENA in 2024, securing $750 million across 178 deals, about 40 percent of the region’s total, while the UAE followed with $613 million across 188 agreements.
The Kingdom’s venture capital sector saw record growth in 2025, with 254 deals totaling $1.66 billion, reflecting a maturing ecosystem, rising investor confidence, and continued leadership under Vision 2030.
