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EU Leaders Vow To Hit Back If Trump Triggers Trade War

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EU leaders meeting in Brussels Monday warned there would be no winners in a trade war with the United States, insisting they would hit back if President Donald Trump imposes tariffs.

French President Emmanuel Macron said the European Union must show its muscle if US President Donald Trump makes good on his threat to target the bloc with a volley of tariffs.

“If we are attacked in terms of trade, Europe — as a true power — will have to stand up for itself,” Macron said.

The leaders of the EU’s 27 nations were huddling in the Belgian capital with Britain’s prime minister and the head of NATO to discuss efforts to boost Europe’s defences faced with an aggressive Russia — as Trump’s demands that American allies spend much more.

But the discussions were overshadowed by the US leader’s decision to slap tariffs on Canada, Mexico and China — with Trump threatening to target EU next.

Poland’s Prime Minister Donald Tusk, whose country currently holds the EU presidency, said everything must be done to avoid a “totally unnecessary and stupid” trade war.

Trump has not hidden his enmity for the EU, accusing it of treating the United States “very, very unfairly” on trade.

After slapping levies on his North American neighbours and China, Trump doubled down on Sunday by saying he “definitely” planned to target the EU in future.

German Chancellor Olaf Scholz said a trade dispute would be “bad for the US, bad for Europe”, with transatlantic “cooperation” preferable for both sides.

“We can also react,” he added, veering from Germany’s traditionally cautious approach to transatlantic trade relations.

“We need America, and America needs us as well,” echoed the EU’s top diplomat, Kaja Kallas, adding there were “no winners in trade wars”.

On Sunday, the European Commission said it would retaliate “firmly” if Trump hit it and decried his sweeping measures against Canada, Mexico and China.

“Tariffs create unnecessary economic disruption and drive inflation. They are hurtful to all sides,” a commission spokesman said.

Up until then Brussels had said it hoped to avoid a trade conflict with Trump through negotiation.

Later European Council chief Antonio Costa held a night phone call with Canadian Prime Minister Justin Trudeau.

“Both leaders underscored the importance of the EU-Canada bilateral relationship and confirmed their determination to continue to working together,” an EU official said.

Since Trump was re-elected in November, Brussels has been working to diversify its trading partnerships, announcing in recent weeks both a strengthened trade deal with Mexico and the resumption of talks on a free trade deal with Malaysia.

Back in 2018, during his first term, Trump imposed tariffs on European steel and aluminium exports — leading the EU to respond with its own higher duties.

AFP

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US Embassy, Consulate To Close Monday For Presidents’ Day

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The United States will temporarily shuts its Embassy in Abuja and the Consulate General in Lagos on Monday, 17 February 2025, in observance of Presidents’ Day.

This was disclosed in a post on X by the diplomatic mission.

It assured the public that normal operations would resume the following day.

“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 17, 2025, in observance of Presidents’ Day. We will resume normal operations on Tuesday, 18 February 2025,” the mission said.

The Presidents’ Day is observed in the United States annually on the third Monday of February to honour past and present leaders of the nation.

Although essential services will remain accessible through emergency contact channels, routine consular services will resume after the holiday.

Nigerians seeking U.S. visas or consular assistance are advised to plan their visits accordingly.

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Alleged ₦96bn Fraud: Edo Panel Indicts Obaseki, Impeached LG Chairmen

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Edo State Governor, Monday Okpebholo, receives the report from the Administrative Panel of Enquiry set up to investigate the financial dealings of the impeached 18 Local Government Chairmen in the state.


Edo State Governor, Monday Okpebholo, has received the report of the Administrative Panel of Enquiry set up on the 18th of December, 2024 to investigate the financial dealings of the impeached 18 Local Government Chairmen in Edo State from 4th September, 2023 to November, 2024 and has vowed to petition the EFCC over its findings.

The Chief Press Secretary to the Governor, Fred Itua, disclosed this in a statement on Sunday.

He said the Chairman of the panel, Solomon Imohiosen, while submitting the report and recommendations to Governor Okpebholo over the weekend disclosed that findings and forensic investigations uncovered that huge sums amounting to ₦96 billion were either mismanaged and/or diverted to private accounts.

“The panel’s investigation uncovered significant irregularities in the financial activities of the 18 Local Governments Councils. The recommendations outlined in the report aim to address these issues and promote transparency and accountability in the Local Governments finances,” Imohiosen said.

According to the statement, the panel observed that ₦95 billion was received from the Joint Allocation Account Committee (JAAC) by the 18 Local Government Area Chairmen for the period investigated. It, however, reported that the funds were not judiciously utilized as no meaningful projects were on the ground to justify the amount received.

The panel reportedly confirmed fraudulent diversion of Local Government funds to political godfathers in the State, alleging that over ₦10 billion was fraudulently siphoned, using the psudo name, “Security, Environment and Training.

The report is said to claim that the 18 Local Government Area Chairmen contributed to the account, which was used as a conduit pipe to drain government resources, as money were transferred from there to various individuals and companies.

Besides the impeached Local Government Chairmen who were reportedly indicted by the report, former governor Godwin Obaseki, and leaders of the factional Peoples Democratic Party (PDP), among others, were also allegedly fingered.

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‘Taxes And More Taxes On Over­burdened Masses’, Nigerians Fault CBN’s Decision To Impose Minimum Charge On ATM Transactions

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By Augustine Akhilomen

Nigerians have questioned the decision of the Central Bank of Nigeria boss, Olayemi Cardoso, to impose a mini­mum charge of N100 for ATM transactions exceeding N20,000, which is expected to take effect from March 1st, 2025.

Under the revised fee struc­ture, withdrawals from one’s bank ATMs will remain free of charge.

However, customers using ATMs of other banks will be subjected to a charge of N100 per withdrawal of N20,000 or less at on-site ATMs, which are located within or directly affiliated with a bank branch.

Off-site ATMs, which are po­sitioned outside bank premises such as shopping malls, fuel sta­tions, and other public spaces, will attract an additional sur­charge of up to N500 per trans­action.

However, such policies have angered some Nigerians who believe that President Bola Tinubu has increased the burden of the masses with such policies.

Meanwhile, bishop Herbert Ekechukwu, a cleric and economist, recount­ed: “This new policy is expected to take effect from March 1, 2025. Another bank ATM will attract N100 levy, plus additional sur­charge of up to N500 per N20,000.”

“Taxes and more taxes on over­burdened masses. The average Nigerian is struggling to make a living.

“They are already encum­bered with super runaway in­flation. To suffocate them again with more taxes shows a high level of insensitivity by the elite ruling class.

“Not quite long, we discussed the proposed increase of telecom tariff and now this.

“I remember many years ago when Military President Ibrahim Babangida was putting Nigerians under great affliction with the Structural Adjustment Programme (SAP).

“General Olusegun Obasanjo warned that SAP should have a human face. I do not see this gov­ernment having a human face.

“Please, let us think outside the box to grow this economy. Taxation is not the only way to grow the economy.

“Let us look at other options available without putting more stress on the already suffering masses.

“Let our emphasis shift to youth empowerment, agricul­ture and rural industry, quality education, etc.

“Taxation is necessary, but people’s welfare is of utmost im­portance.”

Also, Tola Oresanwo, an activist and public affairs analyst, said, “It portrays this administra­tion as one that is insensitive, unresponsive and callous.

“The weight of the burden being placed on the common man in the country is becoming unbearable day by day.

“Although the CBN attributes this review to rising operational costs and the need to enhance the efficiency of ATM services in Nigeria’s banking industry, I want to disagree with that notion because going by the huge profits after tax being declared by these commercial banks, year in, year out, there is no basis whatsoever for an upward review of the ATM transaction charges.

“The increased fees may discourage the use of banking services, especially among low income earners who may see the upward review as a means of cheating or shortchanging them, and this move could negatively impact the CBN’s financial inclu­sion campaign.”

In the same vein, Utase Joseph Utase, a consul­tant, stated: “The new CBN poli­cy imposing a minimum charge of N100 per N20,000 withdrawn from other banks’ ATMs will sig­nificantly impact on everyday Nigerians.

“Many rely on ATMs for cash transactions, especially in areas with limited banking services.

“This additional cost could strain low income earners who frequently use ATMs for small withdrawals.

“It may also discourage cash transactions, pushing more peo­ple toward digital banking.

“However, for those with lim­ited access to mobile banking, it could lead to frustration and increased financial burden.

“Ultimately, while the policy may benefit banks operationally, it adds another expense for regu­lar Nigerians.”

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