EU says it would react to US tariffs, but awaits clarification

Brussels: The European Commission said on Monday it would react to protect EU interests after US President Donald Trump’s announcement of impending metals tariffs, but said it would not respond until it had detailed or written clarification of the measures.

Trump said on Sunday that he will introduce new 25% tariffs on all steel and aluminum imports into the US, in another major escalation of his trade policy overhaul.

“The EU sees no justification for the imposition of tariffs on its exports. We will react to protect the interests of European businesses, workers and consumers from unjustified measures,” the Commission said in a statement.

The State Bank of Pakistan (SBP) released data on Monday showing that the inflow of overseas workers’ remittances into Pakistan stood at $3 billion in January 2025, 3.2% down than $3.1 billion in December 2024.

Remittances increased by 25.2% year over year, to $2.4 billion, compared to the same month last year.

During Jul-Jan FY25, workers’ remittances recorded an inflow of $20.8 billion, compared to $15.8 billion during Jul-Jan FY24, depicting a growth of 31.7%.

Home remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity as well as supplementing the disposable incomes of remittance-dependent households.

Overseas Pakistanis in Saudi Arabia remitted the largest amount in January 2025 as they sent $728.3 million during the month. The amount was down 5.5% on a monthly basis, but 24% higher than the $587.4 million sent by the expatriates in the same month of the previous year.

Inflows from the United Arab Emirates (UAE) marginally increased by 0.37% on a monthly basis, from $619.4 million in December to $621.7 million in January. On a yearly basis, remittances jumped nearly 53%, as compared to $407.6 million reported in the same month last year.

Remittances from the United Kingdom amounted to $443.6 million during the month, down by 3% compared to $456.9 million in December 2024. YoY inflows from UK improved by 22%.

Overseas Pakistanis in the US sent $298.5 million in January 2025, a MoM increase of 5%.