Meloni dismisses ‘childish’ choice between Trump and Europe

Today’s agenda: EU’s minimal Apple and Meta fines; sweeping US plan for Ukraine minerals; cooling Canada-US relations; Heathrow CEO interview; and Lakshmi Mittal’s decision to leave

Good morning. We begin in Rome, where Giorgia Meloni has dismissed the idea that Italy will have to choose sides between the US and Europe as “childish” and “superficial”, insisting she would do whatever is necessary to defend her country’s interests.

On EU-US relations: In her first interview with a foreign newspaper since coming to office in 2022, the Italian prime minister said it was “in the interests of everyone” to overcome severe strains in the transatlantic relationship, describing some European leaders’ reactions to Donald Trump as “a bit too political”.

“Italy can have good relations with [the] United States and if there is something that Italy also can do to avoid [a US] confrontation with Europe and to build bridges, I will do that — and it is in the interest of the Europeans,” she said.

On Trump: Italy’s nationalist conservative leader made clear she did not see the US president as an adversary and she would continue to respect Italy’s “first ally”. “I’m conservative. Trump is a Republican leader. Surely I’m nearer to him than to many others, but I understand a leader that defends his national interests”, Meloni said. “I defend mine.”

Read more from the Italian leader’s interview with the Financial Times.

Here’s what else we’re keeping tabs on today and over the weekend:

• Economic data: The UK has revised fourth-quarter GDP figures, Germany and the US publish February labour market statistics and France releases March consumer inflation data today.

• Greenland: US vice-president JD Vance is set to visit an American military base in Greenland today as Washington increases pressure on the geopolitically crucial island.

• UK politics: Reform UK stages a rally in Birmingham, billed as its “biggest event yet”, today.

• High-level meetings: Greek Prime Minister Kyriakos Mitsotakis is scheduled to meet his Israeli counterpart Benjamin Netanyahu on Sunday. German President Frank-Walter Steinmeier begins a trip to Armenia and Azerbaijan.

How well did you keep up with the news this week? Take our quiz.

Five more top stories

1. Exclusive: The EU is set to impose minimal fines on Apple and Meta under its Digital Markets Act as Brussels seeks to avoid escalating tensions with US President Donald Trump. Under the DMA, companies can face penalties of up to 10 per cent of their global turnover, but officials said the European Commission was aiming for fines far below that threshold.

2. Exclusive: The US is pushing for a sweeping new deal to control Ukraine’s critical minerals and energy assets while offering Kyiv no security guarantees in return, in an aggressive expansion of its previous demands. Senior Ukrainian officials said the proposal could undermine their nation’s sovereignty, route profits abroad and deepen its dependence on Washington.

3. Canada’s Prime Minister Mark Carney said his country’s old relationship with the US was “over” and vowed a “broad renegotiation” of the trade agreement between Ottawa and Washington. The premier said yesterday that Trump’s tariffs would force Canada to reshape its economy and seek “reliable” trading partners.

4. Heathrow’s chief executive said it could cost about £1bn to install a more “resilient” power system to help avoid a repeat of the outage that forced the airport’s closure last week and warned that airlines could end up paying through higher charges. Read more from Thomas Woldbye’s interview with the FT, in which he gives his first detailed explanation of the disruption.

• UK infrastructure: US private equity group Blackstone has struck a £235mn deal to acquire a stake in the owner of Aberdeen, Glasgow and Southampton airports.

5. Steel tycoon Lakshmi Mittal, who has lived in the UK for three decades, is preparing to leave the country in response to the Labour government’s crackdown on non-domiciled residents. The decision makes him one of the wealthiest entrepreneurs to move because of the tax reform.

The Big Read

Active ETFs are cheaper for providers and consumers and could help asset managers reduce outflows. But with growth starting from a low base and huge US groups dominating the market, can they still be a lifeline for Europe’s stockpickers?

We’re also reading . . . 

• Trump’s oil dilemma: The president’s advisers view the fossil fuel’s price as a crucial anti-inflation tool, but there are three big headwinds to contend with, writes Gillian Tett.

• AI and jobs: New research shows ChatGPT’s inability to cope with “messy” multitasking is sheltering some human workers, writes John Burn-Murdoch.

• EU innovation: A voluntary pan-European legal framework for fledgling companies can help start-ups scale faster, writes entrepreneur Brent Hoberman.

Chart of the day

Weeks after the start of meteorological spring, the NHS in England is still mired in winter pressures. But a group of European countries offers instructive evidence that it is possible to navigate seasonal strains without big disruption to services.

Take a break from the news . . . 

Hotori, a London yakitori restaurant which opened in November, has a beak-to-tail menu that is as good if not better than many in Tokyo, writes Jay Rayner.