| Hitting Back | Donald Trump has vowed to respond to EU tariffs targeting politically sensitive American goods, which themselves were imposed in response to US tariffs on metals. The bloc continues to say that it’s open to negotiations, which, if the US agrees, would be led by trade chief Maros Sefcovic. Here’s how European firms are reacting to the tariffs. Looming Threat | Talk quickly turned to trade during Donald Trump’s St. Patrick’s Day meeting with Irish Prime Minister Micheál Martin. Despite some pointed comments — including Trump’s statement that he would have levied a 200% tariff on Ireland to prevent pharmaceuticals giants from moving there — the tone remained light. Nevertheless, as the headquarters of major technology and pharmaceutical companies, Ireland is particularly vulnerable to trade threats. Dampened Hopes | Once the EU’s best hope for domestic battery production, Northvolt looks to be out of juice. The electric vehicle battery manufacturer filed for bankruptcy in its home country of Sweden after a series of operational blunders. It will now see its business and assets sold, although Northvolt Germany and Northvolt North America are not filing for bankruptcy. Harder Job | Global trade fragmentation and Europe’s defense spending could make it harder to keep inflation stable, ECB President Christine Lagarde said at a conference in Frankfurt. While the bank’s officials are confident that inflation will return to a 2% target, they are investigating how to respond to concerns that shocks could become larger and more persistent. | 
