This week in business news, we're covering a range of topics from international trade disputes to tech giants battling it out in the market. From new tariffs to electric vehicle production and investment strategies, here's a quick rundown of what's making headlines.
EU Announces Reciprocal Tariffs
The European Union is planning to impose reciprocal tariffs on steel and aluminum, according to an announcement by French President Emmanuel Macron. This move comes in response to new tariffs on imported steel and aluminum recently announced by former US President Donald Trump. 
The EU's decision underscores the ongoing tensions in global trade and the potential for escalating trade wars.
"It is time for Europe to show that we are going to enforce the law that's already been passed," said Spotify CEO Daniel Ek.
Xiaomi's Electric Vehicle Triumph
While some companies struggle to break into the electric vehicle market, China's Xiaomi is proving to be a formidable player. The smartphone and consumer electronics giant delivered an impressive 135,000 electric vehicles last year. This success is attributed to Xiaomi's ability to tap into China’s robust manufacturing supply chain. 
This stands in stark contrast to Apple, which has yet to successfully launch its own electric car, highlighting the challenges of entering the automotive industry.
Spotify vs. Apple: The Battle Continues
The ongoing feud between Spotify and Apple continues, with Spotify now urging European Union regulators to penalize Apple for alleged noncompliance with the Digital Markets Act (DMA). Spotify CEO Daniel Ek has been vocal about his concerns, stating that Europe must enforce existing laws. The conflict centers around claims that Apple's App Store policies give its own music streaming service an unfair advantage.
Ek emphasized that crackdowns on Apple's conduct had also become a focus for US regulators. This suggests that Apple's dominance in the digital music market is facing increasing scrutiny on both sides of the Atlantic. 
Buffett's Moves: Apple and Beyond
Warren Buffett's Berkshire Hathaway has been making some interesting moves in the market recently. While Berkshire's stock has performed well, generating a 27% return in 2024, Buffett has been a net seller of stocks, reducing positions in Apple and Bank of America. This suggests that Buffett views some parts of the market as overvalued. However, he has held onto one longstanding investment for 27 years, reaping significant profits. Berkshire first bought Apple stock in 2016 and built the position to around 40% of its portfolio.
Buffett's strategy highlights his belief in concentrated investing, focusing on companies he understands well rather than spreading investments across a wide range of sectors. 