Cecilia Malmström has fired a loud warning shot in the direction of Washington, saying Brussels will retaliate if Donald Trump slaps tariffs on European steel as part of his threatened crackdown on imports on national security grounds.

These are tense days indeed in transatlantic relations. The trade commissioner’s intervention came on the eve of an EU antitrust ruling that will hit Google today with a fine of more than €1bn (quite possibly significantly more than €1bn). This is small change for Google but it is bound to trigger a sharp response from American business, which still bristles at a ruling last year that handed a €13bn bill for Irish back taxes to Apple. Read more

A generous reprieve for lucky depositors and senior bondholders in Veneto Banca and Banca Popolare di Vicenza, the failing Italian banks at the centre of country’s latest effort to shore up confidence in its battered financial system.

Political expediency Read more

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Problems are piling up for president Recep Tayyip Erdogan of Turkey, who faces a cascade of criticism over the country’s slide into authoritarianism after a narrow referendum win that granted him sweeping new powers.

Europe’s pre-eminent human rights body has put Ankara on watch, saying the referendum was contested on an “uneven playing field” and that measures adopted after a failed military coup last July have “gone far beyond what is necessary and proportionate”. In Strasbourg on Tuesday the parliamentary assembly of the Council of Europe, a body separate to the EU, invoked its “full monitoring procedure” in a fresh bid to persuade Turkey to uphold the highest democratic and human rights standards. Read more

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After a terror attack on London, the mood will be sombre in Rome tomorrow when EU leaders gather for a special summit to mark the 60th anniversary of the bloc’s founding treaty. The event has been billed as a show of unity among 27 countries that will remain in the bloc as Britain becomes the first country to leave. But last-minute wrangling over a political declaration on the EU’s future threatens to mar the ceremony.

The Brexit negotiation draws ever closer and, with it, the prospect of a battle royal over money and the new trading relationship between Britain and the EU. But don’t expect particularly sharp divisions over defence.

Stefan Wagstyl reports in the FT today that London and Berlin are planning a new defence cooperation deal soon after Theresa May launches Brexit, in a bid to reinforce the UK prime minister’s claim that she is not turning her back on Europe. Read more

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Jean-Claude Juncker’s white paper on the future of Europe asks what can be done to secure the foundations of a 27-country EU after Britain leaves. In the face of this titanic challenge, the European Commission presents stark political choices to government leaders as they seek a new remedy for the bloc’s many woes. Read more

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The prime concern is to avert any threat to the Good Friday agreement of 1998 that settled decades of violence in Northern Ireland. Further anxiety surrounds the potential to disrupt more than €50bn in annual trade flows between Ireland and Britain. Read more

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Uncertainty abounds. Mr Trump has veered from dismissing Nato to saying he backs it. “Let’s put it this way: people are attached to Twitter, and it changes every half hour,” said a senior Nato diplomat. Still, allies were reassured that Gen Mattis and Rex Tillerson, the new secretary of state, expressed support for the organisation at their Senate confirmation hearings. Read more

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Now for the main event. Donald Trump finally takes office today after a noisy transition that served only to amplify many of the most unsettling questions that surround his incoming administration. Read more

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Donald Trump’s dismissal of intelligence reports on the Kremlin’s meddling in US politics has done nothing to ease anxiety in Europe about potential Russian interference in the French and German elections this year. Read more