•Trump
US President Donald Trump today threatened to impose a 50 percent tariff on imports from the European Union, accusing the 27-member trading bloc of stalling trade talks.
Lamenting that negotiations with the EU “are going nowhere,” Trump said on Truth Social he is recommending “a straight 50% Tariff on the European Union, starting on June 1, 2025.”
Stock futures on Wall Street fell on the news.
If the new duties come into effect, they would dramatically hike the current US baseline 10 percent levy against goods coming from the EU, and ratchet up the economic tensions between the world’s biggest economy and its largest trading bloc.
Last month, Trump imposed sweeping tariffs against most countries, introducing steep duties for several trading partners — including the EU — and sector-specific measures against automobiles, steel and aluminum not produced in the United States.
Markets tanked following the announcement, and a few days later, the US president announced a 90-day pause on levies for most countries to allow for negotiations, while keeping that lower 10 percent baseline in place.
The talks between the United States and the EU have not gone as smoothly as with other partners, with the EU recently threatening to hit US goods worth nearly 100 billion euros ($113 billion) with tariffs if the ongoing talks fail to lower levies on European goods.
In his early morning social media post today, Trump said the EU had been “formed for the primary purpose of taking advantage of the United States on TRADE,” and took a swipe at the “difficult” negotiations taking place.
