President Donald Trump on Friday said he is “recommending a straight 50% Tariff on the European Union” after complaining that trade negotiations have stalled.
The steep new import duties would start on June 1, Trump wrote on Truth Social.
The EU “has been very difficult to deal with,” Trump wrote. “Our discussions with them are going nowhere!”
Trump’s announcement came less than 30 minutes after he threatened to impose a tariff of at least 25% on Apple if the company does not start manufacturing iPhones in the United States.
U.S. stock futures sank immediately following the posts, which showed the Republican president once again wielding the threat of massive import taxes in response to economic activity he disfavors. European stock markets fell 2%.
The posts tee up a potentially tense exchange between U.S. Trade Representative Jamieson Greer and his European counterpart later Friday. Greer is expected to tell European Trade Commissioner Maros Sefcovic in a meeting that Brussels’ latest moves in the ongoing trade talks falls short of U.S. expectations, the FT reported.
The EU’s main executive body, the European Commission, declined CNBC’s request for comment on Trump’s new tariff threat.
Read Trump’s full post:
The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with. Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more, have led to a Trade Deficit with the U.S. of more than $250,000,000 a year, a number which is totally unacceptable. Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025. There is no Tariff if the product is built or manufactured in the United States. Thank you for your attention to this matter!
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