President Donald Trump announced on Friday his intention to push for a substantial 50% tariff on imports from the European Union, expressing frustration over stagnant trade negotiations.
The proposed tariffs are set to take effect on June 1, as Trump indicated in a post on Truth Social.
In his post, Trump asserted that the EU has proven to be a challenging negotiating partner, declaring, “Our discussions with them are going nowhere!”
This latest announcement followed a previous threat from Trump to levy a tariff of at least 25% on Apple if the company does not relocate its production of iPhones to the United States.
Following Trump’s statements, stock futures dropped sharply, illustrating the market’s immediate reaction to the president’s renewed threats of hefty import levies aimed at specific economic practices he opposes.
In a more detailed portion of his message, Trump elaborated on his views regarding the EU, stating:
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 American 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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