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Donald Trump has said he plans to impose a 50 per cent tariff on imports from the EU on June 1, saying that talks with the bloc are “going nowhere”.
In a post on his Truth Social platform on Friday, the US president attacked the bloc for “Trade Barriers, VAT Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, [and] unfair and unjustified lawsuits against Americans Companies”.
He added: “Our discussions with them are going nowhere! Therefore I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025.”
Stock markets sank following the post, with S&P 500 futures down 1.5 per cent ahead of the New York market open. The Stoxx Europe 600 index fell 1.7 per cent.
The US imposed a 20 per cent “reciprocal” rate on most EU goods in April, but halved it until July 8 to allow time for talks. It has retained 25 per cent levels on steel, aluminium and car parts and is promising similar action on pharmaceuticals, semiconductors and other goods.
This is a developing story
