“Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025.”
BBC
U.S. President Donald Trump on Friday threatened to impose a 50% tariff on all European Union imports and a 25% levy on iPhones not made in America, escalating trade tensions ahead of scheduled talks.
“Our discussions with them are going nowhere!” Trump posted on social media, warning that the new tariffs would take effect June 1. The EU has yet to respond officially.
Trump’s remarks come a month after he introduced a 20% EU tariff—later reduced to 10%—pending negotiations. Analysts suggest the move is aimed at gaining leverage.
“We have to keep in mind that at this point, this is a threat. It’s not an announcement,” said Aslak Berg of the Centre for European Reform.
Markets reacted swiftly. The S&P 500 fell 1%, while Germany’s Dax and France’s Cac 40 dropped over 1.5%. Apple shares slid 2%.
Treasury Secretary Scott Bessent said Trump expects more concessions from Europe: “I would hope this would light a fire under the EU.”