Trump threatens a 50% tariff of the EU

Cnn
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President Donald Trump threatened a 50% tariff for goods from the European Union on Friday, using a lack of progress in the current trade negotiations.

“Your mighty trade barriers, VAT, ridiculous company penalties, non-monetary trade barriers, money manipulations, unfair and unjustified lawsuits against American companies and more led to a trade deficit with the US dollar of more than $ 250,000 a year, a number that is completely not acceptable,” he wrote on Friday on Friday.

“Our discussions with them do not go anywhere!” Trump wrote.

“Therefore, I recommend a 50% tariff to the European Union from June 1, 2025.”

Olof Gill, a spokesman for the European Commission, refused to immediately comment. He waited until after a call between Maroš Šefčovič, the European Commissioner for Trade and US trade representative Jamieson Greer. Gill has not stated when the call takes place.

According to Trump's post, the three major European stock market indices were strong: Germany's Dax Index and France CAC were 2.6% and 2.8% lower. The London FTSE index was 1.3%. The US stocks also fell, with the futures with the Dow bound by more than 600 points or 1.7%.

The Trump tariff is considering hit the EU, more than twice as large as the 20% initial “mutual” tariff, which was briefly present in April, before he quickly held these tariffs to enable further negotiations.

The break will take place on July 9th. Since the break, the only trade agreement that has been announced has been with the United Kingdom.

This is a developing history and is updated.