This morning, President Trump said that negotiations with the EU are "going nowhere" and he is "recommending a straight 50% Tariff on the European Union”. If this goes into effect, it will mean all European Union (EU) imports will have a 50% tariff, effective June 1, 2025. This decision follows stalled trade negotiations and is part of a broader strategy to address what he perceives as unfair trade practices by the EU. The U.S. administration has criticized the EU for various trade barriers, including value-added taxes, regulatory challenges, and legal actions against American companies. In response, the EU is considering retaliatory measures, which could involve tariffs on U.S. goods such as maize, wheat, motorcycles, and bourbon whiskey, potentially totaling €95 billion.
Source: ABC News, Financial Times