U.S. President Donald Trump on Friday threatened to impose a 50% tariff on imports from the European Union, accusing the 27-member trading bloc of stalling trade talks.
Lamenting that negotiations with the EU "are going nowhere," Trump said on Truth Social he is recommending "a straight 50% Tariff on the European Union, starting on June 1, 2025." Stock futures on Wall Street fell on the news.
If the new duties come into effect, they would dramatically hike the current U.S. baseline 10% levy against goods coming from the EU, and ratchet up the economic tensions between the world's biggest economy and its largest trading bloc.
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