Trump threatens 50 per cent tariff on European Union
President Donald Trump on Friday threatened to slam a 50 per cent tariff on European Union products, adding the EU “has been very difficult to deal with.”
The American president, in a post on Truth Social, said the 50 per cent tariff will take effect from June 1.
Citing reasons for tariff imposition, Mr Trump said the EU’s “powerful trade barriers, VAT taxes, ridiculous corporate penalties, non-monetary trade barriers, monetary manipulations, unfair and unjustified lawsuits against American companies, and more, have led to a trade deficit with the U.S. of more than $250,000,000 a year, a number which is totally unacceptable. Our discussions with them are going nowhere!”
He added, “Therefore, I am recommending a straight 50 per cent tariff on the European Union, starting on June 1, 2025. There is no tariff if the product is built or manufactured in the United States.”
Since he assumed office for a second term, Mr Trump has sparked a trade war, imposing tariffs on China and Canada.
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