U.S. President Donald Trump threatened a 50% tariff on goods from the European Union, citing a lack of progress in current trade negotiations.
“Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025," Donald Trump said.
But later Friday, at an executive order signing in the Oval Office, he escalated his message to the EU.
“I’m not looking for a deal. We’ve set the deal - it’s at 50%," Donald Trump said.
The U.S. leader opened the door to pushing his June 1 deadline further, saying that the European companies will not need to pay any duties if they manufacture their products in the U.S.
"If somebody comes in and wants to build a plant here, I can talk to them about a little bit of a delay," Donald Trump said.
The tariff Trump is considering slapping on the EU is more than double the size of the 20% initial “reciprocal” tariff that was briefly in place in April before he swiftly paused those tariffs to allow for further negotiations.
