Donald Trump is threatening new crippling tariffs on the European Union after trade negotiations have gone south.
Trump took to Truth Social on Friday to accuse the EU of being ‘very difficult to deal with’ and ‘taking advantage’ of the United States.
He slammed estimates of a $250,000,000 trade deficit between the two countries every year, adding it’s ‘totally unacceptable.’
‘Our discussions with them are going nowhere!’ he proclaimed before threatening to slap a ‘straight 50 percent tariff’ on the EU beginning June 1.
‘There is no tariff if the product is built or manufactured in the United States,’ he added.
That tariff would slap EU members – which include some of the nation’s closest traditional military and economic allies – with a bigger tariff than the one Trump has imposed on China, following his ‘pause’ reducing the steepest tariffs to 30 percent.
His attack on the EU came shortly after Trump tore into Apple, following a White House meeting this week with the CEO of the tech giant, once again blasting its manufacturing strategy. The dual moves sent markets spinning.
‘I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else.’
Then came the threat. ‘If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S. Thank your for your attention to this matter!’
Donald Trump is threatening new crippling tariffs on the European Union after trade negotiations have gone south
Trump’s stunning market-changing missives came hours after he dined with top investors in his $STRUMP meme coin during a lavish dinner at his northern Virginia golf club.
The guests were treated to filet mignon and warm lava cake after Trump arrived himself on a military helicopter, but the White House refused to divulge the guest list amid protests and ethics watchdogs calling it a conflict of interest.
Stock markets shuttered at Trump’s morning missives. S&P futures were down 1.5 percent before markets opened in New York.
The EU Commission declined to comment on Trump’s threat, saying it would wait for a scheduled phone call between EU trade chief Maros Sefcovic and his U.S. trade representative Jamieson Greer set for later Friday.
Trump has long stressed the revenue-raising prospects of tariffs, but such taxes, if imposed, would lead to substantial jumps in what American pay for European products, according to multiple studies.
Top EU exports to the U.S. include pharmaceuticals, cars, machinery, petroleum oils, medical instruments, alcohols including beer, wine and spirits, car parts, electrical appliances, and chemicals.
All could see jumps once the June tariffs take effect, even as the White House has been trumpeting a drop in inflation on food, fuel and other goods.
Trump’s new threat to the EU comes weeks after he struck an emergency trade deal with UK Prime Minister Keir Starmer to ‘save’ the car industry.
The deal, which President Trump said was only possible ‘because of Brexit’, cuts U.S. tariffs on cars imported from the UK from 25 per cent to 10 for the first 100,000 vehicles.
Ministers had feared that leading car makers were preparing to cut thousands of jobs unless the tariffs were reduced.
Trump’s new threat comes weeks after he struck an emergency trade deal with UK Prime Minister Keir Starmer to ‘save’ the car industry
Guests posted photos on social media of Trump’s Thursday night dinner at his Virginia golf club
Protesters outside of Trump’s golf club
The deal was the first struck since President Trump’s ‘Liberation Day’ tariffs stunned the world last month.
Trump said the speed of the deal with the UK was only possible because of Britain’s status outside the EU.
