WASHINGTON – On Friday, President Trump indicated he might impose a 50% tariff on all products from the European Union starting June 1.
He criticized the EU, emphasizing that it was primarily created to exploit the US in trade and has proven very challenging to negotiate with.
On April 9, Trump announced a 90-day suspension of tariffs to allow for negotiations with the EU for more favorable rates. This leaves all countries, excluding China, facing a 10% charge.
During the last three months, the president has only finalized a deal with the UK and a secondary agreement with China, although discussions are ongoing.
He expressed frustration over the stalled negotiations with the EU, stating, “Our discussion with them is not going anywhere!”
Trump pointed out that various factors—such as strong trade barriers, VAT taxes, hefty corporate penalties, non-monetary restrictions, financial manipulation, and unfair legal actions against American businesses—have contributed to an annual trade deficit exceeding $250 million.
Last week, Trump hinted that time may be running out for both comprehensive agreements and one-on-one negotiations, suggesting that his administration could soon implement package rates.
