President Trump on Friday threatened a 50% tariff on goods from the European Union, citing stalled trade talks and a growing trade deficit. In a Truth Social post, Trump blamed the EU for “unfair lawsuits,” VAT taxes, and trade barriers, saying talks have gone “nowhere.” The proposed tariff would more than double the 20% rate paused earlier this year.
Treasury Secretary Scott Bessent backed the move, calling EU negotiations weak and hinting at deals with other partners like India. European markets dropped sharply following Trump’s post, and the Dow fell 480 points at the open.
EU leaders called the threat disappointing and warned of $108 billion in retaliatory tariffs. French and Irish officials called for de-escalation but said they’re ready to respond.
US President Trump’s suggestion today that he is recommending a 50% tariff on EU imports from 1 June is enormously disappointing.
— Micheál Martin (@MichealMartinTD) May 23, 2025
I have always been clear in my view that tariffs are damaging to all sides. pic.twitter.com/BkJoDXJv92
