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President Donald Trump proposed a 50 percent tariff on products imported from the European Union on Friday.
The president shared the recommendation in a Truth Social post, calling for the change to begin on June 1.
“The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with. Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans 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,” Trump began.
“Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% 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. Thank you for your attention to this matter!” he added.
The 27-member European Union is the second-largest trading partner of the U.S., following China.
The post followed another controversial statement by Trump on Truth Social Friday morning aimed at Apple CEO Tim Cook.
“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. 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!” he wrote.
The added tariffs could lead to increased prices on Apple products and have a substantial impact on stock markets.
Trump’s statements triggered an immediate sell-off in European stock markets, with major indexes in Germany and France falling sharply by 2 percent. The Stoxx 600 index, which tracks a broad range of companies across Europe, dropped by more than 2 percent, NBC News reported.
In the United Kingdom, no longer part of the European Union, markets also declined, with shares down by more than 1 percent. In the United States, Dow futures fell by over 500 points while S&P futures dropped by 1.5 percent early Friday.
