Zincwarrior
Diamond Member
In Today's bouncy bouncy, Trump threatens the EU with 50% tariffs. Markets are of course, tanking again.
President Donald Trump on Friday said he is “recommending a straight 50% Tariff on the European Union” after complaining that trade negotiations have stalled.
The steep new import duties would start on June 1, Trump wrote on Truth Social.
The EU “has been very difficult to deal with,” Trump wrote. “Our discussions with them are going nowhere!”
Trump’s announcement came less than 30 minutes after he threatened to impose a tariff of at least 25% on Apple if the company does not start manufacturing iPhones in the United States.
U.S. stock futures sank immediately following the posts, which showed the Republican president once again wielding the threat of massive import taxes in response to economic activity he disfavors. European stock markets fell 2%.
The posts tee up a potentially tense exchange between U.S. Trade Representative Jamieson Greer and his European counterpart later Friday. Greer is expected to tell European Trade Commissioner Maros Sefcovic in a meeting that Brussels’ latest moves in the ongoing trade talks falls short of U.S. expectations, the FT reported.