President Trump on Friday threatened to impose a 50% tariff on the European Union beginning June 1, 2025, citing stalled trade negotiations. Posting on Truth Social, Trump said talks were “going nowhere,” just minutes after he warned Apple of a 25% tariff unless it shifts iPhone production to the United States.
Markets quickly responded. The Stoxx 600 fell over 2%, with Germany and France experiencing sharp losses. The U.K. also saw a 1% dip, despite no longer being an EU member. Dow futures dropped more than 600 points, and S&P futures declined 1.5%.
The EU is America’s second-largest trading partner, importing over $550 billion in goods from the bloc and exporting $350 billion annually. European Commission trade chief Maros Šefčovič and U.S. Trade Representative Jamieson Greer were set to meet Friday, but the EU has been bracing for failed talks. Earlier this month, it announced over $100 billion in possible retaliatory tariffs.
Šefčovič emphasized, “We prefer negotiations, but not at any cost.”
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