Trump threatens "straight 50%" tariff on European Union

The President Trump threatened to slap 50% tariffs on imports from the European Union early next month in a post on Truth Social on Friday.Why it matters: The move would escalate global trade tensions after weeks of the White House signaling progress on trade talks.Trump's sweeping import levies have spooked financial markets and raised recession fears globally.What they're saying: "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," Trump posted on Truth Social.Trump suggested that trade negotiations with the European Union, which is currently subject to a 10% tariff, had not been productive."Our discussions with them are going nowhere!," Trump said in the post.The EU is currently running a public review on proposed counter-tariffs on about $100 billion of U.S. products.The backdrop: The post came minutes after Trump said that Apple would have to pay tariffs "of at least 25%" if iPhones for the American market are not manufactured in the U.S.

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