Trump says he’s ‘not looking for a deal’ with the EU after threatening 50% tariff

President Donald Trump on Friday threatened a 50% tariff on goods from the European Union, citing a lack of progress in current trade negotiations.

“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,” he wrote in a Truth Social post Friday morning.

“Our discussions with them are going nowhere!” Trump wrote. “Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025.”

But later Friday, at an executive order signing in the Oval Office, Trump escalated his message to the EU. “I’m not looking for a deal,” he said. “We’ve set the deal — it’s at 50%.”

Trump opened the door to pushing his June 1 deadline further, saying, “If somebody comes in and wants to build a plant here, I can talk to them about a little bit of a delay.”

After a phone call with US Trade Representative Jamieson Greer and US Commerce Secretary Howard Lutnick, Maroš Šefčovič, European Commissioner for Trade, said a deal between the EU and the US must be based on “mutual respect, and not threats.”

“The EU’s fully engaged, committed to securing a deal that works for both,” he wrote in a post on X Friday, adding that the European Commission “remains ready to work in good faith.” “We stand ready to defend our interests,” he said.

Stocks dropped on Friday after President Donald Trump threatened to reignite his trade war. The S&P 500 is on track for its fourth day of losses in a row.

Credit: CNN