President Donald Trump announced on Friday that he is recommending a 50 percent tariff on all goods imported from the European Union starting June 1. This major escalation comes after months of trade talks that Trump said did not meet his expectations. The announcement on Truth Social claimed the EU has unfair trade practices and that the U.S. faces a large trade deficit with the bloc.
Trump’s statement pointed to excessive trade barriers, VAT taxes, fines on corporations, non-monetary trade restrictions, currency manipulation, and legal actions against American companies as reasons for the trade deficit, which he said exceeds $250 billion per year. He stated that the tariff would not apply to products made within the United States.
