Overview

• President Donald Trump announced a 50% tariff on all EU imports and a 25% tariff on non-US-made iPhones, effective June 1, 2025.
• The European Commission's trade chief, Maroš Šefčovič, has formally requested clarification from the US Trade Representative during ongoing negotiations.
• European stock markets dropped sharply, with the Euro Stoxx 50 falling 2.6% and the IBEX 35 losing 2.5%, while Wall Street saw nearly 1% declines across major indices.
• Trump justified the tariffs by citing stalled negotiations and a $250 billion annual trade deficit with the EU, describing the bloc as difficult to work with.
• Brussels has proposed increased US goods purchases and continues to pursue dialogue but is also preparing a €95 billion list of retaliatory tariffs if talks fail.