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5d ago

Trump Threatens 50% Tariffs on EU Goods Starting June 1

The U.S. president escalates the trade dispute, citing stalled negotiations, as the EU prepares countermeasures and markets react sharply.

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Overview

  • President Trump announced plans to impose a 50% tariff on EU imports effective June 1, exempting goods manufactured in the U.S.
  • The EU has expressed frustration over the stalled negotiations and is preparing retaliatory tariffs targeting U.S. exports worth €100 billion.
  • Financial markets reacted negatively, with Germany’s DAX dropping over 2%, reflecting concerns about broader economic fallout.
  • Economists warn that increased tariffs could significantly raise costs for U.S. consumers, with estimates of $1,700–2,350 in added annual household expenses.
  • A scheduled phone call between U.S. Trade Representative Jamieson Greer and EU Trade Commissioner Maroš Šefčovič is expected to discuss next steps, though no resolution is in sight.