US President Trump rails that negotiations with the EU have gone nowhere.
The threat of punitive US trade tariffs on EU countries including Ireland has been ratcheted up the President of the United States.
In a shock move President Trump said he will recommend a straight 50% tariff on the European Union from 1 June.
“The European Union has been very difficult to deal with”
This comes after he accused the EU of being “very difficult to deal with” and that “discussions with them are going nowhere.
Negotiations stumble
In a post on his social network Truth Social, Trump told his followers: “The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with,” he told followers.
“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 US of more than $250,000,000 a year, a number which is totally unacceptable.
“Our discussions with them are going nowhere! Therefore, I am recommending a straight 50pc 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. Thank you for your attention to this matter!”
The news on Friday 23 May had a negative impact on stock markets around the world, including shares on the American S&P 500 which were down 1.2% as well as the Euronext Ireland exchange which saw shares fall 2%.
Trump has also threated tech giant Apple with punitive tariffs of 25% for any iPhone devices manufactured outside the US.
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