Trump to Slap 50% Tariff on EU Imports Starting June 1May

Washington, DC – President Donald Trump announced plans to impose a 50% tariff on all European Union imports starting June 1, 2025, citing stalled trade negotiations. In a Friday post on Truth Social, Trump accused the EU of imposing trade barriers, VAT taxes, excessive corporate penalties, monetary manipulations, and unfair lawsuits against American companies, stating, “Our discussions with them are going nowhere!”

The announcement triggered a sharp market reaction, with S&P 500 futures dropping 1.5% before the New York open and Europe’s Stoxx 600 index falling 1.7%.

This follows a 20% “reciprocal” tariff on most EU goods introduced in April, which was later halved to 10% until July 8 to allow for talks. The US has maintained 25% tariffs on steel, aluminum, and car parts, with plans to extend similar measures to pharmaceuticals, semiconductors, and other industries.

The move escalates trade tensions between the US and EU, with potential ripple effects on global markets.

This is a developing story.