Trade war: US President Donald Trump is going to put a 50 percent tariff on the European Union (EU) from June 1. He says that the conversation with the European Union is not reaching anywhere. It is very difficult to deal with the EU. Trump announced his decision through a post on Truth Social.
He wrote, ‘It has been very difficult to deal with the European Union, which was mainly done with the aim of taking advantage of the United States in trade. Their powerful trade barrier, VAT tax, absurd corporate penalties, non-monetary trade barriers, monetary manipulas, unfair and unjust case against American companies, etc., give rise to trade deficit with US more than $ 250,000,000 annually with the US. This is a number that is completely unacceptable. Our conversation with them is not reaching anywhere! Therefore, I am recommending a direct tariff of 50% on the European Union, which will begin on 1 June 2025. If the product is manufactured in the United States, there will be no tariff.