Trump threatens "straight 50%" tariff on European Union

• Trump's sweeping import levies have spooked financial markets and raised recession fears globally.

What they're saying: "I am recommending a straight 50% 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," Trump posted on Truth Social.

• Trump suggested that trade negotiations with the European Union, which is currently subject to a 10% tariff, had not been productive.
• "Our discussions with them are going nowhere!," Trump said in the post.
• The EU is currently running a public review on proposed counter-tariffs on about $100 billion of U.S. products.

The backdrop: The post came minutes after Trump said that Apple would have to pay tariffs "of at least 25%" if iPhones for the American market are not manufactured in the U.S.