Trump threatens 50% tariff on EU, saying talks 'are going nowhere'

ISTANBUL

US President Donald Trump said Friday that the tariff discussions with the EU "are going nowhere" and recommended a 50% tariff rate against the EU, starting on June 1.

"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," Trump said on social media.

"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 U.S. of more than $250,000,000 a year, a number which is totally unacceptable," he noted.

Trump added that there will not be a tariff if the products are made in the US.

He has sparked uncertainty in global trade after announcing his "reciprocal" tariffs on April 2 for over 180 countries.

The EU was subjected to a 20% tariff rate on April 2.

He later suspended those tariffs for every country except China, while China's tariffs were also suspended after talks in Geneva earlier this month.

The US president has been seeking trade deals with other countries and reached a trade deal with the UK earlier this month.