Editor's PiCK
Trump Proposes 50% Tariff on EU Starting June 1st Due to Lack of Negotiation Progress
Summary
- Former U.S. President Donald Trump proposed imposing a 50% tariff on the European Union starting June 1st.
- Trump cited a lack of progress in negotiations with the EU, highlighting trade deficits and non-monetary trade barriers as issues.
- He emphasized that there will be no tariffs on goods made in the United States, underscoring the protection of domestic manufacturing.
Donald Trump, the former President of the United States, has proposed imposing a high tariff of 50% on the European Union (EU) starting next month.
On the 23rd (local time), President Trump announced on his social media platform Truth Social, "There is no progress in negotiations with them," and stated, "I propose imposing a 50% tariff starting June 1st."
President Trump pointed out that "the EU is an organization created to benefit from trade with the United States and is very difficult to deal with." He continued, "Due to strong trade barriers, value-added taxes, ridiculous corporate penalties, non-monetary trade barriers, currency manipulation, and unfair lawsuits against American companies, the United States is seeing an annual trade deficit of $250 million (about 343.1 billion KRW)."
He also emphasized his stance on protecting domestic manufacturing by adding, "There will be no tariffs on goods made in the United States."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
