On the 23rd (local time), U.S. President Donald Trump suggested that a tariff of 50% be imposed immediately on the European Union (EU) starting June 1.
Trump noted on his social media platform Truth Social that "there has been no progress in negotiations with them."
He claimed, "The EU, which was created to benefit from trade with the United States, is very difficult to deal with, due to their strong trade barriers, value-added taxes, outrageous corporate penalties, non-tariff trade barriers, currency manipulation, and unfair and unjust lawsuits against U.S. corporations, resulting in an annual trade deficit of $250 million (about 340 billion won) for the U.S."
According to the Office of the United States Trade Representative (USTR), the U.S. trade deficit with the EU is projected to be $235.6 billion (about 324 trillion won) in 2024.
Trump further emphasized that "there will be no tariffs on products made in the United States."
Maroš Šefčovič, the EU's trade and economic security commissioner, is scheduled to have a phone call with Jamieson Greer, the U.S. Trade Representative, this afternoon. This call is reported to have been arranged before Trump's announcement of the 50% tariff.