The European Union on Friday reiterated its commitment to securing a trade deal with the United States based on mutual respect, after US President Donald Trump threatened to impose a 50 per cent tariff on all goods imported from the EU.
EU Trade Commissioner Maros Sefcovic, following a phone call with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick, stressed that the 27-member bloc is engaged in talks to reach an agreement “that works for both” sides.
“EU-US trade is unmatched and must be guided by mutual respect, not threats. We stand ready to defend our interests,” he said.
President Trump expressed frustration with the ongoing negotiations, posting on his social media platform, Truth Social, that talks with the EU were “going nowhere” and reaffirmed his plan to raise tariffs on European imports to 50 per cent starting June 1. He clarified, however, that the tariffs would not apply to products manufactured in the US.
“I’m not looking for a deal — we’ve set the deal,” Trump told reporters, though he suggested he might consider delaying the tariff increase if a European company made a significant investment in the US.
The EU is one of the United States’ largest trading partners, exporting goods valued at over $600 billion to the US last year, while importing $370 billion worth of American products, according to US government data.
European leaders swiftly condemned Trump’s tariff threat, warning of the potential economic damage on both sides.
“We do not need to go down this road. Negotiations are the best and only sustainable way forward,” Ireland’s Taoiseach Micheál Martin said.
“We are maintaining the same line: de-escalation, but we are ready to respond,” French Foreign Minister Laurent Saint-Martin added.
German Economy Minister Katherina Reiche urged the European Commission to “do everything to ensure a negotiated solution with the United States,” while Dutch Prime Minister Dick Schoof expressed support for the EU’s strategy, recalling past instances where tariffs fluctuated during talks with the US.
Last month, Trump imposed a 20 per cent tariff on most EU goods but had temporarily reduced it to 10 per cent until July 8 to allow for further negotiations.
Trump’s grievances stem largely from the US trade deficit with the EU, accusing the bloc of unfair policies particularly in the automotive and agricultural sectors. He also singled out Apple, threatening a 25 per cent import tax on iPhones and other smartphones not produced on American soil.
The escalating tensions rattled global markets on Friday, with the S&P 500 falling about 0.7 per cent and major European indexes, including Germany’s Dax and France’s Cac 40, closing down more than 1.5 per cent.
