Mr. Trump threatens to impose 50% tariffs on Europe
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On May 23, U.S. President Donald Trump threatened to impose a 50% tariff on EU goods starting June 1, accusing the EU of being "difficult to negotiate with" and causing the U.S. a trade deficit of over $250 million annually. He criticized the EU for trade barriers and "unfair" practices against American businesses.
The announcement came right after he threatened to impose a 25% tariff on Apple if it did not move iPhone production back to the U.S. The U.S. and European stock markets immediately plunged.
U.S.-EU trade negotiations remain deadlocked, especially over automobile tariffs. Trump demands that the EU unilaterally reduce tariffs, while the EU is expected to present a new proposal in a call with U.S. representatives on May 23.