Trump recommends imposing a 50% tariff on the European Union and the euro fluctuates.
U.S. President Donald Trump said on Friday that he recommends imposing a 50% tariff on goods coming from the European Union starting June 1, indicating that dealing with the bloc on trade is difficult.
Trump mentioned on Truth Social, which he owns, that "dealing with the European Union, which was essentially formed to exploit the United States commercially, is very difficult.. our discussions with them yield no results!".
He added, "Therefore, I recommend imposing a direct tariff of 50% on the European Union starting June 1, 2025. The tariff does not apply if the product is manufactured within the United States".
As a result, the euro fell, erasing gains made earlier in the session after Trump's recommendations, raising investor concerns again about the impact of tariffs on the global economy and trade.
The euro then rose slightly - at the time of writing the report - to 1.1328 against one dollar, an increase of 0.4%.
The euro had risen by about 0.8% earlier today after Trump threatened in another post to impose a 25% tariff on Apple and all iPhones not manufactured in the United States.
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