Trump's tariff threat jolts European trade relations
The President of the United States, Donald Trump, threatened the European Union on Friday with a significant increase in tariffs on EU goods, claiming that the current negotiations are "going nowhere." The German Finance Minister has since responded.
Donald Trump declared on Friday that a 50 percent tariff would be imposed on goods imported from the European Union, with the measure taking effect on 1 June.
"We do not need further provocations, only serious negotiations," stated German Finance Minister Lars Klingbeil in an interview for the Sunday edition of "Bild".
The head of the German ministry added that "American tariffs threaten the American economy just as much as the German and European economies." He mentioned he had raised this issue with his American counterpart, Scott Bessent.
EU Trade Commissioner Maroš Šefčovič reacted to Trump's statement by asserting that the Union is acting "in good faith" towards a trade agreement with the USA, based on respect rather than threats.
Trump threatens the European Union
Donald Trump communicated the threat to the EU on the social media platform Truth Social. The statement led to immediate declines in European stock markets. For example, stock indices in Germany and France plummeted by 2 percent, while shares in the United Kingdom lost over 1 percent in value.
Previously, the British newspaper "Financial Times" reported that negotiators representing the Trump administration are pressuring the EU to unilaterally reduce tariffs on American goods.
The European Union is the second-largest trading partner of the United States, following China. In recent years, the value of American exports of goods to the EU surpassed 350 billion dollars (260 billion pounds), while imports from the Union amounted to approximately 550 billion dollars (405 billion pounds). The potential introduction of high tariffs could significantly disrupt this trade exchange.
