Overview

• President Donald Trump declared his intention to impose a 50% tariff on all European Union imports beginning June 1, 2025, citing stalled trade negotiations.
• The announcement follows the EU's recent proposal for mutual tariff reductions, which U.S. Trade Representative Jamieson Greer is expected to reject, demanding unilateral concessions instead.
• The EU has paused retaliatory tariffs and offered a detailed proposal focusing on industrial goods, energy, and technology cooperation, but the U.S. has dismissed it as insufficient.
• Markets reacted sharply to Trump's post, with European stocks dropping and U.S. futures falling as fears of an escalating trade war grew.
• A call between EU Trade Commissioner Maroš Šefčovič and U.S. Trade Representative Greer is scheduled for later today to address the impasse.