Jay Jackson
24 May 2025, 01:18 GMT+10
WASHINGTON, DC - U.S. President Donald Trump re-ignited his trade war on Friday with an extraordinary attack on the European Union which punctured global stock markets, particularly in Europe, and accelerated recent falls in the U.S. dollar.
"Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more, have led to a Trade Deficit with the U.S. of more than $250,000,000 a year, a number which is totally unacceptable," the president posted on Truth Social on Friday..
"Our discussions with them are going nowhere!" he said.
"Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025."
Later in the day Mr Trump seemed to be losng patience. At an executive order signing in the Oval Office, the president responded to a question about European trade talks. "I'm not looking for a deal," he said. "We've set the deal, it's at 50%."
Treasury Secretary Scott Bessent followed-up. "I'm not going to negotiate on TV, but I would hope that this would light a fire under the EU," he told Fox News in an interview. on Friday. "The "EU has a collective action problem, " he said.
Get a daily dose of Afghanistan Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Afghanistan Sun.
More InformationWASHINGTON, DC - U.S. President Donald Trump re-ignited his trade war on Friday with an extraordinary attack on the European Union...
ATLANTA, Georgia: A judge in Georgia has ruled that Delta Air Lines can continue most of its lawsuit against the cybersecurity company...
WASHINGTON, D.C.: U.S. senators from both parties introduced a bill this week aimed at countering China and Russia's growing influence...
NEW YORK CITY, New York: Officials are investigating why a Mexican Navy training ship hit the Brooklyn Bridge on May 17, breaking the...
WASHINGTON, D.C.: The U.S. Department of Justice wants to merge two of its agencies — the Drug Enforcement Administration and the Bureau...
MADRID, Spain: Spain has ordered Airbnb to remove more than 65,000 holiday rental listings from its platform, accusing the company...
ALMATY, Tajikistan: Tajikistan has officially removed criminal liability for liking social media posts that the government deems extremist,...
(250523) -- URUMQI, May 23, 2025 (Xinhua) -- Umed Babakhanov, Founder and Editor-in-Chief of Asia-Plus Media Group of Tajikistan, speaks...
London has signed an agreement transferring sovereignty of the Chagos archipelago to Mauritius while retaining a 99-year lease on Diego...
(250523) -- BEIJING, May 23, 2025 (Xinhua) -- Golden snub-nosed monkeys are pictured in the Pingwu Sichuan golden snub-nosed monkey...
NUR-SULTAN,23rd May, 2025 (WAM) -- The Muslim Council of Elders took part in a panel discussion organised by the International Centre...
Rather than clinging to zero-sum policies, the United States must change course and collaborate with the Global South to build a fairer,...