The Daily Populous Friday May 23rd, 2025 evening edition
Authored by cnbc.com and submitted by Puginator

President Donald Trump on Friday said he is "recommending a straight 50% Tariff on the European Union" after complaining that trade negotiations have stalled.

The steep new import duties would start June 1, Trump wrote on Truth Social.

The EU "has been very difficult to deal with," Trump wrote of the 27-nation bloc. "Our discussions with them are going nowhere!"

Asked later Friday if he was looking to cut a deal with the EU in the next nine days, Trump said he was not.

"I just said, it's time that we play the game the way I know how to play the game," he said during an executive order signing event at the White House.

"I'm not looking for a deal," added Trump, who frequently praises tariffs as a clutch negotiating tool and a way to bring in federal revenue.

"I mean, we've set the deal. It's at 50%."

"The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with. 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. Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025. There is no Tariff if the product is built or manufactured in the United States. Thank you for your attention to this matter!" — President Donald Trump, Truth Social

Trump's initial announcement came less than 30 minutes after he threatened to impose a tariff of at least 25% on Apple 's iPhones if the company does not start manufacturing them in the United States.

U.S. stock futures sank immediately following the posts, which showed the Republican president once again wielding the threat of massive import taxes in response to economic activity he disfavors.

It's a reversal in momentum for Trump, who recently touted preliminary trade "deals" with China and the United Kingdom and has backed off other tariff proposals. Markets were encouraged by those moves, as investors felt relief from the economic uncertainty and instability Trump's tariffs had threatened to create.

But Trump "believes that the EU proposals have not been of the same quality that we've seen from our other important trading partners," U.S. Treasury Secretary Scott Bessent said in a Fox News interview Friday morning.

Asked if the EU will be able to negotiate in the nine days before the 50% tariffs kick in, Bessent said, "I would hope that this would light a fire under the EU."

Meanwhile, the White House view Friday morning was that the stock market was overreacting to Trump's tariff comments, CNBC's Eamon Javers reported.

The White House, said Javers, did not interpret the president's post as a formal statement of policy.

The EU was the second-largest purchaser of U.S. exports in 2022, taking in nearly $351 billion in American goods, according to the Office of the U.S. Trade Representative.

Alpaca_Wizard on May 23rd, 2025 at 12:15 UTC »

What is it with the “thank you for your attention to this matter” like he’s some deranged HR manager?

Desnowshaite on May 23rd, 2025 at 12:09 UTC »

I am expecting something like 50% from 1st June, 75% by 5th June, 27% on 6th June, 10% on 6th June Afternoon after his nap, 0% on the 9th and 137% on the 10th.

No0nesSlickAsGaston on May 23rd, 2025 at 11:50 UTC »

The art of the deal.

What stocks should I short before going full steam ahead when he removes these tariffs?