50% customs duties: shock in Brussels during negotiations with the Trump administration
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DECRYPTION - Donald Trump threatened to raise tariffs on European imports to 50% as of June 1, despite the 90-day "pause" in the trade war. Following this announcement, financial markets collapsed.
Following Donald Trump's whims, European stock markets plummeted Friday afternoon after the US president issued new threats of tariffs against the European Union. The CAC 40 plunged more than 3% by midday, and US indices opened lower. In a post on his Truth Social network , Trump threatened to raise tariffs on European imports to 50% as of June 1. This was a complete surprise, given that the 90-day "pause" in his trade war was supposed to last until mid-July, a period during which the European Commission had hoped to negotiate an agreement with him.
Alas! Europe has replaced China in the Republican president's obsessions. After taxing Chinese imports by as much as 145%, an agreement reached last week reduced this tax to 30%. The European Union is "worse than China," Trump railed last week...
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