Trump Renews E.U. Tariff Threat, Recommending 50% Rate Starting June 1

President Trump upped the ante in trade negotiations with the European Union this morning, asserting that talks with the bloc are “going nowhere.” He says he’s now “recommending a straight 50% tariff on the European Union, starting on June 1.”

As part of his round of so-called “reciprocal” tariffs on countries around the world early last month, Trump had levied a 20% charge on E.U. imports, but then paused them for a planned 90 days shortly after as the two sides negotiated. The administration’s 10% “standard” tariffs remain in effect for most countries, including the E.U. bloc.

While this latest threat may be only a negotiating tactic—U.S. and E.U. trade representatives are scheduled to meet later this morning—it’s unwelcome news to U.S. drinks importers, who have been hoping for an easing of trade tensions. Importers have been stockpiling goods in the U.S., with many aiming to build up to six months supply in order to get ahead of potentially higher tariffs. —Daniel Marsteller

Tagged : Tariffs

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