Trump threatens EU with 50% tariffs, European stock markets collapse

Here he is again! US President Donald Trump threatened the European Union (EU) on Friday with a 50% tariff on European products imported into the United States starting June 1, saying the ongoing negotiations are "going nowhere."

"It is very difficult to deal with the EU, which was created in the first place to take advantage of the United States from a commercial point of view. (...) Our discussions are going nowhere. Under these conditions, I recommend imposing 50% customs duties on the EU, starting June 1. There are no customs duties on products made in the United States," he wrote on his Truth Social platform.

In the wake of the US president's announcement, European stock markets plummeted. As of 2:18 p.m., the CAC 40 had lost more than 3%, with luxury and automotive stocks experiencing sharp declines. Meanwhile, Frankfurt lost 2.03% and Milan 2.77%.