EU officials say the trade contracts “must be led by mutual respect, not by threats,” after the US president said consultations with the bloc “will not go anywhere.”
The European Union said it would defend its profits after President Donald Trump threatened to impose 50% tariffs on all goods from the 27-person bloc.
EU trade trader Maros Sefcovic said in a post on X that he spoke to US trade representative Jamieson Greer and Commerce Chief Secretary Howard Rutnick on Friday.
“The EU is fully involved and committed to ensuring transactions working for both,” he said, adding that the EU Commission is ready to work in good faith towards the agreement.
“EU-US trade is unparalleled and must be guided by mutual respect rather than threats. We are ready to protect our interests.”
Trump posted on his true social platform. He has “recommended” a 50% large obligation to the EU from June 1, as he “doesn’t go anywhere.”
Speaking in the oval office, the Republican president emphasized that he is not seeking business with the EU, but that if more European companies make large investments in the US, it could delay tariffs.
“I’m not looking for a deal,” Trump told reporters. “We set up a deal. That’s 50%.”
European leaders warned that tariffs would hurt both sides.
German Economic Minister Katharina Reich said everything must be done “to ensure that the European Commission arrives at a solution negotiated with the United States,” but French Foreign Minister Laurent Saint Martin said the Bloc prefers to de-escalate but is “ready to respond.”
If implemented, tariffs mean that the EU has higher import taxes on hundreds of millions of worth of exports compared to China, where tariffs were cut earlier this month to increase negotiations between Washington, DC and Beijing.
In early April, Trump announced 20% tariffs on most EU goods, but reduced it to 10% until July 8th, allowing more time to negotiate.
Trump complains that the existing framework is “unfair” for US companies, as European blocs sell more products to allies than they buy from it.
Trump on Friday also warned that US tech giant Apple could face a 25% import tax on all iPhones that are not manufactured but not sold in the US.
His announcement online took another blow to the stock market in both the US and the EU, with the S&P 500 falling by about 0.8% and the Pan-European Stoxx 600 index falling by about 1.2%.