Cannot wait for 90 days! Trade negotiations have made no progress, Trump threatens to impose 50% tariffs on the European Union starting from June 1st.

The US President Trump threatened to impose a 50% tariff on goods from the European Union starting from June 1, and stated that "we have made no progress in negotiations with them". Trump posted on the "Truth Social" website on Friday, saying: "The main purpose of the European Union is to take advantage of the United States in trade, so it is difficult to deal with them." He criticized the EU for "setting up strong trade barriers, imposing value-added taxes, imposing absurd punitive measures on companies, non-currency trade barriers, engaging in currency manipulation, and launching unfair and unreasonable lawsuits against American companies." After Trump's threat, S&P 500 index futures fell by 1.1% and Nasdaq 100 index futures fell by 1.3%. Just a few minutes ago, Trump also stated that if the US tech giant Apple does not produce its popular iPhone in the US, he will impose at least a 25% tariff on its products. Before Trump made his latest trade stance, the European Union earlier this week shared a new trade proposal with the United States in hopes of starting negotiations. Sources revealed that the proposed new framework takes into account US interests, including international labor rights, environmental standards, economic security, and gradually reducing tariffs to zero on non-sensitive agricultural products and industrial goods for both sides. The proposal also outlines areas where the US and EU can collaborate, such as mutual investment and strategic procurement in energy, artificial intelligence, and digital connectivity. However, there are indications that the US is not satisfied with the proposal. Commerce Secretary Howard Lutnick said at an Axios event on Wednesday that some trade negotiations have proven to be "impossible." Lutnick said, "Just like the EU - it's tough because, you know, Germany wants to make a deal, but they're not allowed." Led by US Trade Representative James Greer, the Trump trade team plans to tell EU Trade Commissioner Marjorie Shefchovich that the EU's latest "explanatory notes" fail to meet US expectations for progress in negotiations. In March, the US imposed a 25% tariff on EU cars, steel, and aluminum products, and in April imposed a 20% tariff on some EU products. The 20% tariff was subsequently halved and will be collected until July 8, creating a 90-day negotiation window for a broader tariff agreement between the two sides. In response, the EU postponed plans to impose retaliatory tariffs on some US goods and proposed to completely remove tariffs on all industrial goods on both sides. The EU only proposed equal tariff reduction plans, rather than committing to unilateral tariff reductions as some trading partners have done. Although the EU is pushing for a jointly agreed framework agreement, the positions of both sides are still far apart. Next month, Greer and Shefchovich will meet in Paris, which is seen as a key test of whether both sides can prevent the escalation of the trade dispute. The situation remains fluid, and the 90-day negotiation window will close on July 8.