EU calls for 'respect' after Trump threatens 50% tariffs
The European Union's trade chief said the 27-member bloc is committed to securing a trade deal with the US based on "respect" not "threats".
It comes after US President Donald Trump threatened to slap a 50% tariff on all goods sent to the United States from the EU.
"The EU's fully engaged, committed to securing a deal that works for both," EU Trade Commissioner Maros Sefcovic said after a call with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick.
"EU-US trade is unmatched & must be guided by mutual respect, not threats. We stand ready to defend our interests."
Earlier on Friday, Trump expressed impatience with the pace of ongoing EU-US trade negotiations, saying his plan to raise tariffs on 1 June was set.
Posting on his Truth Social platform, Trump said: "Our discussions with them (the EU) are going nowhere," adding that there would be no tariffs for products built or manufactured in the US.
"I'm not looking for a deal - we've set the deal," he told reporters later, before immediately adding that a big investment in the US by a European company might make him open to a delay.
The EU is one of the Washington's largest trading partners, sending more than $600bn (€528bn; £443bn) in goods last year and buying $370bn worth, US government figures show.
Faisal Islam: Trump's tariff plans could spark global economic shock
See the Trump tariffs list by country
Reacting to Trump's threats, European governments have warned that higher tariffs would be damaging to both sides.
"We do not need to go down this road. Negotiations are the best and only sustainable way forward," Ireland's Taoiseach (Prime Minister) Micheál Martin said.
"We are maintaining the same line: de-escalation, but we are ready to respond," said French Foreign Minister Laurent Saint-Martin.
German Economy Minister Katherina Reiche said that "we must do everything to ensure that the European Commission reaches a negotiated solution with the United States".
Dutch Prime Minister Dick Schoof told reporters that he backed the EU's strategy in trade talks and "we have seen before that tariffs can go up and down in talks with the US".
Last month, Trump announced a 20% tariff on most EU goods but had halved it to 10% until 8 July to allow time for more negotiations.
Trump's complaints about Europe have focused on its uneven trade relationship, as the EU sells more goods to the US than it buys from America.
He blames this trade deficit on policies that he says are unfair to American companies, and he has specifically raised concerns about policies related to cars and agricultural products.
Trump also warned Apple that he would impose a 25% import tax "at least" on iPhones not manufactured in America, later widening the threat to any smartphone.
Shares in the US and EU fell on Friday after the latest threats, with the S&P 500 down about 0.7% and Germany's Dax and France's Cac 40 ending the day down more than 1.5%.
Trump reignites tensions with EU tariff threats
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
29 minutes ago
- Yahoo
Mediobanca weighs postponing Monday's investor vote on Banca Generali, source says
MILAN (Reuters) -The board of Italy's Mediobanca is meeting on Sunday morning to consider postponing Monday's shareholder meeting to vote on its bid for Banca Generali after some investors requested more information, a source close to the matter said. Mediobanca in April proposed buying Banca Generali from insurer Generali as Mediobanca itself seeks to stave off a buyout by Banca Monte dei Paschi (MPS). Due to the MPS bid and Italian corporate takeover rules, Mediobanca must secure shareholders' approval to pursue the Banca Generali deal. Under the deal, Mediobanca has said it would sign a partnership agreement with Generali to distribute insurance and asset management products. Italian tycoon Francesco Gaetano Caltagirone, a major shareholder in Mediobanca with a nearly 10% stake and also an investor in MPS, has criticised the industrial rationale of the Banca Generali deal and has called on Mediobanca's board to delay the shareholder vote until the partnership agreement with Generali is finalised. The source, speaking on condition of anonymity, said some other investors had praised the deal, but also requested more information on the potential partnership agreement. Italian daily la Repubblica first reported the possible delay on Sunday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
News24
30 minutes ago
- News24
What is the High Seas Treaty and why does it matter?
There has been much hype about the United Nations High Seas Treaty at the United National Ocean Conference happening in Nice this week. But what are the High Seas and why are they important? And what will the Treaty achieve? Dr Judy Mann explains. What are the High Seas and why are they important? Extending 370 kilometres offshore is the Exclusive Economic Zone (EEZ) of each nation with a coastline. This is the part of the ocean that each coastal nation has the right to exploit and the responsibility to manage. The rest of the ocean is referred to as the High Seas. Collectively covering almost half of the planet, the High Seas are all the parts of the ocean that are not 'owned' by any nation – the areas beyond territorial waters. These vast stretches of ocean are incredibly important to humanity. They act as a carbon sink for about a quarter of the carbon dioxide generated by burning fossil fuels, they provide about half of the oxygen we need to breathe, and they provide fish and other marine resources to feed billions of people. In fact, the health of the High Seas is critical for the health of humanity. Right now, only about 1% of the High Seas are protected. READ | EXPLAINER | What will the UN high seas treaty mean for protecting the ocean? The High Seas have always been a 'free for all' - massive stretches of ocean where every country has the right to navigate, catch fish, lay submarine cables and pipelines and do research. But the resources of the High Seas – the fish and other biological resources, as well as the minerals in the seabed belong to all of us – not only the nations rich enough to exploit them. The world needed a system to manage the High Seas in a way that is fair and equitable to everyone, and that benefits all of humanity. What is the High Seas Treaty? After more than 10 years of negotiation, the member states of the Intergovernmental Conference on Marine Biodiversity of Areas Beyond National Jurisdiction finally reached consensus and the High Seas Treaty was signed in New York City, US on 4 March 2023. By signing the Treaty, nations acknowledge the rights and responsibilities of all to act as stewards to protect the ocean for current and future generations. What will the Treaty achieve? The High Seas Treaty is a legally binding document in which all member states commit to the conservation and sustainable use of the High Seas. While the Treaty will not directly help nations to deliver against the 30x30 global protection target, it does provide a framework for establishing Marine Protected Areas in the High Seas. The Treaty also addresses how to modernise environmental impact assessments to ensure better consistency in the measurement of the impact of human activities on the ocean. The sharing of benefits from marine genetic resources and capacity building and technology transfer are other focus areas of the Treaty. The Treaty also contains measures to protect traditional knowledge and acknowledge the contribution of local communities. What now? The signing of the Treaty was step one – now we need ratification by at least 60 member states and then implementation needs to happen. This is a complex task and one that has been ongoing since 2023. So far in Nice this week, 20 countries have ratified the treaty, joining the 31 countries and the EU which have already ratified it. So, nine to go! To date 135 countries have signed the Treaty, including South Africa. South Africa has not yet ratified it. Signature is the first step by a country that shows its intention to be bound by the terms of the treaty. Ratification is the formal approval of the treaty by a country's government. Signature is the first step, while ratification means that the country is serious as it legally binds the country to the terms of the treaty. Both ratification and signature are crucial in ensuring that international agreements are legally binding and enforceable. Ratification is important, but without the true commitment of every nation, all the money in the world will not make the Treaty a success. What is needed is a deep acknowledgement that caring for the ocean is the only way to ensure that our children will inherit a habitable planet, followed by true commitment and actions to implement the Treaty as soon as possible. Dr Judy Mann is executive for strategic projects at Two Oceans Aquarium Foundation.
Yahoo
33 minutes ago
- Yahoo
Wolves Land Midfielder in €20m Deal After Celta Vigo Contract Loophole
Wolves Raid Celta Vigo for Starlet as Transfer Loophole Frustrates La Liga Club Contract Clause Opens Door for Wolves Celta Vigo's hopes of landing a record-breaking transfer fee have been dashed by a clause hidden deep within Fer López's reserve team contract. As reported by the talented midfielder is poised to join Wolverhampton Wanderers for just €20 million, rather than the €40 million many assumed was required. Advertisement The low release figure stems from López's dual contract arrangement. His first-team clause stood at €40 million, but because he was never formally promoted beyond the reserves, Wolves only need to pay half. 'Currently, Fer López still has a reserve team contract, and Wolverhampton's emergence at this time means he only has to pay €20 million to secure the talented Celta Vigo midfielder.' Photo IMAGO Mendes Connection Proves Pivotal Celta Vigo are effectively powerless to stop the deal, with López having already agreed terms with the Premier League side. Their only option now lies in negotiating payment in instalments. Ironically, the club's best hope for a smoother exit may lie with Jorge Mendes, Wolves' manager and López's agent. Advertisement 'The good relationship between Celta Vigo and Jorge Mendes… could facilitate this path.' Missed Opportunity for Celta's Future The loss is immense, both on the pitch and in the accounts. Celta lose the player earmarked to follow Iago Aspas's footsteps — 'the heir to Iago Aspas, the most talented player in the youth academy since the genius from Moaña emerged.' The club also forfeits the most lucrative deal in their history. '€20 million for a player as promising as Fer López sounds like a real bargain.' Financial Fallout for Club Leadership Celta's decision not to promote López to the senior squad now haunts sporting director Marco Garcés. 'Garcés won't have as much money to find a replacement, which would be entirely different from earning €40 million.' Advertisement In the unforgiving modern market, €20 million feels like pocket change for such a high ceiling. Wolves appear to have pulled off one of the smartest coups of the summer. Our View – EPL Index Analysis For Wolves supporters, this feels like a watershed moment. Picking up a player of Fer López's calibre, one hailed as 'the heir to Iago Aspas,' for just €20 million is daylight robbery in today's inflated market. It is a clear sign that the club, now under Jorge Mendes' direct stewardship, is finally exploiting its unique network smartly. This move sends out a message: Wolves are done with scrapping for survival. They want to build something lasting. López isn't just another punt on potential — he's seen as a player Celta hoped to build their future around. Now, that future might be cast in old gold. Advertisement Of course, expectation brings pressure. If López settles quickly, Wolves could have a midfield star ready to influence games by Christmas. The fact that Mendes is both representing and managing ensures the player will be given every chance. There will be concerns about ethics and dual interests, but right now, the only thing Wolves fans care about is the talent. If this transfer works, it could be the start of a golden generation at Molineux.
