Trump Signals Imminent EU Tariff Decision
Donald Trump has said he is “probably” just two days away from announcing a new tariff rate on the European Union.
Speaking to reporters, the former U.S. president criticised past EU treatment of American companies, despite recent improvements in dialogue:
“The European Union has been speaking to us — Ursula and the whole group. They’ve been very nice. They treated us very badly until recently. And now they’re treating us very nicely. It’s like a different world.”
Trump went on to compare the EU unfavourably to China, citing legal actions against U.S. tech firms:
“In many respects they were much worse than China. Look at what they do to our companies. They sue Apple. They sue Google. £17 billion they got from Apple on a lawsuit [where] they didn’t have a case — you know, from judges who are European Union judges.”
He accused the EU of draining American wealth and hinted at a pending formal communication:
“They take so much money away from our country… We’re probably two days off from sending them a letter. We are talking to them. A letter means a deal… We send them a letter… mostly it’s just a little number.”
Markets are likely to watch closely as the situation develops, with potential new tariffs threatening to escalate transatlantic trade tensions.
US Tariff Revenues Could Hit $300bn in 2025, Says Treasury Secretary
U.S. Treasury Secretary Scott Bessent has revealed that the government has already collected around $100 billion (£74 billion) in tariff income so far this year, with projections suggesting that figure could triple to $300 billion by the end of 2025.
However, trade experts have raised concerns over the broader economic impact of such measures. Scott Lincicome, a trade economist at the Cato Institute in Washington DC, warned that escalating tariffs could hamper U.S. economic growth.
“High and variable tariffs will encourage private parties to reduce or evade these taxes by rearranging their supply chains, exploiting legal loopholes, or smuggling,” he said.
Lincicome also noted that during Trump’s first term, similar tactics led to billions of dollars in lost tariff revenue—and economists expect even greater losses this time around.
