Trump's Trade War Ultimatum: Global Reactions on EU Tariffs

In a bold move, President Donald Trump has intensified his trade war stance by proposing a 50% tariff on European Union products starting June 1. Additionally, Trump hinted at a 25% tariff on iPhones made outside the U.S., as the trade tensions between the two economic powers continue to escalate.

International leaders and industry representatives have voiced their alarm and concern over these announcements. Hakan Samuelsson, CEO of Volvo Cars, warned of repercussions on the company's ability to market its Belgium-made electric vehicle in the U.S., while Germany's Minister of Economy, Katherina Reiche, emphasized the absence of winners in trade conflicts. There are calls for urgent and peaceful dialogue to resolve the standoff.

From the German Chamber of Commerce to the Distilled Spirits Council of the United States, key stakeholders are advocating for a balanced trade agreement and expressing the hope that the EU and the U.S. will find common ground without resorting to increased tariffs. Meanwhile, sectors such as cosmetics and the chemical-pharmaceutical industry remain cautiously optimistic about a resolution, stressing the importance of maintaining strong relations and open markets.

(With inputs from agencies.)