Trump says he is hitting EU with 50% tariff as trade talks are ‘going nowhere’

News Snapshot:

Donald Trump has said he will impose a 50% tariff on all EU imports to the US from 1 June after saying trade talks between the two trading blocs were “going nowhere”. In a surprise announcement, the US president posted on his Truth Social platform that his long-running battle to secure concessions from the EU had run aground. He accused the EU of taking advantage of the US on trade, saying: “Our discussions with them are going nowhere! Therefore I am recommending a straight 50% Tariff on the European Union, starting on 1 June 2025.” Stock markets slumped in response...