Headlines
Reaction to Trump's threat of 50% tariffs on EU goods
Published by Global Banking & Finance Review®
Posted on May 23, 2025
3 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on May 23, 2025
3 min readLast updated: January 23, 2026
Trump's threat of 50% tariffs on EU goods sparks industry concern. Key figures urge negotiation to avoid trade conflicts and economic harm.
LONDON (Reuters) -U.S. President Donald Trump threatened once again on Friday to ramp up his trade war, recommending a 50% tariff on European Union goods starting June 1 and warning Apple he may impose a 25% tariff on any iPhones manufactured outside the U.S.
Here is some reaction to the EU tariff news:
VOLVO CARS CEO HAKAN SAMUELSSON IN AN INTERVIEW WITH REUTERS:
Samuelsson said a 50% tariff would limit the ability of Volvo Cars to sell its Belgium-made EX30 electric vehicle in the United States.
"I believe there will be a deal soon. It could not be in the interest of Europe or the U.S. to shut down trade between them."
GERMAN ECONOMY MINISTER KATHERINA REICHE:
"Trade conflicts have no winners. We must do everything to ensure that the European Commission reaches a negotiated solution with the United States.
"Tariffs harm both the U.S. and the EU equally. We need more trade, not less. We are in intensive contact with the European Commission on this matter."
DISTILLED SPIRITS COUNCIL OF THE UNITED STATES (DISCUS) PRESIDENT AND CEO CHRIS SWONGER:
"U.S. distillers recently breathed a huge sigh of relief when the EU chose not to impose a 50% tariff on American Whiskey in the steel and aluminum dispute.
"The EU’s action gave U.S. distillers a glimmer of hope that the U.S. and EU could find common ground and avoid any additional tariff escalation."
THE FRENCH COSMETIC INDUSTRY ASSOCIATION (FEBEA):
"The cosmetics industry is calling for a balanced agreement with the United States.
"We remain calm and trust European negotiators to quickly conclude a EU-U.S. agreement, as this is, above all, a European issue. The American market is our largest export market outside the European Union."
WOLFGANG GROSSE ENTRUP, MANAGING DIRECTOR AT GERMANY'S CHEMICAL INDUSTRY ASSOCIATION:
"The German chemical-pharmaceutical industry remains hopeful that the U.S. and the EU will agree on a reduction of barriers in transatlantic trade.
"At the same time, it is clear: The situation remains fragile and uncertainty is high. In addition to successful negotiations with the U.S., strengthening the European industry, the EU internal market, and deepening relations with other regions must therefore be given high priority."
DIRK JANDURA, PRESIDENT OF GERMANY'S BGA TRADE ASSOCIATION, WHICH REPRESENTS BUSINESSES INVOLVED IN WHOLESALE, INTERNATIONAL TRADE AND SERVICE SECTORS:
"This trade war is a strategic and economic mistake by the U.S. administration. It is the same game that was unsuccessfully attempted with China. In the end, both sides will lose.
"Should the USA further increase tariffs on goods from the EU, the EU will respond with equally high burdens on American goods. This costs prosperity and growth and fuels inflation. It would be better to finally negotiate on equal terms and with mutual openness and respect."
(Reporting by Reuters; Editing by Andrew Heavens)
Trump threatened to impose a 50% tariff on European Union goods starting June 1.
Volvo Cars CEO Hakan Samuelsson stated that a 50% tariff would limit their ability to sell the Belgium-made EX30 electric vehicle in the U.S.
German Economy Minister Katherina Reiche emphasized that trade conflicts have no winners and called for a negotiated solution with the U.S.
Chris Swonger, president of the Distilled Spirits Council, expressed relief that the EU did not impose a 50% tariff on American Whiskey and hoped for common ground between the U.S. and EU.
Dirk Jandura described the trade war as a strategic and economic mistake, warning that further tariff increases would lead to mutual losses for both the U.S. and the EU.
Explore more articles in the Headlines category
