President Donald Trump on Friday threatened a 50% tariff on goods from the European Union, citing a lack of progress in current trade negotiations. “Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties,

President Donald Trump is threatening a 50% tax on all imports from the European Union as well as a 25% tariff on smartphones unless the products are made in America.

Trade chief Maros Sefcovic said the EU is "ready to defend" its interests after Trump threatened 50% tariffs on the bloc.