U.S. President Donald Trump has reignited threats to tariff the European Union at a higher rate as early as 1 June, which would undo a 90-day pause he announced in early April.
Trump announced on his social media page Truth Social that he is recommending a 50 percent tariff on all goods from the E.U. starting on 1 June, claiming the bloc’s trade practices have been detrimental to the U.S.
“[The E.U.'s] powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more have led to a Trade Deficit with the U.S. of more than USD 250 million [EUR 220 million] a year, a number which is totally unacceptable,” Trump wrote. “Our discussions with them are going nowhere!”
Trump initially announced a sweeping set of tariffs on 2 April, dubbed “Liberation Day,” that would cover nearly every country in the world – including some uninhabited islands. At the time, the White House’s official fact sheet said the tariffs were intended to “rebuild the economy and restore national and economic security.”
That tariff rate would have hit the E.U. with a 20 percent “reciprocal” tariff, covering all goods, but just days later, Trump announced the 90-day pause on all tariffs except for those targeting China. That pause was set to expire on 9 July.
According to National Marine Fisheries Service import statistics, the U.S. imported USD 3.7 billion (EUR 3.2 billion) worth of seafood from Europe as a whole in 2024. Considering E.U. member countries only, that total runs over USD 1.3 billion (EUR 1.1 billion).
At a 50 percent tariff rate across every country in the E.U., that would result in U.S. importers paying an additional USD 673 million (EUR 594 million) in tariff duties on seafood imports to the U.S.
By E.U. member country, the U.S. sources the most seafood by both value and volume from Spain – at 28 million kilograms worth USD 322 million (EUR 284 million), followed by the Netherlands, which sent 19.7 million kilograms of seafood to the U.S. worth USD 300 million (EUR 264 million).
Major organizations in the U.S. like the National Retail Federation (NRF) have spoken out against tariffs, doing so even before Trump took office on 20 January. NRF Vice President for Supply Chain and Customs Policy Jonathan Gold told SeafoodSource in November 2024 that any tariff is a tax paid by the U.S. importer which would lead to price increases.
“We encourage the U.S. to continue negotiations with the E.U. and other trading partners during the 90-day pause to reach new trade deals that will provide certainty to the supply chain," Gold told SeafoodSource of the latest escalation. "Retailers need supply chain stability as they are in the process of placing orders for the all-important holiday season.”
Walmart CEO Doug McMillon also recently said the massive global retailer would be forced to raise prices as a result of existing tariffs instituted by Trump, even before the latest round of escalation.
“Given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins,” McMillon said on a conference call with investors, according to The Street.
That comment came even before the latest threatened escalation to 50 percent tariffs on E.U. goods.
Trump, meanwhile, said on Truth Social that Walmart should “’EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!”
