US President Donald Trump pushes EU to cut tariffs or face extra duties - FT

FXStreetMay 23, 2025 5:42 AM

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The Financial Times reported on Friday that US President Donald Trump's trade negotiators are pressuring the EU to reduce tariffs on US imports unilaterally, claiming that without concessions, the bloc would not move in discussions to avoid extra 20% "reciprocal" taxes.

Key quotes

Trump pushes the EU to cut tariffs or face extra duties.
US Trade Representative Jamieson Greerr preparing to tell EU counterpart Sefcovic that a recent "explanatory note" falls short of US expectations.
US negotiators are to tell Brussels they expect unilateral concessions.

Market reaction

At the time of writing, EUR/USD is trading 0.33% higher on the day at 1.1318.

Reviewed byJane Zhang

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