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Impact of Tariff Uncertainty Already Being Felt: Rep. Haley Stevens
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May 23, 2025
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12:05Now PlayingRep. Haley Stevens, Democratic Representative and candidate for US Senate, talks the impact of back and forth auto tariffs on Michigan autoworkers and consumers. Rep. Stevens breaks down potential impact of Trump tax bill on Michiganders, as she makes her pitch to represent them in the upcoming Senate election.
President Donald Trump blasted the European Union’s latest trade proposal, rejecting offers to jointly remove tariffs on industrial goods, to boost access for some American agricultural products and to co-develop AI data centers, according to people familiar with the matter.
Trump said in a social media post on Friday he would impose a 50% tariff on all the bloc’s imports as of June 1 because negotiations were “going nowhere.” Treasury Secretary Scott Bessent said the EU’s offer was worse than other countries’ and expressed hope that the president’s post “would light a fire under the EU.”
Specific details of the EU offer, which haven’t been previously disclosed, cover tariff and non-tariff barriers, enhancing economic security, mutual investments and strategic purchases and cooperation on global challenges, said the people, who spoke on the condition of anonymity.
The aim of the paper, which the EU sent to White House officials earlier this week, was to provide a framework to kick-start formal negotiations on a trade deal.
The EU also floated the idea of working together on shipbuilding, cooperating on port infrastructure and establishing an EU-US energy partnership covering gas, nuclear and oil, according to the people.
The paper doesn’t mention China directly, but makes broader references to non-market practices and policies. The text also refers to strategic purchases, which could include AI chips and cooperating on 5G and connectivity technologies.
Following Trump’s post, equities dropped across the globe, with the S&P 500 Index and the Stoxx Europe 600 Index each sinking about 1%. The dollar slid toward its lowest since 2023 and Treasuries rose across the curve.
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