India, May 23 -- US President Donald Trump has announced new tariffs for the European Union. In his latest announcement on Truth Social, the US president has stated the EU will face tariffs upto 50 percent from June 1, 2025 onwards.

"The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with. Their 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 $250,000,000 a year, a number which is totally unacceptable. Our discussions with them are going nowhere!" sai...