Donald Trump loves to make deals. And he may be calculating that his sudden escalation of tariffs on the EU will squeeze Brussels into making big concessions as he opens a new front in his global trade war.
But it is a risky bet. Although trade talks between the US and the EU had been moving slowly, Trump’s threat to put 50 per cent tariffs on all imports from the bloc from June 1 has raised the economic and diplomatic stakes dramatically.
The move threatens to jeopardise a recent recovery in global equity prices triggered by Trump’s tilt towards dealmaking and de-escalation with other trading partners, including the UK and China. It could also further damage strained transatlantic relations.
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