Washington DC - President Donald Trump on Friday threatened to impose a 50% tariff on imports from the European Union, accusing the 27-member trading bloc of stalling trade talks.

Lamenting that negotiations with the EU "are going nowhere," Trump said on Truth Social he is recommending "a straight 50% Tariff on the European Union, starting on June 1, 2025."

Stock markets fell as the Republican's comments rekindled fears of global economic disruption, after a relative lull in recent days after Trump reached deals with China and Britain.

Trump doubled down later in the day, telling reporters in the Oval Office that there was nothing the EU could do to change his mind.

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"I'm not looking for a deal. I mean, we've set the deal. It's at 50%," Trump said. "They haven't treated our country properly. They banded together to take advantage of us."

He also denied that his tariffs would harm American businesses, claiming that "they’re not hurting, they're helping."

If the new duties come into effect, they would dramatically hike the current US baseline 10% levy against goods coming from the EU, and ratchet up the economic tensions between the world's biggest economy and its largest trading bloc.

Last month, Trump imposed sweeping tariffs against most countries, introducing steep duties for several trading partners – including the EU – and sector-specific measures against automobiles, steel, and aluminum not produced in the US.

Markets tanked following the announcement, and a few days later, the US president announced a 90-day pause on levies for most countries to allow for negotiations, while keeping that lower 10% baseline in place.

The talks between the US and the EU have not gone as smoothly as with other partners, with the EU recently threatening to hit US goods worth nearly 100 billion euros ($113 billion) with tariffs if the ongoing talks fail to lower levies on European goods.

The EU's trade chief said following talks with his US counterparts Friday that the bloc would work in "good faith" for a trade deal with Washington based on "respect" not "threats."