Trump escalates EU tariffs deal demands while keeping cripplingly high penalty on a key industry

President Donald Trump is escalating demands that a deal with the European Union on tariffs be reached.

The president is reportedly making plans to slap the EU with tariffs of between 15 and 20 percent, as the two sides spar in talks that have caused market anxiety on both sides of the Atlantic.

The latest development comes in a report by the Financial Times, which writes that 'hardened stance' would be a minimum tariff that will test the EU trading bloc's tolerance for pain.

Trump on Saturday announced a 30 percent tariff to be slapped on imports from the EU and Mexico, in the latest tariff 'letter' announcement after securing only a handful of deals.

In that note, Trump once again described a trade deficit – where the U.S. exports more than it imports from a country – as a snub.

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