Citigroup Reverses Its Firearms Policy Months After Trump Called Out U.S. Banks. Here's What to Know
In a statement shared on June 3, the bank said that the decision had been made in response to concerns raised over 'fair access' to banking services. As a result, Citigroup said it would 'no longer have a specific policy as it relates to firearms.'
The reversal comes after criticism from President Donald Trump and other conservatives regarding 'de-banking,' citing what they believe to be unfair practices from U.S. banks preventing conservatives from using their services.
Addressing the World Economic Forum in Davos virtually in January, Trump said: 'Many conservatives complain that the banks are not allowing them to do business,' taking aim at U.S. bank CEOs.
Here's what to know about Citigroup's reversal and how it fits into wider discussions about banks and politics in America.
What firearms policy did Citigroup reverse?
Citigroup outlined the specifics of its previous restrictions, saying: 'Our U.S. Commercial Firearms Policy was implemented in 2018 and pertained to sale of firearms by our retail clients and partners. The policy was intended to promote the adoption of best sales practices as prudent risk management and didn't address the manufacturing of firearms.'
Since 2018, Citigroup had restricted its services to retail clients selling firearms, requiring them to adhere to three practices. Under the policy, 'new retail sector clients or partners,' clients could not sell firearms to those who hadn't passed a background check, had to restrict the sale of firearms for individuals under 21, and could not sell bump stocks or high-capacity magazines.
In its June 3 update, the bank said that after reviewing its policies, it will be updating its "Employee Code of Conduct" and its "customer-facing Global Financial Access Policy," to clearly state that the Citigroup does "not discriminate on the basis of political affiliation."
'These changes reinforce our commitment to serve all clients fairly, and we will continue to work with regulators and elected officials on ways to improve transparency and trust in the banking sector,' the statement continued.
Why did Citigroup initially put the firearms policy into place?
The banking service introduced new restrictions in March 2018 following a shooting at Marjory Stoneman Douglas High School in Florida on Feb. 14 of that year, which left 17 people dead.
The shooter, Nikolas Cruz, aged 19 at the time, was able to obtain firearms after a background check, despite previous warning signs. Both Cruz's age and circumstances were addressed in Citigroup's firearm policy.
Not allowing retailers to sell bump stocks was also included in the bank's 2018 policy, after the device was used during a mass shooting in Las Vegas in 2017.
A bump stock allows semi-automatic rifles to fire at a higher rate, and were banned by the Trump Administration in December 2018. However, the U.S. Supreme Court struck down this ban in 2024.
After the shooting in Parkland, Florida, investment management firm BlackRock also announced that it would be asking for further details and information on business practices from firearms manufacturers and retailers.
In April 2018, Bank of America said that it would be restricting firearms-related business and would stop lending money to manufacturers that make military-inspired weapons to be used by civilians.
In particular, Bank of America started to wind down relationships with manufacturers that produced AR-15 style rifles that have been used in mass shootings.
In 2024, Bank of America loosened some of its restrictions surrounding lending to the firearms and energy industries, amid pressure from politicians in Texas and Florida.
What grievances have Trump and high-profile conservatives aired with U.S. banks?
Criticism amongst conservatives and Republicans have long been aimed at banking institutions for imposing restrictions on firearms and other issues. In 2022, a number of conservative-led states considered a number of new bills, with some passing, penalizing banks for such policies.
According to Reuters, JPMorgan Chase, Bank of America, and Goldman Sachs were all sidelined by state law that barred firms from the municipal bond market if they were found to 'discriminate' against the firearms industry in the state.
In April 2024, over a dozen Republican state attorneys general addressed a letter to The Bank of America, raising their concerns with the bank's 'de-banking policies and practices threaten the company's financial health, its reputation with customers, our nation's economy, and the civil liberties of everyday Americans.'
Within the letter, Bank of America was criticized for 'systemic biases' against political views. The letter cited a report in which the bank is said to have shared a list with the FBI of anyone who had bought a firearm with a credit or debit card from the bank in Washington, D.C., in the days surrounding the Capitol Riots on Jan. 6, 2021.
'We are shocked that Bank of America would so cavalierly disregard its customers' privacy and their First, Second, and Fourth Amendment rights at the behest of the federal government,' the letter continued.
Shortly after his inauguration in January, Trump launched criticism at banks, in particular at the Bank of America and JPMorgan Chase, during a virtual appearance at the World Economic Forum in Davos.
Speaking directly to Bank of America CEO Brian Moynihan, Trump said: 'The Bank of America, they don't take conservative business… you, Jamie (Dimon, CEO of JPMorgan Chase) and everybody, I hope you're going to open your banks to conservatives because what you're doing is wrong.'
In response, Bank of America said that it 'welcomes conservatives' as part of the 70 million customers that it serves. 'We would never close accounts for political reasons and don't have a political litmus test,' the bank said in a statement after Trump's remarks.
Elsewhere, the Trump Organization sued Capitol One in March, accusing the bank of closing hundreds of accounts belonging to the company. In its complaint, the Trump Organization said it believes 'that Capital One's unilateral decision came about as a result of political and social motivations and Capital One's unsubstantiated, 'woke' beliefs that it needed to distance itself from President Trump and his conservative political views.'
The complaint argued that Capitol One's decision was 'part of a growing trend by financial institutions in the United States of America to cut off a consumer's access to banking services if their political views contradict with those of the financial institution.'
Capitol One responded, requesting that the lawsuit be thrown out, and in turn arguing that the Trump Organization's complaint 'fails to provide any factual or legal support for the claims asserted, requiring dismissal on several grounds.'
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"The recent rise in speculative trading activity signals near-term upside risk for the broad equity market but also increases the risk of an eventual downturn," Goldman's Ben Snider and his team wrote on Thursday. Read more here. Investors beware. With the S&P 500 (^GSPC) at all-time highs, some on Wall Street are warning that a rise in speculative trades could increase the risk of a market pullback. Goldman Sachs analysts said their Speculative Trading Indicator has risen sharply during the past few months. The gauge now sits at its highest level on record, outside of the 1998-2001 dot-com bubble era and 2020-2021 during COVID, though it still remains well below those peaks. The indicator shows an elevated recent share of trading volumes in unprofitable stocks, penny stocks, and stocks with rich valuations compared to revenue. Apart from "Magnificent Seven" heavyweights Nvidia (NVDA) and Tesla (TSLA), some of the stocks with the highest trading volumes over the past month include speculative plays like (BBAI), Lucid (LCID), and Plug Power (PLUG). "The recent rise in speculative trading activity signals near-term upside risk for the broad equity market but also increases the risk of an eventual downturn," Goldman's Ben Snider and his team wrote on Thursday. Read more here. Oil slides on potential supply increase as US allows Chevron to pump in Venezuela Oil declined on Friday after reports that the US restored permission for oil giant Chevron (CVX) to pump in Venezuela. West Texas Intermediate (CL=F) declined about 1% while Brent (BZ=F) futures slid 0.7% to hover above $68 per barrel. The permission to operate in the sanctioned country appears to be a U-turn from the Trump administration's prior license revocation, aimed at applying pressure on Venezuelan leader Nicolas Maduro. The reinstatement allowing Chevron to resume limited oil production — first reported by Reuters and Bloomberg — followed a deal between Washington and Caracas to release 10 detained Americans in exchange for the repatriation of 250 Venezuelans held in El Salvador. President Trump has expressed his desire to lower energy prices, and Chevron's ability to pump oil there will bring additional supply into the market. For Chevron, the 'development helps remove another uncertainty from what was a long list to start the year,' Rob Thummel, senior portfolio manager at Tortoise Capital, told Yahoo Finance. The recent arbitration ruling in favor of Chevron's right to Hess's oil stake in Guyana as part of a broader acquisition has been a positive catalyst for the company. 'While this latest issue is less material, it still matters — it will generate additional cash flow for investors,' Thummel said. 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For Chevron, the 'development helps remove another uncertainty from what was a long list to start the year,' Rob Thummel, senior portfolio manager at Tortoise Capital, told Yahoo Finance. The recent arbitration ruling in favor of Chevron's right to Hess's oil stake in Guyana as part of a broader acquisition has been a positive catalyst for the company. 'While this latest issue is less material, it still matters — it will generate additional cash flow for investors,' Thummel said. Volkswagen sales show tariff sting German auto giant Volkswagen (VWAGY) is feeling the effects of President Trump's tariff policy, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. German auto giant Volkswagen (VWAGY) is feeling the effects of President Trump's tariff policy, Yahoo Finance's Pras Subramanian reports. Subramanian writes: Read the full story here. 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Broadcom (AVGO) stock was on track to hit another high Friday after closing at a record $288.71 on Thursday, up fractionally to just over $289. Broadcom has largely outperformed the so-called "Magnificent Seven" stocks over the past year, with shares up more than 25% in 2025 and 94% over the last 12 months. Shares also hit an all-time intraday high above $291 on Thursday. So far this year, the only Magnificent Seven stock to outperform Broadcom is Nvidia (NVDA), which is up 30% after a wild turnaround in the first half of the year. On a 12-month basis, Broadcom still takes the lead, with Nvidia shares up 55% in that time frame. While Broadcom's market capitalization still trails most of the Magnificent Seven, its $1.36 trillion market cap is higher than Tesla's (TSLA) roughly $1 trillion market value, as the EV maker has struggled amid CEO Elon Musk's string of controversies and challenged vehicle sales. 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The company Friday reported adjusted earnings per share of $9.18, below the $9.82 expected, while revenue of $13.766 billion was marginally below the $13.768 billion expected. The company said in an earnings call Friday morning that it lost 117,000 residential and small business Internet customers in the quarter, compared to about 100,000 in the year ago period. Wall Street weighs Intel earnings: The 'road to recovery is long & uncertain' Wall Street remained skeptical of Intel (INTC) after the company left the future of its manufacturing business unclear during an earnings call late Thursday. Intel stock dropped Friday despite its financial results beating expectations. 'While the headline numbers look decent vs expectations, we don't think the numbers really mattered all that much,' Bernstein analyst Stacy Rasgon wrote in a note to clients Friday, saying instead that investors are focused on Intel's manufacturing roadmap. Intel, once a leading global chipmaker, has fallen behind its rivals, both with its own products and in its attempt to manufacture chips for outside customers. Truist analyst William Stein said, 'The road to recovery is long & uncertain' for Intel. That's because Intel had promised that its new manufacturing process, 18A, would bring in external customers to its cash-bleeding manufacturing business, which its former CEO Pat Gelsinger launched in 2021. Now, Intel says it will use 18A only for internal products, reaching peak production at the beginning of the next decade, and that it could 'potentially' get 'external customers at some point,' as CFO David Zinsner put it. Meanwhile, Intel also left the future of its successor to 18A, the manufacturing process it calls 14A, unclear and contingent upon it getting an external customer on board. Analysts and former Intel executives said it's crucial for the company to prove it can execute 18A to draw in outside customers to use its manufacturing business in what's known as a foundry. 'We raise concern on future competitiveness of both Products and Foundry, driven by constant roadmap changes, employee churn, as well as reduced investments in future products/nodes — pivotal in l-t [long term] market share and positioning,' Bank of America analyst Vivek Arya wrote. Wall Street remained skeptical of Intel (INTC) after the company left the future of its manufacturing business unclear during an earnings call late Thursday. Intel stock dropped Friday despite its financial results beating expectations. 'While the headline numbers look decent vs expectations, we don't think the numbers really mattered all that much,' Bernstein analyst Stacy Rasgon wrote in a note to clients Friday, saying instead that investors are focused on Intel's manufacturing roadmap. Intel, once a leading global chipmaker, has fallen behind its rivals, both with its own products and in its attempt to manufacture chips for outside customers. Truist analyst William Stein said, 'The road to recovery is long & uncertain' for Intel. That's because Intel had promised that its new manufacturing process, 18A, would bring in external customers to its cash-bleeding manufacturing business, which its former CEO Pat Gelsinger launched in 2021. Now, Intel says it will use 18A only for internal products, reaching peak production at the beginning of the next decade, and that it could 'potentially' get 'external customers at some point,' as CFO David Zinsner put it. Meanwhile, Intel also left the future of its successor to 18A, the manufacturing process it calls 14A, unclear and contingent upon it getting an external customer on board. Analysts and former Intel executives said it's crucial for the company to prove it can execute 18A to draw in outside customers to use its manufacturing business in what's known as a foundry. 'We raise concern on future competitiveness of both Products and Foundry, driven by constant roadmap changes, employee churn, as well as reduced investments in future products/nodes — pivotal in l-t [long term] market share and positioning,' Bank of America analyst Vivek Arya wrote. Crypto stocks fall as dollar moves higher Crypto stocks fell Friday — save for Robinhood (HOOD) and PayPal (PYPL). The largest corporate holder of bitcoin, Strategy (MSTR), dropped 2.5%, while crypto exchange Coinbase (COIN) fell 2% and bitcoin miner MARA Holdings (MARA) dipped 2.6%. Riot Platforms (RIOT) declined 3.6%. The moves come as the US Dollar ( strengthens amid news surrounding US trade deals and as President Trump backed off from firing Fed Chair Jerome Powell after an unusual visit to the Federal Reserve. Crypto stocks fell Friday — save for Robinhood (HOOD) and PayPal (PYPL). The largest corporate holder of bitcoin, Strategy (MSTR), dropped 2.5%, while crypto exchange Coinbase (COIN) fell 2% and bitcoin miner MARA Holdings (MARA) dipped 2.6%. Riot Platforms (RIOT) declined 3.6%. The moves come as the US Dollar ( strengthens amid news surrounding US trade deals and as President Trump backed off from firing Fed Chair Jerome Powell after an unusual visit to the Federal Reserve. Stocks crawl higher at the open US stocks inched higher, near all-time highs, at the open on Friday after a week of major earnings and trade deals. The Dow Jones Industrial Average (^DJI) ticked up around 0.15%, while the S&P 500 (^GSPC) rose just over 0.1%. The tech-heavy Nasdaq Composite (^IXIC) traded just above the flat line. US stocks inched higher, near all-time highs, at the open on Friday after a week of major earnings and trade deals. The Dow Jones Industrial Average (^DJI) ticked up around 0.15%, while the S&P 500 (^GSPC) rose just over 0.1%. The tech-heavy Nasdaq Composite (^IXIC) traded just above the flat line. Dollar gains steam after Trump downplays clash with Fed Chair Powell The US dollar ( strengthened on Friday morning after President Trump downplayed a clash with Federal Reserve Chair Jerome Powell on Thursday that was part of an unusual visit to survey the Fed's building renovations. The visit came after several weeks of Trump criticizing Powell and, at one point, threatening to fire him. Trump told reporters on Friday, "I don't want to be personal" and said that the Fed visit was about helping finish the project. Later, Trump said of firing Powell: "To do that is a big move, and I just don't think it's necessary." Meanwhile, gold futures (GC=F) declined about 1% to trade at $3,341.90 per ounce as concerns about Fed independence eased. The US dollar ( strengthened on Friday morning after President Trump downplayed a clash with Federal Reserve Chair Jerome Powell on Thursday that was part of an unusual visit to survey the Fed's building renovations. The visit came after several weeks of Trump criticizing Powell and, at one point, threatening to fire him. Trump told reporters on Friday, "I don't want to be personal" and said that the Fed visit was about helping finish the project. Later, Trump said of firing Powell: "To do that is a big move, and I just don't think it's necessary." Meanwhile, gold futures (GC=F) declined about 1% to trade at $3,341.90 per ounce as concerns about Fed independence eased. Phillips 66 stock rises after beating profit estimates on higher refining margins Phillips 66 (PSX) stock rose about 2.7% in premarket trading after the US refiner reported an adjusted profit of $2.38 per share, beating Wall Street EPS estimates of about $1.71. During the quarter, Phillips 66 returned $906 million to shareholders through dividends and share buybacks. Reuters reports that fuelmakers have seen an unexpected boost in profit from key products in recent months, offering relief as earnings retreated from 2022 highs, driven by a post-pandemic demand rebound and supply disruptions following Russia's invasion of Ukraine. The company's realized margin per barrel rose 12.4% to $11.25 in the quarter from a year ago. Its crude capacity utilization was 98%, while adjusted earnings from its refining segment rose about 30% at $392 million. Phillips 66 (PSX) stock rose about 2.7% in premarket trading after the US refiner reported an adjusted profit of $2.38 per share, beating Wall Street EPS estimates of about $1.71. During the quarter, Phillips 66 returned $906 million to shareholders through dividends and share buybacks. Reuters reports that fuelmakers have seen an unexpected boost in profit from key products in recent months, offering relief as earnings retreated from 2022 highs, driven by a post-pandemic demand rebound and supply disruptions following Russia's invasion of Ukraine. The company's realized margin per barrel rose 12.4% to $11.25 in the quarter from a year ago. Its crude capacity utilization was 98%, while adjusted earnings from its refining segment rose about 30% at $392 million. Health insurer Centene reports surprise quarterly loss Centene's (CNC) stock fell 12% before the bell on Friday after the health insurance company reported a quarterly loss and warned of a revenue slump from government-backed plans. Read more here. Centene's (CNC) stock fell 12% before the bell on Friday after the health insurance company reported a quarterly loss and warned of a revenue slump from government-backed plans. Read more here. Google Search is readying the next generation for AI Alphabet (GOOG, GOOGL) not only posted a stellar quarter, it succeeded in advancing another urgent mission: convincing investors it can transition its search empire into an AI-infused one. Yahoo Finance's Hamza Shaban lays it out in today's Morning Brief: Read more here. Alphabet (GOOG, GOOGL) not only posted a stellar quarter, it succeeded in advancing another urgent mission: convincing investors it can transition its search empire into an AI-infused one. Yahoo Finance's Hamza Shaban lays it out in today's Morning Brief: Read more here. Good morning. Here's what's happening today. Economic data: Durable goods orders (June preliminary) Earnings: Charter Communications (CHTR) Here are some of the biggest stories you may have missed overnight and early this morning: Intel stock falls as chipmaker cuts jobs, drops factory plans Google Search is readying the next generation for AI Trump: Australia has agreed to accept American beef Who benefits if Trump drops capital gains tax on home sales Americans are struggling to pay bills and feeling anxious about it Japan pushes back against US view of trade-deal profit split Trump and Powell clash in public — then Trump takes softer tone Amazon scraps plans for $350M cloud facility in Ireland Health insurer Centene's stock falls after surprise Q2 loss Economic data: Durable goods orders (June preliminary) Earnings: Charter Communications (CHTR) Here are some of the biggest stories you may have missed overnight and early this morning: Intel stock falls as chipmaker cuts jobs, drops factory plans Google Search is readying the next generation for AI Trump: Australia has agreed to accept American beef Who benefits if Trump drops capital gains tax on home sales Americans are struggling to pay bills and feeling anxious about it Japan pushes back against US view of trade-deal profit split Trump and Powell clash in public — then Trump takes softer tone Amazon scraps plans for $350M cloud facility in Ireland Health insurer Centene's stock falls after surprise Q2 loss Trending tickers: Deckers, Strategy and centene Here are some top stocks trending on Yahoo Finance in premarket trading: Deckers Outdoor corporation (DECK) stock rose 12% before the bell after reporting that its earnings had been boosted by Ugg boots and Hoka running shoes. Net sales for both brands surpassed analysts' estimates in the fiscal first quarter ended June 30. Strategy (MSTR) stock fell over 1% premarket today. Bloomberg reported on Friday how the company launched a new kind of preferred stock and upsized the deal from $500 million to $2.8 billion, according to a person familiar with the transaction who asked not to be identified. Centene (CNC) stock fell 10% in premarket trading after the health insurance company reported a quarterly loss. Here are some top stocks trending on Yahoo Finance in premarket trading: Deckers Outdoor corporation (DECK) stock rose 12% before the bell after reporting that its earnings had been boosted by Ugg boots and Hoka running shoes. Net sales for both brands surpassed analysts' estimates in the fiscal first quarter ended June 30. Strategy (MSTR) stock fell over 1% premarket today. Bloomberg reported on Friday how the company launched a new kind of preferred stock and upsized the deal from $500 million to $2.8 billion, according to a person familiar with the transaction who asked not to be identified. Centene (CNC) stock fell 10% in premarket trading after the health insurance company reported a quarterly loss. Intel stock slides amid plans to cut 15% of workforce, cancel factories Intel (INTC) shares slid almost 6% in premarket after the struggling chipmaker said it will cut its workforce and drop plans for factories in Europe as it pursues a comeback. While the company posted a second quarter revenue beat late Thursday, its earnings fell short. Its profit forecast for the current quarter was also more downbeat than hoped: It expects to break even, rather than deliver the $0.04 earnings per share estimated. Yahoo Finance's Daniel Howley reports: Read more here. Intel (INTC) shares slid almost 6% in premarket after the struggling chipmaker said it will cut its workforce and drop plans for factories in Europe as it pursues a comeback. While the company posted a second quarter revenue beat late Thursday, its earnings fell short. Its profit forecast for the current quarter was also more downbeat than hoped: It expects to break even, rather than deliver the $0.04 earnings per share estimated. Yahoo Finance's Daniel Howley reports: Read more here. Oil steady as investors weigh trade optimism against potential Venezuelan supply increase Oil prices climbed overnight Thursday, driven by renewed optimism over global trade negotiations, which bolstered confidence in economic growth and energy demand. The wave of positivity managing to overshadow concerns about a possible increase in Venezuelan oil supply. Reuters reports: Read more here. Oil prices climbed overnight Thursday, driven by renewed optimism over global trade negotiations, which bolstered confidence in economic growth and energy demand. The wave of positivity managing to overshadow concerns about a possible increase in Venezuelan oil supply. Reuters reports: Read more here. Sign in to access your portfolio
Yahoo
15 minutes ago
- Yahoo
India Trade Pact Nears, US Beef Floods In--What Investors Should Watch Next
Australia may be on the brink of deepening its trade ties with India, according to Trade Minister Don Farrell, who suggested a broader free trade deal could have been inked months ago if not for a timing clash with the May election. Speaking at the Lowy Institute, Farrell hinted that the delay was procedural, not political, and noted that his Indian counterpart is currently focused on high-stakes tariff talks with President Donald Trump's administration. The existing FTAsigned back in April 2022cut tariffs across most sectors, but left out sensitive Australian exports like chickpeas, dairy, and wheat. Farrell expects those gaps could be closed bit by bit, as part of a multi-stage rollout. Warning! GuruFocus has detected 7 Warning Signs with TSN. That optimism is surfacing just as India finalizes a major agreement with the UK and bilateral trade with Australia hits nearly A$50 billion ($32.9 billion) in 2023. Farrell said the structure of a final deal with India is likely to be incremental, owing to political realities on both sides. Still, with Canberra actively seeking to diversify away from Chinaits top trading partnera more comprehensive agreement with India could be a meaningful next step. For investors eyeing agri-exporters, particularly in grains and dairy, the next phase of negotiations could shape longer-term access to one of the world's fastest-growing consumer markets. In a separate move with potential ripple effects, Australia just lifted all remaining restrictions on US beef importsa long-standing ask from the Trump administration. The announcement triggered a celebratory post from President Trump on TruthSocial, but Farrell was quick to tamp down the political narrative, stating the decision was based on science and years of internal review. We haven't done this to win favorwe think the Americans should trade with us anyway, he said. Whether this opens the door to a broader trade pact with the US remains to be seen, but the development is unlikely to go unnoticed by investors in US meat giants like Tyson Foods (NYSE:TSN) or Brazil's JBS, both of which could stand to benefit from expanded market access. This article first appeared on GuruFocus.
Yahoo
15 minutes ago
- Yahoo
EU's Von der Leyen to Meet Trump in Bid to Clinch Trade Deal
(Bloomberg) -- European Commission President Ursula von der Leyen said she will travel to Scotland this weekend to meet with US President Donald Trump, as the two sides aim to conclude a trade deal ahead of an Aug. 1 deadline when 30% tariffs on the bloc's exports are otherwise due to kick in. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Trump Administration Sues NYC Over Sanctuary City Policy After months of talks and shuttle diplomacy between Brussels and Washington DC, the two sides have been zeroing in on an agreement this past week that would see the EU face 15% tariffs on most of its trade. Limited exemptions are expected for aviation, some medical devices and generic medicines, several spirits, and a specific set of manufacturing equipment that the US needs, Bloomberg previously reported. Steel and aluminum imports would likely benefit from a quota under the arrangements under discussion but above that threshold they would face a higher tariff of 50%. 'We'll see if we make a deal,' Trump said as he arrived in Scotland on Friday. 'Ursula will be here, highly respected woman. So we look forward to that.' Trump reiterated that he believed there was 'a 50-50 chance' of a deal with the EU, saying there were sticking points on 'maybe 20 different things' that he did not want to detail publicly. Trump gave similar odds in Washington before leaving, but also said the EU had a 'pretty good chance' of reaching an agreement. Trump announced tariffs on almost all US trading partners in April, declaring his intent to bring back domestic manufacturing, to pay for a massive tax-cut extension and to stop the rest of the world from taking advantage of the US. He has also sought to remove what he describes as barriers for American companies to do business around the world. Alongside a universal levy, the US president has hit cars and auto parts with a 25% levy, and steel and aluminum with double that. He's also threatened to target pharmaceuticals and semiconductors with new duties as early as next month, and recently announced a 50% tariff on copper. The EU has been seeking quotas and a ceiling on future sectoral tariffs that the US has yet to implement but it's unclear if an initial agreement will shield the bloc from potential future levies at this stage. The agreement would also cover non-tariff barriers, cooperation on economic security matters and strategic purchases by the EU in sectors such as energy and artificial intelligence. The terms of any initial deal, which is expected to take the form of a short joint statement, would need to be approved by member states, according to people familiar with the matter. The statement is seen as a stepping stone toward more detailed negotiations. Because of the ongoing uncertainty, the EU has in parallel put together countermeasures in the event of a no-deal scenario, which would see it quickly hit American exports with up to 30% tariffs on some €100 billion ($117 billion) worth of goods — including Boeing Co. aircraft, US-made cars and bourbon whiskey — in the event of no-deal and if Trump carries through with his threat to impose that rate on most of the bloc's exports after Aug. 1 or in future. The package also includes some export restrictions on scrap metals. In a no-deal scenario, the bloc is also prepared to move forward with its anti-coercion instrument, a potent trade tool that would eventually allow it to also target other areas such as market access, services and restrictions on public contracts, provided that there is a majority of member states backing its use. (Updates with Trump remarks in paragraphs 4-6.) Burning Man Is Burning Through Cash Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P.
