The euro gave back early day gains and slipped lower on Friday after U.S. President Donald Trump said he would impose the European Union with 50% tariffs. President Donald Trump threatened to impose a 50 per cent tariff on imports from the EU on June 1, saying that talks with the bloc are 'going nowhere'. As per media reports, Trump on his Truth Social platform on Friday attacked the bloc for 'Trade Barriers, VAT Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, [and] unfair and unjustified lawsuits against Americans Companies'. The EU 'has been very difficult to deal with,' Trump wrote. 'Our discussions with them are going nowhere!' he added. EUR/USD had advanced significantly during the day due to weakness in the US Dollar over US fiscal imbalance concern. The pair was last seen at $1.338 after having hit the day's high of $1.1394.

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