The European Union has called for mutual respect in trade relations after US President Donald Trump threatened to impose a 50% tariff on all EU goods entering the United States.

Speaking after a call with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick, EU Trade Commissioner Maros Sefcovic said, “The EU's fully engaged, committed to securing a deal that works for both.”

"EU-US trade is unmatched & must be guided by mutual respect, not threats. We stand ready to defend our interests."

Earlier on Friday, Trump expressed impatience with the pace of ongoing EU-US trade negotiations, saying his plan to raise tariffs on June 1 was set.

Writing on social media, Trump said, "Our discussions with [the EU] are going nowhere," adding that there would be no tariffs for products built or manufactured in the US.

"I'm not looking for a deal - we've set the deal," he told reporters later, before immediately adding that a big investment in the US by a European company might make him open to a delay.

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The EU is one of the Washington's largest trading partners, sending more than $600bn (€528bn; £443bn) in goods last year and buying $370bn worth, US government figures show.

Reacting to Trump's threats, European governments warned that higher tariffs would be damaging to both sides.

"We do not need to go down this road," said Ireland's Taoiseach (Prime Minister) Micheál Martin. "Negotiations are the best and only sustainable way forward."

France's Trade Minister Laurent Saint-Martin, said: "We are maintaining the same line: de-escalation, but we are ready to respond."

German Economy Minister Katherina Reiche said the bloc "must do everything" to reach a solution with the US.

While Dutch Prime Minister Dick Schoof told reporters that he backed the EU's strategy in trade talks and "we have seen before that tariffs can go up and down in talks with the US."

With inputs from BBC