FIRST TAKE: Potential 50% US tariff on EU imports BEARISH for Dated Brent price   * Trump expresses frustration over lack of negotiating progress with EU and calls for tariffs beginning June 1 * Carve-out for oil-related imports would be likely, but any tariff that included gasoline would be BULLISH for PADD 1 gasoline cracks * Demand outlook remains BEARISH amid tariff uncertainty, but summer gasoline demand will broadly support gasoline cracks   US President Donald Trump’s May 23 Truth Social post announcing a potential 50% tariff on US imports from the European Union starting June 1 is BEARISH for global oil demand and thus prices. However, markets have so far taken it in stride with prompt ICE Brent up around 17 cents at $64.61/b in mid-morning US trading.   As with other recent tariff announcements, this should be seen as both a directional indication of policy intent and as a negotiating tactic. Given that the EU is the largest trading partner with the US, such a large tariff would probably be unsustainable. But some level of higher tariffs is likely.   Although summer gasoline demand will be supportive for the summer, our oil demand outlook remains bearish amid the general macroeconomic uncertainty surrounding tariffs. The 90-day reprieve on tariffs on imports from China should expire around Aug. 11.Weak consumer confidence and downgrades to global GDP outlooks will only be partly offset by lower prices.   James Bambino, Richard Joswick   Read on Platts Connect: https://tinyurl.com/mr2mb53k