Volvo Cars CEO Hakan Samuelsson told Reuters Friday the company's customers would have to pay a large part of tariff-related cost increases.

U.S. President Donald Trump on Friday said he was recommending a straight 50% tariff on goods from the European Union starting June 1, saying the EU has been hard to deal with on trade.

Samuelsson said that a 50% tariff would limit the ability of Volvo Cars to sell its affordable EX30 electric vehicle in the United States.

Shares in the company were down 4.3% at 1237 GMT.