Trump threatens 50% tariffs on EU and 25% penalties on smart phones
President Trump Threatens 50% Tax on EU Imports and 25% Tariff on Smartphones Unless Made in America
By JOSH BOAK, Associated Press
WASHINGTON (AP) — President Donald Trump took to social media on Friday to issue a threat of a 50% tax on all imports from the European Union and a 25% tariff on smart phones unless they are manufactured in America.
These threats come amidst Trump’s ongoing efforts to disrupt the global economy through his tariffs, although they have yet to result in the trade deals or domestic manufacturing revival he has promised.
Trump’s frustration with the lack of progress in trade talks with the EU led him to propose higher import taxes on EU goods compared to those from China. Despite China having its tariffs reduced to 30% recently for negotiation purposes, Trump remains unsatisfied with the EU’s proposals for tariff reductions.
Speaking from the Oval Office, Trump emphasized that he is not seeking a deal with the EU and is adamant about implementing the proposed tariffs starting June 1, 2025, unless more companies invest in the United States.
In a separate post, Trump also targeted Apple, threatening a 25% tariff on all iPhones sold in the US unless they are manufactured domestically. This move puts Apple, along with other major US companies, in the crosshairs of the White House.
Following Trump’s statements, the stock market reacted with the S&P 500 index dropping approximately 0.5% in afternoon trading. The unpredictability of Trump’s trade policies continues to impact markets.
While Trump’s approach is viewed as a negotiating tactic by some, others believe it portrays the US as an unreliable trading partner operating on whim rather than established rules.
Analysts are skeptical about Apple’s ability to quickly shift manufacturing to the US due to complex supply chains in China and the uncertain nature of the current administration’s policies.
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