Trump's latest tariff proposals, targeting European imports and Apple-produced iPhones, have sent shockwaves through financial markets, reigniting trade war fears.
Trump Threatens Steep Tariffs on Europe and Apple Amid Stalled Trade Talks
Trump Threatens Steep Tariffs on Europe and Apple Amid Stalled Trade Talks
The President's social media posts signal a renewed focus on trade tensions with the European Union and tech giant Apple.
President Trump reignited trade tensions on Friday, threatening to impose hefty tariffs on imports from the European Union and specifically targeting Apple over its manufacturing operations. In a post on Truth Social, Trump expressed frustration with stalled trade discussions with the EU and announced a proposal for a 50 percent tariff on European goods to take effect June 1.
“The European Union was created to exploit the United States in trade, and their complex barriers and taxes have led to a trade imbalance that is simply unacceptable,” Trump stated. He also directed his ire towards Tim Cook, Apple's CEO, urging him to manufacture iPhones in the U.S. rather than overseas. Failure to comply could result in a 25 percent tariff on iPhones sold in the country.
The president's provocative remarks sent financial markets into a tailspin, with stock futures plunging during premarket trading hours. Analysts indicated this renewed rhetoric on tariffs could complicate the trade landscape, which had seemingly stabilized in recent weeks. Until now, Trump’s administration had been focused on a range of issues, including a trip to the Middle East and legislative discussions in Congress, after previously announcing several rounds of tariffs that sent tremors through business sectors reliant on international trade.
