On Friday, Trump took to Truth Social, declaring that discussions with the EU had stalled and proposed a 50 percent tariff on imports starting June 1. He accused the EU of exploiting the U.S. through various trade practices, calling current trade imbalances “totally unacceptable.”
Additionally, the president warned Apple CEO Tim Cook that iPhones made outside the U.S. could see a 25 percent tariff. Trump strongly advocated for domestic production, insisting that these devices should be built on American soil.
This announcement has already begun to shake financial markets, with futures dipping in premarket trading. The unfolding situation signals possible turbulence in global trade dynamics after a brief period of relative calm. Just last month, the Trump administration suspended some tariffs while pursuing international trade agreements.
As these new tariff threats loom, industry stakeholders brace for potential repercussions, marking a return to heightened tensions after months of strategic calm from the White House.
Additionally, the president warned Apple CEO Tim Cook that iPhones made outside the U.S. could see a 25 percent tariff. Trump strongly advocated for domestic production, insisting that these devices should be built on American soil.
This announcement has already begun to shake financial markets, with futures dipping in premarket trading. The unfolding situation signals possible turbulence in global trade dynamics after a brief period of relative calm. Just last month, the Trump administration suspended some tariffs while pursuing international trade agreements.
As these new tariff threats loom, industry stakeholders brace for potential repercussions, marking a return to heightened tensions after months of strategic calm from the White House.
