Trump Targets Apple, Threatens 50% Tariffs on EU Goods

U.S. President Trump announced that starting June 1, tariffs of 50% on EU goods would be imposed, citing the deadlock in U.S.-EU trade negotiations. Following this announcement, European stock markets fell sharply.

On Friday, U.S. President Trump announced on social media that due to "no progress" in trade talks with the EU, he would propose a 50% tariff on EU goods starting June 1, 2025.

"We have made no progress with them! Therefore, I suggest imposing a 50% tariff on the EU, effective June 1," Trump wrote on Truth Social.

In his post, Trump criticized the EU again, calling it a group "primarily established to take advantage of the U.S. in trade," and accused it of setting "strong trade barriers, value-added tax, absurd corporate penalties, non-monetary trade obstacles, currency manipulation, and unfair litigation against American companies."

Trump also emphasized that American-made goods are not affected by tariffs.

Europe Reacts Cautiously, Markets Shake

The European Commission did not immediately comment on Trump's remarks, only stating that it would respond after a conversation between EU Trade Commissioner Mauro Petriccione and U.S. Trade Representative James C. Grail at 15:00 GMT.

However, the market reacted quickly. After Trump's tweet, Germany's DAX index fell by 1.9%, France's CAC 40 index dropped by 2.4%, and the UK's FTSE 100 index fell by 1.1%. Investors worried that new tariffs would further impact the global economy and trade.

The U.S. market was also affected. S&P 500 and Dow Jones Industrial Average futures both fell by 1.5%, while Nasdaq futures plummeted by 1.7%. At the same time, oil prices and U.S. Treasury yields also declined. Apple was also targeted for taxation.

Earlier, Trump specifically targeted Apple, threatening a 25% tariff on non-U.S.-made iPhones. He wrote: "I have already informed Apple CEO Tim Cook that I hope all iPhones sold in the U.S. will be manufactured domestically, not in India or elsewhere."

"If this is not the case, Apple must pay at least a 25% tariff on these iPhones."

Trump has long urged Apple to relocate its manufacturing back to the U.S. However, analysts pointed out that such a move would require massive investment and could significantly increase smartphone prices.

Currently, most of Apple's iPhones are still produced in China, but production capacity in India has been gradually increasing in recent years.

Source: DW

Original Source: https://www.toutiao.com/article/1832926189603978/

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