President Trump on Friday suggested ramping up tariffs against the European Union, indicating that his trade wars are still only just beginning.
The president called for a 50 percent tariff on products from the EU, to begin on June 1.
“The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with. Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more, have led to a Trade Deficit with the U.S. of more than $250,000,000 a year, a number which is totally unacceptable,” Trump wrote on Truth Social. “Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025. There is no Tariff if the product is built or manufactured in the United States.”
Earlier in the morning, he suggested also directly tariffing Apple.
“I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” the president wrote on Truth Social. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S. Thank your for your attention to this matter!”
The iPhone is primarily manufactured in China, one of the countries with the iciest current trade relationships with the Trump administration (although Apple has moved some manufacturing to India in an attempt to offset that). This tariff, once again aimed to force companies into more domestic manufacturing, could raise the price of the iPhone by 25 percent, which could price it at around $3,000.
Stock market futures in the U.S. took a dive after each announcement from the president, a persisting theme in his ongoing effort to destabilize the international market. The European stock market also fell by 2 percent. This all comes before what will likely be an uneasy Friday meeting between Trump administration trade representative Jameson Greer and his European counterpart.
This story has been updated.
The post Trump Proposes Extreme Tariffs on EU to Begin in Matter of Days appeared first on New Republic.
