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President Trump has slapped a 50% tariff on goods imported from the European Union, as well as 25% of Apple phone not made in the United States.
Trump expressed displeasure with Apple's Tim Cook for moving production from China to India. He also declared the EU was 'very hard to deal with'.
Trump’s announcement came less than 30 minutes after he threatened to impose a tariff of at least 25% on Apple’s iPhones if the company did not start manufacturing them in the United States, reported CNBC.
“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. If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.,” Trump said on Truth Social.
U.S. stock futures sank immediately following the posts, which showed the Republican president once again wielding the threat of massive import taxes in response to economic activity he disfavors. European stock markets fell 2%.
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. 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. Thank you for your attention to this matter!
