Trump threatens EU with 50% tariffs over breakdown in talks as Apple stares at 25%
US President Donald Trump threatened sweeping 50 per cent tariffs on the European Union starting June 1, citing a breakdown in trade talks with the bloc, and simultaneously took aim at Apple, warning of a 25 per cent levy on iPhones made outside the US.
The moves hit stock markets hard, with the S&P 500 shedding 0.67 per cent and Apple down 3.02 per cent at the close amid a broad downturn in European markets.
Trump on Friday took to social media to explain his targeting of Apple.
“I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump wrote, referring to the tech giant’s CEO.
“If that is not the case, a Tariff of at least 25 per cent must be paid by Apple to the US.”
Friday’s double-barrelled announcement underscored Trump’s ongoing campaign against major US trading partners.