The US stock market is seeing a slight downturn as President Donald Trump proposes a new round of tariffs on the European Union (EU) and tech giant Apple.
In a new post on Truth Social, Trump says that he’s going to recommend a hefty tax on EU goods starting June 1st due to their unfair economic practices and unwillingness to negotiate.
“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 US 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 1st, 2025. There is no tariff if the product is built or manufactured in the United States.”
Regarding Apple, Trump says that he’s imposing tariffs on the tech giant until the firm relocates its manufacturing base to the US.
“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. If that is not the case, a tariff of at least 25% must be paid by Apple to the U.S.”
News of the new tariff recommendations caused US stock markets as well as Apple stocks to pull back. The S&P 500 and Nasdaq saw dips of 0.67% and 1%, respectively, and Apple shares fell 3%.
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