Markets took a hit Friday morning after President Donald Trump issued fresh tariff threats — this time targeting Apple and the European Union.
In a pair of posts on his social media platform, Truth Social, Trump announced he wants to impose a 25% tariff on iPhones and a 50% tariff on all European Union imports, starting June 1, 2025.
“I informed Apple’s Tim Cook long ago that I expect that all Apple iPhones, etc., be manufactured and built in the United States, not India, or anyplace else,” Trump posted. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”
This statement seemed to acknowledge that American companies — and ultimately U.S. consumers — bear the cost of tariffs, not foreign governments.
Trump also went after the EU, calling it “very difficult to deal with” and accusing the bloc of being designed “for the primary purpose of taking advantage of the United States on trade.” He blasted Europe over “powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against American Companies, and more.”
He pointed to the trade imbalance, saying, “The United States has a Trade Deficit with the European Union of more than 250 Billion Dollars. Totally unacceptable.” While that figure accurately reflects goods, it ignores U.S. services exports, which significantly reduce the gap.
“Therefore,” Trump wrote, “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.”
These announcements sparked immediate market reaction. U.S. futures fell, and European stocks also slid as investors braced for a potential escalation in global trade tensions.
Wall Street analysts warned that the proposed tariffs, especially on Apple, could raise prices for consumers and disrupt supply chains.
Trump’s latest move revives memories of his chaotic trade war earlier this year, when tariffs triggered volatility in global markets and strained relationships with key allies. With Apple as the most valuable U.S. company and the EU a major trading partner, Wall Street is already feeling the shock.
