#TrumpTariffs
On May 23, 2025, President Trump announced a 50% tariff on all European Union (EU) imports, effective June 1. He cited stalled trade negotiations and accused the EU of unfair trade practices. Trump stated he is "not looking for a deal" and emphasized that the tariffs would be enforced unless European firms relocated to the U.S.
Trump threatened a 25% tariff on all foreign-manufactured smartphones, specifically targeting Apple. He insisted that iPhones sold in America be produced domestically, warning that tariffs would apply unless production shifted to the U.S.
The EU has expressed disappointment and is preparing counter-measures, including tariffs up to €21 billion on various U.S. goods. This escalation has raised concerns about a potential full-blown trade war.
Financial markets reacted negatively to these announcements. U.S. stock futures plummeted, with major indices like the Dow Jones, S&P 500, and Nasdaq experiencing significant declines. Apple's stock fell over 3%, and other tech stocks also declined.
