Dow futures tanked by over 600 points on Friday after Donald Trump threatened 25% tariffs on Apple products sold in the United States and 50% on goods from the European Union. The latest stock market shake-up also saw Nasdaq futures fall nearly 400 points, per New York Post.
Trump threatens new tariffs on Apple, EU: ‘Totally unacceptable!’
The president warned in a Truth Social post that Apple could face “at least 25%” tariffs on selling iPhones manufactured overseas in the United States.
“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,” Trump wrote on his social media platform.
“If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S. Thank your for your attention to this matter!” the commander-in-chief added. Trump's warning saw Apple shares tumble over 3 per cent in the pre-market session, per MarketWatch.
In a separate post, Trump also threatened to impose 50% trade tariffs on the EU, starting next month. “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,” he wrote.
The president went on to criticise the EU's “powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies,” claiming they caused the US more than $250,000,000 in trade deficit.
{{/usCountry}}The president went on to criticise the EU's “powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies,” claiming they caused the US more than $250,000,000 in trade deficit.
{{/usCountry}}In the wake of the “totally unacceptable” trade deficit numbers and failed discussions with the EU, Trump declared, “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!”