Trump threatens 50% tariffs on EU and 25% on iPhones
Summary
President Trump has proposed new tariffs, recommending a 50% tax on goods imported from the European Union and a 25% tariff on iPhones not made in the USA, starting June 1. He claims this is to support US manufacturing and reduce the trade deficit with the EU. Talks between the United States and the EU are ongoing, but there is no formal order for the tariffs yet.Key Facts
- Trump recommends a 50% tariff on all goods imported from the EU to the US.
- The new tariffs would begin on June 1.
- Trump also threatened a 25% import tax on iPhones not made in the USA.
- A tariff is a tax on imported goods, paid by companies that bring the goods into the country.
- The EU has not yet responded to Trump’s latest tariff threat.
- The potential tariffs aim to reduce the US-EU trade deficit, where the US imports more than it exports.
- Share prices dropped on Friday, with US and EU stock markets falling after the announcement.
- There is currently no executive order to make these tariffs official.
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