The Tariff Tangle: Trump's Trade War Threats Rattle Global Markets
U.S. President Donald Trump threatens a 50% tariff on EU goods and a 25% tariff on iPhones made outside the U.S., unsettling global markets. Citing dissatisfaction with EU trade talks, the move affects market indices. The EU's potential higher tariff rates than China and Apple's involvement stir complexities.
U.S. President Donald Trump stirred global markets on Friday by threatening a 50% tariff on European Union goods starting June 1. He also warned of a potential 25% tariff on iPhones manufactured outside the United States. The revelations, made through social media, reversed the recent de-escalation of trade tensions.
The push for stricter tariffs stems from Trump's dissatisfaction with the progress of trade negotiations with the EU. U.S. Treasury Secretary Scott Bessent expressed hope that these threats would expedite talks, as other countries have shown more cooperation.
The European Commission awaits further dialogue between EU trade chief Maros Sefcovic and U.S. counterpart Jamieson Greer. Meanwhile, the implication of Apple in this tariff measure showcases the complex nature of international trade under the current administration's strategies.
(With inputs from agencies.)
Google News