Trump's Game-Changing Tariff Threats Shake Markets
U.S. President Donald Trump threatens to impose a 25% tariff on non-U.S. made iPhones and a 50% tariff on European Union goods. His comments roiled global markets, impacting stocks, currency, and gold prices. The proposed tariffs aim to pressure companies like Apple to shift production to the United States.
President Donald Trump has announced plans to impose a 25% tariff on non-U.S.-made iPhones and a 50% tariff on goods from the European Union, with the aim of compelling companies to relocate production to the United States.
The announcement sent shockwaves through global markets, causing a drop in major U.S. indexes and European shares, a weakened dollar, and a rise in gold prices. The move follows a period of de-escalation in trade tensions, but the new threats have rekindled fears of a global economic downturn.
Trump's remarks have also targeted Apple, pushing the company to manufacture iPhones domestically to avoid steep tariffs. However, experts suggest that relocating iPhone production to the U.S. would significantly increase costs and may take several years to achieve.
(With inputs from agencies.)
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