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4w ago

Trump Announces Unprecedented 50% Tariffs on EU Imports Starting June 1

The U.S. President also threatens 25% duties on Apple products not made domestically, intensifying trade tensions and rattling global markets.

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Overview

  • President Donald Trump has formally recommended a 50% tariff on all European Union imports, effective June 1, citing unfair trade practices and a $250 billion annual trade deficit.
  • Trump has also threatened a 25% tariff on Apple products, including iPhones, if the company does not shift production to the United States.
  • European stock markets saw significant declines, with Milan's FTSE MIB falling nearly 2%, while Wall Street opened lower, with Apple losing over 2.5% in value and shedding $100 billion in market capitalization.
  • EU officials, including Foreign Minister Antonio Tajani and Germany’s Johann Wadephul, have expressed concern over the risk of a trade war and reiterated calls for a negotiated resolution.
  • The announcement marks a sharp escalation in U.S.-EU trade tensions, effectively halting ongoing negotiations and prompting the EU to prepare countermeasures and potential WTO disputes.