Overview

• On May 25, President Trump said his tariff strategy prioritizes domestic production of military equipment, semiconductors and AI hardware over textiles.
• He postponed a planned 50% levy on European Union imports after speaking with EU Commission President Ursula von der Leyen, giving negotiators extra time.
• The administration is weighing a 25% tariff on imported iPhones to strengthen its bargaining position with Apple and other trading partners.
• US trade officials are engaged in talks with the EU, China and other allies to reshape agreements around technology and defense manufacturing.
• The American Apparel & Footwear Association warned that higher duties on clothing and footwear would drive up input costs for manufacturers and consumer prices.