Overview

• President Donald Trump emphasized his tariff policy's goal of bolstering domestic manufacturing in sectors like technology and defense, rather than consumer goods such as textiles and footwear.
• The administration extended the deadline for a proposed 50% tariff on European Union goods from June 1 to July 9 to allow further negotiations with the EU.
• Trump warned of a potential 25% tariff on imported iPhones, signaling a broader push to reduce reliance on foreign manufacturing.
• Treasury Secretary Scott Bessent's comments downplaying the need for a robust U.S. textile industry drew criticism from the National Council of Textile Organizations.
• Industry groups, including the American Apparel & Footwear Association, voiced concerns that the tariff policy would increase production costs and consumer prices, disproportionately affecting lower-income Americans.