On Friday, President Trump announced sweeping new tariffs, targeting European Union imports with a punishing 50% duty beginning June 1. This aggressive move marks a return to Trump’s combative trade strategy after a brief pause in April aimed at stabilizing markets.
Apple was also caught in the crossfire. Trump threatened a minimum 25% tariff on imported iPhones, calling out CEO Tim Cook for moving manufacturing to India. “You’re not going to sell into here without tariffs,” Trump said, suggesting the move was a betrayal of a previous understanding.
Despite Treasury Secretary Scott Bessent’s attempts to negotiate deals with key partners, Trump made it clear he isn’t interested in compromise. The president’s comments have shaken both tech and trade sectors, with business leaders warning of economic disruption and retaliatory measures from Europe.