Donald Trump has proposed a 50% tariff on goods from the European Union, citing trade imbalances. He announced this potential tariff on Truth Social, stating it would take effect on June 1, 2025, due to a lack of progress in trade negotiations.
Trump also demanded that Apple manufacture its iPhones in the United States. He stated that if iPhones sold in the U.S. are not manufactured domestically, Apple should pay a tariff of at least 25%.
European stock indices and U.S. stock futures fell following Trump's comments. The DAX in Germany and the CAC in France dropped by 2.6% and 2.8% respectively, while the FTSE in London decreased by 1.3%. Dow Jones futures also fell by over 600 points (1.7%).