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US President Donald Trump has announced his intention to impose a 50% tariff on all goods imported from the European Union to the United States, effective June 1, 2025. This move marks an escalation of Trump’s trade war with the EU, which has been ongoing for some time. Trump stated on social media, “Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025”.
The president’s decision comes after he expressed frustration with the EU’s trade practices, claiming that the bloc was “formed for the primary purpose of taking advantage” of the United States on trade. Trump also emphasized that there would be no tariff charged if products were “built or manufactured in the United States”.
In addition to the EU tariffs, Trump warned Apple that iPhones not manufactured in the US would face a 25% import tax. “I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump said. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”.
The tariffs are part of Trump’s broader strategy to boost US manufacturing and protect jobs from foreign competition. However, the move has sparked concerns among world leaders and businesses, who fear that higher tariffs will make it more expensive and difficult to sell goods in the US market.
Volvo’s CEO, Hakan Samuelsson, noted that a 50% tariff would limit the company’s ability to sell its Belgium-made EX30 electric vehicle in the US, saying, “It could not be in the interest of Europe or the US to shut down trade between them”. Apple shares dropped 2% in premarket trading following Trump’s announcement.
The trade tensions between the US and EU have significant implications for businesses and consumers on both sides of the Atlantic. As Trump stated, “Our discussions with them are going nowhere,” it’s unclear how the situation will unfold.