Donald Trump has reignited trade tensions by announcing a 50% tariff on all European Union imports, starting June 1. He expressed frustration over stalled trade talks, calling the EU’s approach unfair and unproductive.
In a fiery statement, Trump also took aim at tech giant Apple, threatening a 25% tariff on iPhones not manufactured in the U.S. He urged the company to bring production home, citing the importance of domestic industry. 📱
This aggressive move sent shockwaves through global markets. European indices like Germany’s DAX and France’s CAC 40 tumbled more than 2%, while the S\&P 500 and Nasdaq also took hits.
In response, the European Union is preparing to hit back. Officials are considering a 50% tariff on €21 billion worth of American goods, signaling the possibility of a trade war.
Economists warn that if tensions escalate, both economies could suffer. Germany alone could see its GDP shrink by 1.7% over the next three years.
The EU insists that trade imbalances should be viewed more fairly, especially when services are factored in. They remain open to dialogue but won’t shy away from defending their interests. ⚖️
Trump, meanwhile, continues to frame his stance as protecting American jobs and industries. His tone suggests little patience for drawn-out negotiations.
As the deadline approaches, businesses on both sides of the Atlantic are bracing for impact. The coming weeks will be crucial in determining if diplomacy can cool the rising heat. 🔥
