Targeting the European Union and U.S. tech giant Apple, president Donald Trump threatened 50% tariffs on goods coming from Europe ("Our discussions with them are going nowhere!") and 25% on iPhones coming in irrespective of origin ("iPhone's … will be manufactured and built in the United States"). Tariffs are back on the menu; all the relevant stock markets are down so far today, accordingly.
On Friday, Trump said the EU had been "very difficult to deal with" and that the bloc had been formed "for the primary purpose of taking advantage" of the United States on trade. … Trump's warning to Apple comes after the tech giant said it was shifting production of most of its iPhones and other devices destined to be sold in the US away from China.
Trump believes importing more from somewhere than you export to it is "losing"—the U.S. exported $370bn in goods to the EU last year and imported $606bn worth—and is ably manipulated by those around him.
Stocks had rallied after Trump "appeared to soften" over his loudly-announced tariffs and paused the most disruptive plans. But it's the early hours and the big man feels like he's losing, so here we go again.
Volatility returned this morning after Trump said on Truth Social that trade discussions with the E.U. aren't going well … Apple shares, which are riding a seven-day losing streak coming into Friday's session, were down more than 3% in premarket trading, leading a broad decline in mega-cap tech stocks.
A U.S.-made iPhone would cost about $3,500, at least three times the current price, according to one analyst quoted by NBC News. Bitcoin's doing great!
Previously:
• Trump frantically backpedals with 'pause' on idiotic tariffs
• Ferris Bueller's teacher schools Trump on tariffs
• Watch MAGA vendor's excitement fade as he learns how Trump's tariffs affect his business
