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EU calls for 'respect' after Trump threatens 50% tariffs

  • On May 23, 2025, President Trump announced his intention to implement a 50% duty on imports from the European Union beginning June 1, along with a separate 25% tariff targeting Apple products manufactured outside the United States.
  • Trump's tariff proposal followed his ongoing criticism of Apple for manufacturing iPhones in Asia, despite CEO Tim Cook reporting most US-sold iPhones now come from India.
  • The tariffs reflect Trump's concern with a $54 billion trade deficit with the EU and his push to shift manufacturing, while Treasury Secretary Scott Bessent urged Apple to move more supply chains to the US.
  • Following Trump's announcement, the S&P 500 dropped about 1%, Apple shares fell 3.7%, and market volatility increased, with analysts estimating iPhone prices could rise significantly if made domestically.
  • The tariff threats increased market uncertainty and renewed trade tensions, suggesting prolonged economic risks and challenging US-EU relations despite EU efforts to maintain market access.
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El Diario Montañes broke the news in on Friday, May 23, 2025.
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