President Trump on Friday took aim at another giant US corporation in his ongoing trade war, threatening Apple ( AAPL ) with increased duties if the company does not make iPhones in the US. He also attacked the European Union and said he was recommending a "straight 50%" tariff on EU-imported products beginning next weekend.
"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 wrote on Truth Social. "If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S."
Apple stock lost ground Friday in conjunction with a broader market decline .
It is unclear whether Trump can target individual companies with tariffs. But Trump in recent days has not been shy about verbally attacking US corporations that have been warning about the effects of his tariffs.
Last week, Walmart ( WMT ) previewed coming price hikes, sparking a rebuke from Trump, who told the company to "eat the tariffs." Last month, Trump had a brief back-and-forth with Amazon ( AMZN ) after a report said the company would display the added cost of the tariffs on products.
Meanwhile, negotiations with the EU have hit a snag, with the president charging the bloc has been "very difficult to deal with."
"Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025," he said.
The US has been pressuring the EU to cut tariffs on American goods, the Financial Times reported Friday. The EU presented a fresh trade proposal to the US on Thursday, which includes phased tariff cuts on non-sensitive goods, plus cooperation in energy, AI, and digital infrastructure. The EU is readying some $108B in retaliatory tariffs if talks fail.
Elsewhere, the US and China have signaled their commitment to continuing talks , with senior officials engaging in a call late on Thursday after the two sides stoked concerns by clashing over chips in recent days.
Treasury Secretary Scott Bessent has said that tariff rates will go back to "reciprocal" levels after the 90-day pause. He said Friday that the pause was based on "good-faith" talks, singling out the EU.
Here are the latest updates as the policy reverberates around the world.
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