President Trump reignited trade tensions on Friday with a surprise announcement of a 50% tariff on all European Union imports, citing stalled negotiations and what he considers unfair EU trade practices. “We’re going to play hardball,” he said.
The president didn’t stop with Europe. He also issued a stern warning to Apple, saying that a 25% tariff on iPhones imported from overseas could be coming by late June unless the company starts manufacturing in the U.S. Trump criticized Apple’s expansion plans in India and hinted that other smartphone makers could be affected too.
While Scott Bessent and other trade officials had been working on new agreements with U.S. allies, Trump’s announcement indicates a preference for direct action. “You’ll know what you’re paying to do business in the U.S. very soon,” he told business leaders.