Today's Edition
(The New York Times)
US President Donald Trump reignited trade tensions on Friday, threatening a 50% tariff on all goods sent to the United States from the European Union. He also threatened to impose a 25% import tax "at least" on iPhones not manufactured in America.
The warning against the EU came just hours before the two sides were set to have trade talks. Trump last month announced a 20% tariff on most EU goods, but had halved it to 10% until July 8 to allow time for talks.
"Our discussions with them are going nowhere!" Trump wrote in a post on social media on Friday. He said the new tariffs would kick in on June 1.
The posts roiled stock markets and renewed risks to the global economy, as similar announcements made by the president have in recent months. If enacted, economists said the tariffs would pose significant costs for Apple, one of the world’s most valuable companies, and rupture US trade with the European Union, the largest trading relationship in the world by some measures.
The president wrote on Truth Social on Friday morning that discussions with the EU "are going nowhere” and that he is recommending a 50% tariff on European imports as of June 1.
