Trump Proposes 50% Tariffs On EU, Threatens Apple With 25% Levies on Foreign-Made iPhones

U.S. President Donald Trump on Friday proposed sweeping new tariffs on imports from the European Union (EU) and warned of levies on Apple (AAPL) if it fails to manufacture iPhones in the United States 

Dow futures tumbled nearly 600 points on Friday morning following the announcement. The SPDR S&P 500 ETF Trust (SPY) slipped by 1.4%, while Invesco QQQ Trust (QQQ) tumbled 1.8% in pre-market trade.

In a strongly worded statement on Truth Social, Trump said the European Union was “formed for the primary purpose of taking advantage of the United States on trade” and accused the bloc of deploying various unfair practices, including high VAT taxes, corporate penalties, and regulatory barriers. 

He claimed the U.S. trade deficit with the EU exceeds $250 billion annually, a figure he called “totally unacceptable.”

“Our discussions with them are going nowhere,” Trump said. “Therefore, I am recommending a straight 50% tariff on the European Union, starting on June 1, 2025. There is no tariff if the product is built or manufactured in the United States.”

In a separate post on Truth Social, Trump directed attention toward Apple, stating he had previously told CEO Tim Cook that iPhones sold in the U.S. must be produced domestically, not in India or other countries – something he alluded to earlier this month when announcing the 90-day tariff truce between the U.S. and China.

If not, he warned, Apple would face a “at least 25% tariff.”

The move comes after Cook said Apple will shift its manufacturing for U.S. markets from China to India after Trump announced reciprocal tariffs on April 2. 

Apple’s stock plummeted nearly 4% in pre-market trade after the announcement. The shares have fallen almost 20% this year but have gained 4.7% in the last 12 months. 

According to reports, Apple plans to raise the prices of the upcoming iPhone 17 in the fall, regardless of tariffs. 

The twin declarations highlight Trump’s continued focus on reshaping global trade to favor U.S.-based production and reduce reliance on foreign manufacturing. 

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