Trump issues scathing attack on EU as stock | Political News
The stock market tumbled early Friday following President Trump‘s speak of imposing 50% tariffs on the European Union, prompting him to tackle the state of affairs on his Truth Social platform.
“Our discussions with them are going nowhere,” Trump ominously wrote in a post.
Additionally, fears had been stoked when Trump hinted at a potential 25% tariff on Apple if iPhones proceed to be made exterior the United States. The Dow Jones Industrial Average noticed a drop of .80% to 41525.7 upon opening, while the S&P 500 decreased by 1.03% to 5781.89, and the Nasdaq Composite slid down to 18622.38, as reported by Reuters.
In a scathing message, Trump criticized the European Union’s commerce practices: “The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with.
“Their highly effective Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more, have led to a Trade Deficit with the U.S. of more than $250,000,000 a yr, a quantity which is completely unacceptable.”
He continued with a definitive action plan: “Our discussions with them are going nowhere! Therefore, I’m recommending a straight 50% Tariff on the European Union, beginning on June 1, 2025. There is no Tariff if the product is constructed or manufactured in the United States. Thank you for your consideration to this,” he concluded, reported the Irish Star.
Trump took to Truth Social early Friday, demanding that Apple pay a 25% tariff on goods not produced in the United States, as reported by the Irish Star.
“I’ve long in the past knowledgeable Tim Cook of Apple that I count on their iPhones bought in the United States of America to be manufactured and constructed right here, not India, or anyplace else [sic],” Trump wrote.
“If that just isn’t the case, a Tariff of at least 25% should be paid by Apple to the U.S. Thank you for your consideration to this matter!”.
This post followed Trump’s request to Cook to cease production in India, telling reporters, “I mentioned to him, ‘You’re my good friend, I’ve handled you very properly… but now I hear you are building all over India. I do not need you building in India’.”
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