Trump issues worrying seven-word update in EU attack as stock markets tumble
Donald Trump wrote a long post on Truth Social again on Friday, calling out the European Union saying it has been "very difficult to deal with."
The stock market reacted by falling early on Friday morning after President Trump suggested 50% tariffs on the European Union, leaving the president to take to his Truth Social platform. “Our discussions with them are going nowhere,” Trump wrote in seven worrying words in the lengthy post.
Markets were also responding to Trump threatening Apple with a 25% tariff if iPhones were not made in the United States. The Dow Jones Industrial Average fell .80% at the open of the stock market to 41525.7. The S&P 500 fell 1.03% at the open to 5781.89 and the Nasdaq Composite dropped 18622.38 as the market opened as well, according to Reuters.
“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 powerful 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 year, a number which is totally unacceptable,” Trump wrote.
“Our discussions with them are going nowhere! 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. Thank you for your attention to this,” he concluded.
Trump also took to Truth Social to call out Tim Cook on early on Friday, saying 25% “must be paid” on Apple’s goods if those goods are not produced in the United States, the Irish Star reported.
"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 [sic]," Trump wrote.
"If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S. Thank you for your attention to this matter!"
For all the latest news straight to your inbox, sign up for our FREE newsletters here.
The post came after Trump asked Cook to stop making the phones in India, as he told reporters, " I said to him, 'You’re my friend, I’ve treated you very well... but now I hear you’re building all over India. I don’t want you building in India’.”
For the latest local news and features on Irish America, visit our homepage here.