US President Donald Trump threatened to impose sweeping 50 per cent tariffs on the European Union starting June 1, citing a breakdown in trade talks with the bloc, and simultaneously took aim at Apple with a 25 per cent levy on iPhones made outside the US.
The moves hit stock markets hard, with the S&P 500 shedding 1.2 per cent and Apple down 2.9 per cent at the open before partially recovering amid a broad downturn in European markets.
Trump on Friday took to social media to explain his targeting of Apple.
“I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump wrote, referring to the tech giant’s CEO.
“If that is not the case, a Tariff of at least 25 per cent must be paid by Apple to the US.”
Friday’s double-barrelled announcement highlighted Trump’s ongoing campaign against major US trading partners.
