United States President Donald Trump on Friday said his administration would impose a 50 per cent tariff on the European Union as trade talks were "going nowhere".
Miffed at Washington's current trade deficit with the European Union, Trump said the Bloc was formed "for the primary purpose of taking advantage of the United States ".
"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 US of more than $250,000,000 a year, a number which is totally unacceptable," the US President said on his social media platform, Truth Social.
He further 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. Thank you for your attention to this matter!"
Trump also issued a fresh warning to Apple on Friday, saying the company should face a 25 per cent tariff if it manufactures iPhones in "India or anyplace else."
Trump stated that he had already informed Apple CEO Tim Cook that he expects iPhones sold in the US to be made in America.
Addressing the Apple CEO, Trump said: "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."
The Trump administration recently intensified pressure on the EU to unilaterally lower tariffs on American goods, with US trade officials warning that failure to comply could result in the imposition of new “reciprocal” tariffs.
At the centre of the dispute is Brussels’ latest “explanatory note” outlining its position on ongoing tariff negotiations, a document the U.S. considers inadequate for meaningful dialogue.
Negotiations have hit a roadblock, with both sides unable to reconcile their differences over the framework and substance of a potential agreement. While the EU has proposed a collaboratively developed structure to guide the discussions, the US is pushing for more immediate and unilateral concessions from the bloc
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Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
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