Well, butter my biscuits! 🧈 The US stock market, bless its cotton socks, is having a bit of a wobble. Seems President Trump, never one to shy away from a bit of economic strong-arming, is proposing a new round of tariffs. This time, the targets are the European Union (EU) and that purveyor of shiny gadgets, Apple.
In a missive delivered via Truth Social – because where else would you announce potentially world-altering economic policy? – Trump declared his intention to slap a hefty tax on EU goods, starting June 1st. Apparently, they’ve been playing unfairly, and are unwilling to play ball. Or something. 🤔
“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 US of more than $250,000,000 a year, a number which is totally unacceptable.
Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% tariff on the European Union, starting on June 1st, 2025. There is no tariff if the product is built or manufactured in the United States.”
So, there you have it. A straight 50% tariff. Because subtlety is for, well, Europeans, apparently. 🤷♂️
And Apple? Oh, they’re not getting off scot-free either. Trump’s got his eye on them too, demanding they bring their manufacturing base back to the good ol’ US of A. Or else!
“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. If that is not the case, a tariff of at least 25% must be paid by Apple to the U.S.”
Tim Cook must be thrilled. I can just imagine the board meetings. 😬
Unsurprisingly, this news hasn’t exactly sent the stock market into a frenzy of joy. US stocks, along with Apple’s own shares, have taken a bit of a tumble. The S&P 500 and Nasdaq saw dips of 0.67% and 1%, respectively, and Apple shares fell 3%. Which, in stock market terms, is basically like falling off a cliff. 🪨
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2025-05-24 10:02