In response to stalled trade negotiations, US President Donald Trump has said that he’s proposing a 50 percent tariff on all EU goods from June 1.
In a post on the Truth Social platform, President Trump said that the European Union was formed for the “primary purpose” of taking advantage of the United States on trade, adding that their discussions are “going nowhere”.
“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,” the US president claimed.
In a separate post, President Trump threatened Apple with a 25 percent tariff unless its manufacturing is relocated to the US.
“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.
“If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S,” he wrote.
The US tech giant’s European headquarters is located in Cork.
Negotiations have been taking place between the United States and Europe since Mr Trump’s tariff announcements on ‘Liberation Day’ (April 2), which would have seen a 20 percent tariff placed on the EU.
This was later paused for 90 days.
More to follow.