US President Donald Trump has once again stepped up his trade threats, targeting both smartphone maker Apple and imports from Ireland and other European Union countries.
The move sparked jitters in global markets on Friday after weeks of easing tensions provided some respite.
Trump said he would recommend a 50 percent tariff on European Union goods from June 1, which would impose high duties on luxury goods, pharmaceuticals and other products made by Irish and European companies.
The president is also threatening to impose a 25 percent tariff on all iPhones that are sold but not manufactured in the United States. The U.S. sells more than 60 million phones each year, but has no smartphone manufacturing industry.
Markets fell on the news. S&P 500 futures fell 1.5% in premarket trading, while the Eurostoxx 600 fell 2%. Apple shares fell 3.5% in premarket trading, along with other leading tech stocks. Trump did not specify a time frame for his warning to Apple.
“I have long since communicated to Tim Cook of Apple that I expect their iPhones to be sold in the United States to be manufactured and assembled in the United States, not in India or anywhere else,” Trump wrote in a post on Truth Social. “If not, Apple will be required to pay the United States a tariff of at least 25 percent.”
The White House is negotiating with a number of countries on trade issues, but progress remains fragile.
Trump's aggressive tariffs in April, which could have increased consumer and business spending on imported goods by about 25 percent, led to a selloff in U.S. assets, including stocks, the dollar and Treasuries. Markets have since begun to recover.
It is unclear whether Trump could impose a tariff on a specific company. Apple did not immediately respond to a Reuters request for comment.
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After Trump's tariffs on Chinese imports topped 100 percent in early April, the White House backed away from the market turmoil, granting exemptions to the high tariffs on smartphones and some other electronic goods imported primarily from China, providing a reprieve for Apple and other import-dependent tech companies.
One of the sources told Reuters that Apple plans to make most of its iPhones sold in the United States in factories in India by the end of 2026 and is accelerating those plans to avoid potentially higher tariffs in China, where the company's main production facility is located.
Apple last month pitched India as an alternative manufacturing base amid Trump's tariffs on Chinese goods that have raised supply chain concerns and fears of rising iPhone prices, according to Reuters.
The iPhone maker said most of its smartphones sold in the U.S. in the June quarter
Sourse: breakingnews.ie
