Overview

• President Trump announced a 50% tariff on all European Union imports, effective June 1, citing a lack of progress in trade talks.
• Trump stated he is not seeking a deal with the EU, signaling frustration with what he perceives as unfair trade practices and barriers.
• The EU Trade Commissioner emphasized the bloc's commitment to negotiations based on mutual respect and previewed a $108 billion retaliatory tariff plan if talks fail.
• Markets in the US and Europe reacted negatively to the announcement, with major indices and Apple shares falling sharply.
• Trump also threatened a 25% tariff on foreign-made smartphones, including Apple and Samsung devices, unless production is moved to the US.