Trump Widens Smartphone Tariff Threats

President Donald Trump dug in on his threat to impose a 50% tariff on the European Union and said a potential 25% charge on imported Apple Inc. smartphones would also apply to Samsung Corp. devices if they do not move production to the U.S.

- Bloomberg

WASHINGTON:

Trump said on Friday in a social media post that the higher charge on the EU would start on June 1 because "our discussions with them are going nowhere," adding that he saw the bloc as "very difficult to deal with."

The president later downplayed the EU's ability to broker a lower rate, complaining about its trade practices and negotiating tactics and stating "I'm not looking for a deal. I mean, we've set the deal. It's at 50%."

"They don't go about it right," Trump told reporters in the Oval Office.

"I just said, it's time that we play the game the way I know how to play the game."

The president's initial comments rattled global financial markets. Equities dropped, with the S&P 500 Index sinking about 1% before paring losses after U.S. Treasury Secretary Scott Bessent said several trade deals may be struck in the coming weeks. Apple led a selloff in tech, falling 2.5%.