Because no one wants to deal with the Fascist Felon and cave to his demands, the man toddler just threw one of his tariff tantrums and threatened the European Union with fifty percent tariffs. Earlier, he threatened Tim ‘Apple’ with at least twenty five percent tariffs if the company does not start manufacturing iPhones in the United States.
The Fascist Felon’s (mis)administration is still imposing a 51-percent effective tariff rate on Chinese imports, while China is responding with a 32-percent effective tariff rate on U.S. products. Those rates are down from a peak of 147 percent and 125 percent, respectively. While the lowering of import penalties brought some relief to American businesses, major retailers like Walmart and Target are warning that prices are still expected to increase for American consumers so long as tariffs remain in place.
Stocks declined Friday after The Fascist Felon ramped up his trade fight again, slapping a tariff on Apple for foreign-made iPhones and recommending new stiffer duties on the European Union.
The Dow Jones Industrial Average lost 328 points, or 0.8%. The S&P 500 shed 0.9%, and the Nasdaq Composite dropped 1.2%.
Apple shares shed more than 2% after Trump posted on Truth Social that iPhones sold in the U.S. must be made in the U.S. and if they are not “a tariff of at least 25% must be paid by Apple.” The move against Apple by Trump is the first against a specific company in his tariff rollout this year.
