Trump Threatens Major Tariffs on EU, Apple

President Donald Trump announced plans to impose a 50% tariff on European Union goods and a 25% tariff on Apple iPhones not manufactured in the U.S., set to begin June 1, 2025, citing stalled trade negotiations and longstanding grievances. The announcement led to sharp declines in U.S. and European stock indices, with Apple shares dropping as much as 3.5% and the S&P 500 falling over 1%. The proposed tariffs would affect a wide range of European exports and could prompt significant retaliation from the EU, intensifying fears of an escalating trade war. The cryptocurrency market also reacted, with Bitcoin and Ethereum both dropping over 2% amid increased trading volumes. Analysts warn these tariffs may be unsustainable and are likely intended as negotiation tactics, but their announcement has already heightened investor anxiety and recession concerns. Industry leaders, including Bitcoin advocate Michael Saylor, have criticized the proposed tariffs, reflecting broader unease in tech and financial sectors.