US President renews trade threats, aiming at European Union, Apple
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The Apple Inc logo is seen at the entrance to the Apple store in Brussels, Belgium November 28, 2022. — Reuters
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US President Donald Trump once again threatened to intensify his trade war, and recommend 50 % tariffs on EU goods from June 1, and warns Apple that he can impose 25 % tariffs on any iPhone made outside the United States.
The global markets were stopped after the two threats presented by social media, after a week of scalancing. Initial trade declined by 1.2 % in S&P 500, Nice Deck declined by 1.5 %, and European shares declined 1.7 %.
Shares of German car makers and luxury companies – the most exposed to some rates – came to the news. Porsche, Mercedes and BMWs were less between 2 % and 4.5 %. The sunshine company Asyloroxitica was 5.5 % lower.
Apple’s shares declined by 3.7 % in pre -market trading, as well as shares of other technology bulls. Trump did not give Apple a time frame for his warning. More than 60 million phones are sold annually in the United States, but there is no smartphone manufacturing in this country.
“The European Union, which was created for the main purpose of benefiting from the United States on trade, was very difficult to deal with,” Trump wrote on the social site of his truth. ” “Our conversation with them is not going anywhere!”
The European Union Commission on Friday refuses to comment on the new 50 % tariff threat, saying it will wait for a phone call between EU trade chief Maros Saifkoich and his US counterpart Jameson Greer.
Following the envoy of 27 European Union countries, trade will be held in Brussels on Friday.
The European Union’s total exports to the United States last year were about 500 billion euros, with Germany [161 billion euros]Ireland [72 billion euros] And Italy [65 billion euros] – Three largest exporters. According to European Union data, pharmaceuticals, cars and auto parts, chemicals and aircraft were among the largest exports.
“The European Union is one of the lowest favorable areas of Trump,” said Kathleen Brooks, the research director of the XTB, and it seems that they do not have good relations with the leaders, which increases the chances of a long trade war between the two. “
In Europe, export-based car companies-especially Germany’s major car makers-are highly exposed, with small discounts and prices increase in addition to some near-term powers.
Porsche and Volkswagen’s Audi is not a US production. Some, including Audi and Volvo cars, have already said that they will transfer some production.
Volvo cars CEO Hawkin Samuleson told Reuters on Friday that consumers would have to pay a large part of tariff cost, and that it could be impossible to import small cars into the company’s line -up.
But they are expected that Europe and the United States will soon make a deal.
“I am sure there will be an agreement soon,” said Samuelson. It may not be in the interest of Europe or the United States to stop trade between them. “
Hopeful ‘erased’
In early April, Trump sent the markets to the markets after imposing taxes on almost every population around the world, including a massive tax of about 1445 % on imported goods from China. Investors strictly responded by selling US assets, as the levies have questioned their safe places that the United States has long enjoyed, and while markets have recovered, business and consumer confidence in the United States have lost.
The trauma response forced the White House to withhold most revenue in early July, leaving 10 % tax on most imports of other countries and 30 % tax on most Chinese goods. But Trump eliminated the possibility of resurrection some Levies.
The White House is talking to several countries on trade issues, but progress has been stable. The finance leaders of the seven industrial democracies tried to reduce controversy over taxes earlier this week in a forum in the Rocky Mountains of Canada.
In a note on Friday, City Index and Forex.com market analyst Fawad Razak Zada wrote, “All hopefulness on trade deals ended in minutes – in seconds.”
To target Apple
Referring to Apple’s CEO, Trump said in a post on the truth social social on Friday morning, “I have long ago told Apple’s Tim Cook that I expect their iPhones, which will be sold in the United States, will be built in India, or no place, in the United States.”
“If that’s not so, Apple has to pay at least 25 % of the revenue to the United States.”
It is unclear whether an individual company will face legal barriers to any rates. Apple refuses to comment on Trump’s threat.
In response to the market stir, the White House imported standing rates on smartphones and some other electronics from China, a break for Apple and other tech firms that rely on imported products.
A source told Reuters that Apple aims to sell most of its iPhones sold in the United States in the United States by the end of 2026, and is accelerating these plans for potentially more taxing in China, its central manufacturing base, a source told Reuters.
But Trump and others, including Commerce Secretary Howard Lotank, have suggested that Apple could make an iPhone in the United States. In February, Apple said nine US states would spend $ 500 billion in four years to increase jobs and facilities in the US states, but did not say that the investment would be towards bringing iPhone manufacturing in the United States.
The iPhone maker said most of its smartphones sold in the United States will start from India in the June quarter.
“It is difficult to imagine that Apple can be fully complying with the president’s request over the next 3-5 years,” said Gul Loria, an analyst at DA Davidson & CO.
