The US stock market sees a slight decline, because President Donald Trump proposes a new rates for the European Union (EU) and technology giant Apple.
In a new position about the truth of truth, Trump says that from 1 June he will recommend a hefty tax on EU goods because of their unfair economic practices and unwillingness to negotiate.
“The European Union, which was formed for the primary goal to take advantage of the United States on trade, has been very difficult to deal with.
Their powerful trade barriers, VAT taxes, ridiculous company fines, non-monetary trade barriers, monetary manipulations, unfair and unjustified lawsuits against American companies, and more have led to a trade deficit with the US of more than $ 250,000,000 a year, some that is completely unacceptable.
Our discussions with them are not going anywhere! That is why I recommend a 50% rate to the European Union, from 1 June 2025. There is no rate if the product is built or manufactured in the United States. “
With regard to Apple, Trump says that he imposes rates on the technology giant until the company moves its production basis to the US.
“I informed Apple Tim Cook a long time ago that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not in India, or somewhere else. If that is not the case, a rate of at least 25% must be paid by Apple to the US”
News about the new rate recommendations ensured that US stock markets and Apple shares withdraw. The S&P 500 and Nasdaq saw dips of 0.67%and 1%respectively, and Apple shares fell by 3%.
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