In a move that could reignite a full-blown global trade war, former U.S. President Donald Trump has announced a massive 50% tariff threat against the European Union, setting off strong reactions from international leaders and rattling financial markets.
Tariffs to Hit June 1, 2025?
Taking to Truth Social, Trump said, “Negotiations with the EU are going nowhere,” and declared he would impose a 50% tariff starting June 1, 2025, unless a breakthrough occurs. This would raise tariffs from the current 10%, escalating already strained U.S.-EU trade relations.
Trump also accused the EU of being “formed for the primary purpose of taking advantage of the United States on TRADE.”
Europe Fires Back
European leaders swiftly responded:
- France’s Trade Minister, Laurent Saint-Martin, said the EU seeks “de-escalation but is ready to respond.”
- Irish Prime Minister Micheál Martin labeled the move “enormously disappointing,” warning that “tariffs are damaging to all sides.”
- While Brussels hasn’t yet detailed countermeasures, sources hint at potential tariffs on $113 billion of U.S. goods.
Apple Also in the Crosshairs
In a related development, Trump slammed Apple Inc. for refusing to move iPhone production to the U.S., threatening a 25% tariff on imported devices.
Analysts called the idea “unrealistic,” warning that reshoring production could drive iPhone prices up to $3,500 due to labor and import costs.
Global Economic Ripple Effects
The news sent Wall Street a brief dip, with investors fearing a repeat of the 2018-2019 trade tensions. Analysts warn that such aggressive trade policies could worsen global supply chain woes, increase inflation, and disrupt diplomatic relations between major economies.
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What This Means for Nigeria and Africa
- While the conflict is centered between Western powers, Africa could feel the impact through:
- Higher import prices on European or U.S. goods.
- Uncertainty in foreign investment from either bloc.
- Trade route shifts that affect ports and logistics hubs in West Africa.
Stay tuned to Naija Blog Daily as we track the unfolding U.S.-EU trade war and its global implications.
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