On May 23, 2025, Wall Street experienced a significant downturn due to President Donald Trump's announcement of proposed tariffs, including a 50% tariff on goods from the EU and a 25% tariff on Apple. Trump cited failed trade negotiations as the impetus, claiming the EU has been difficult to deal with and accusing it of having trade practices that disadvantage the U.S. The news led to increased market instability, notably affecting Germany's DAX and causing worries around the economic impact of these escalating trade tensions.
"Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025," Trump wrote on Truth Social.
Trump accused the EU of being formed for the primary purpose of taking advantage of the United States on TRADE, and said the bloc has been very difficult to deal with.
He also criticized what he described as the EU's powerful trade barriers, listing sales taxes, corporate liabilities, and unfair lawsuits against US firms.
The tariff warnings have rattled markets and raised fresh concerns about trade instability, with Wall Street shares tumbling as a result.
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