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Scott Bessent Says Trump Wants to 'Light a Fire' Under Apple, EU with New Tariff Threats
- On May 23, 2025, President Donald Trump announced via Truth Social that he would implement a 25% tariff on iPhones imported into the U.S. If Apple does not manufacture the devices domestically, and he also called for a 50% tariff on products from the European Union starting June 1.
- This action followed Trump's meeting with Apple CEO Tim Cook and unresolved trade negotiations with the EU, which Trump criticized for exploiting U.S. Trade policies.
- Following the announcements, Apple stock dropped nearly 3%, altcoins like Ethereum, XRP, and Dogecoin fell between 3.6% and 4.1%, Bitcoin declined 2.7%, and Wall Street indices opened lower amid increased market uncertainty.
- Scott Bessent, U.S. Treasury Secretary, explained Trump aims to revive U.S. Manufacturing, especially in semiconductors, urging Apple to help secure the supply chain, while Grayscale's Zach Pandl suggested a renewed trade war might boost Bitcoin adoption over the medium term.
- These tariff threats disrupted weeks of risk-on sentiment, reinvigorated trade tensions, and raised prospects for further negotiations, with the EU preparing to respond and a critical phone call scheduled to address the dispute.
15 Articles
15 Articles
U.S. Secretary of Treasury Hopes that Trump's Threat to Customs Will "Get a Fire Under the EU" - HotNews.ro
US Secretary of Treasury Scott Bessent said on Friday that, in trade negotiations between Washington and Brussels, some EU states do not know what the European Commission is negotiating on their behalf, and he estimated that the president's threat...
Trump re-escalates trade threats, aiming at Apple, EU
US President Donald Trump cranked up his trade threats on Friday, targeting smartphone giant Apple and imports from the entire EU, sending the global market roiling after weeks of de-escalation provided some reprieve.
Customs Duties: Scott Bessent Hopes that the Threat of Tariffs Will "Reveal" the EU
The US Treasury Secretary, Scott Bessent, hopes that the threat of 50% tariffs on imports will "await" the European Union. Together with most countries, negotiations are taking place "in good faith", according to him, "but the EU is an exception", he said in an interview given to Fox News. ...
Scott Bessent says Trump wants to 'light a fire' under Apple, EU with new tariff threats
U.S. Treasury Secretary Scott Bessent says President Donald Trump is trying to "light a fire" under the European Union (EU) and tech giant Apple, to ensure America is bringing back production dominance."I would hope that this would light a fire under the EU, because... I've said before, [the] EU has a collective action problem here. It's 27 countries, but they're being represented by this one group in Brussels. So some of the feedback that I've …
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