President Trump on Monday took aim at another giant corporation in his ongoing trade war, threatening Apple (AAPL) with increased duties if the company does not make iPhones in the US.
“I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump wrote on Truth Social. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”
Apple stock lost around 3% in premarket trading.
It is unclear whether Trump can target individual companies with tariffs. But Trump in recent days has not been shy about verbally attacking US corporations that have been warning about the effects of his tariffs.
Last week, Walmart (WMT) previewed coming price hikes, sparking a rebuke from Trump, who told the company to “eat the tariffs.” Last month, Trump had a brief back-and-forth with Amazon (AMZN) after a report said the company would display the added cost of the tariffs on products.
On Wednesday, Nike (NKE) said it will raise prices on some adult gear by up to $10 next week, as businesses and leaders continue to warn about the early effects of the tariffs. JPMorgan (JPM) CEO Jamie Dimon said Wednesday that he can’t rule out that the US economy will fall into stagflation as the country faces huge risks from geopolitics, deficits and price pressures.
On the negotiation front, US is pressuring the EU to cut tariffs on American goods, the Financial Times reported Friday. Talks have stalled, with Washington warning of more duties if Brussels doesn’t make concessions.
The EU presented a fresh trade proposal to the US on Thursday. The offer includes phased tariff cuts on non-sensitive goods, plus cooperation in energy, AI, and digital infrastructure. The EU is readying some $108B in retaliatory tariffs if talks fail.
To sweeten the deal, EU officials are also willing to extend a 2020 tariff-free arrangement on US lobster imports, as reported by the FT.
Meanwhile, the US and China have signaled their commitment to continuing talks, with senior officials engaging in a call late on Thursday after the two sides stoked concerns by clashing over chips in recent days.
Treasury Secretary Scott Bessent said recently that tariff rates will go back to “reciprocal” levels if countries do not make trade deals with the US during the 90-day pause.
Here are the latest updates as the policy reverberates around the world.
LIVE962 updates
Trump warns Apple of 25% tariffs if iPhones not made in US
US-China trade war is pushing Asian nations to pick sides, ministers warn
The trade war appears to be putting south-east Asian countries in a difficult position, with some nations facing pressure to pick sides between the US and China, government ministers warned on Friday.
US tariff countdown has nations racing to turn talks into deals
The countdown is on for nations to make trade deals with the US in order to avoid steep tariffs. Here is a rundown of the tariffs facing some US trading partners:
Tariff crossfire hits Toyota, Nissan, Ford suppliers in Japan
US tariffs have put Ford (F), Nissan (NNCHY) and Toyota (TM) suppliers in Japan under pressure, with many concerned about their ability to withstand rising costs.
Senior US-China officials hold call, vow to keep lines of communication open
Worries about a chill in US-China trade relations are easing after a call between senior officials on Thursday, seen as a positive sign of high-level engagement in talks for a broad tariffs deal.
The officials agreed on the need to keep lines of communication open, the two sides said in closely aligned statements on Friday.
In recent days, the two countries have begun feuding again over US curbs on AI chip exports to China. That has stoked worries that the thaw in the trade war agreed at Geneva talks was at risk.
Economic output rebounds in May but tariffs push prices higher, disrupt supply chains
US economic output rebounded in May as businesses digested President Trump’s tariff rollback.
S&P Global’s flash US composite PMI, which captures activity in both the services and manufacturing sectors, came in at 52.1 in May, up from 50.6 in April.
Increased activity in both the services and manufacturing sectors helped drive the gains. S&P’s services PMI increased to 52.3 in May, up from 50.8. Meanwhile, the manufacturing PMI also increased, rising to 52.3, above the 50.2 seen the month prior.
“Business confidence has improved in May from the worrying slump seen in April, with gloom about prospects for the year ahead lifting somewhat thanks largely to the pause on higher rate tariffs,” S&P Global Market Intelligence chief business economist Chris Williamson said in the release.
Still, the data showed clear signs that tariffs are beginning to push prices higher and cause supply chain problems.
“Supply chain delays are now more prevalent than at any time since the pandemic led to widespread shortages in 2022, and prices charged for both goods and services have spiked higher as firms and their suppliers seek to pass on tariff levies to customers,” Williamson said. “The overall rise in prices charged for goods and services in May was the steepest since August 2022, which is indicative of consumer price inflation moving sharply higher.”
Thu, May 22, 2025 at 1:39 PM UTC
Ralph Lauren cuts forecast on US tariff worries
Ralph Lauren (RL) cut its annual revenue forecast on Thursday, citing pressure from US tariff uncertainty.
US high-end livestock breeders lose millions in China tariff fallout
China used to buy lots of special breeding pigs from the US, which made good money for farmers. But the trade fight between the two countries has hurt that business badly. Sellers say they’ve lost millions and some buyers no longer trust US suppliers.
Japan downgrades view on global economy as US tariffs bite
Japan has warned that the global economy is slowing due to uncertainty around US trade policy. The government is especially worried about the impact of President Trump’s tariffs, showing growing concern over wider trade tensions.
Nike set to raise prices next week, plans to sell on Amazon again
Nike (NKE) shares rose 2% premarket on Thursday after the company said it will raise prices on some products next week and resume selling on Amazon (AMZN) for the first time in six years.
Former Export-Import Bank chair: Tariffs will hurt the US ‘in the long run’
On a new episode of the Financial Freestyle podcast, Fred Hochberg, the former chair of the Export-Import Bank, cautioned that the Trump administration’s tariff policies are set up to hurt US consumers.
“I think the tariffs are going to hurt us in the long run,” Hochberg said.
Yahoo Finance’s Sara Belcher breaks down Hochberg’s comments:
China: Unilateral tariffs and threats of reciprocal measures are fanning the flames.
China said on Wednesday that trade talks with the US were vital in helping to build relations between the two countries but what was really needed was “indispensable” multilateralism to find a way out of global trade turmoil.
