Summary
Here’s a summary of what happened today:
Donald Trump announced two huge tariff proposals this morning: A 50% tariff on all EU imports and a 25% tariff on Apple smartphones produced outside the United States.
Trump later clarified all smartphones, including those manufactured by Samsung, will also be subject to tariffs.
Trump said that trade talks with the EU had been “difficult”, while he criticized Apple for shoring up manufacturing in India.
US trade secretary Scott Bessent told Fox News on Friday that Trump is trying to change “the EU’s pace” in negotiations, and that a 50% tariff would “light a fire under the EU”.
US and European markets tumbled Friday afternoon off news of the tariffs, with Germany’s DAX down 1.6% for the day, and the Dow closed 2.2% down for the week. Apple stock has tumbled over 6% this week.
Trump also announced a partnership between US Steel and Nippon Steel, saying that US Steel will still be based in Pittsburgh, after Joe Biden blocked a merger between the two companies in early January.
Shares of US Steel soared 21% as investors interpreted the post on Truth Social to mean Nippon Steel’s takeover of US Steel was nearing completion, having cleared the last major hurdle with Trump’s apparent approval.
“This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy,” Trump said in a post on Truth Social.
Trump said the bulk of that investment would occur in the next 14 months. He added he would hold a rally at US Steel in Pittsburgh next Friday.
The two companies did not immediately respond to a request for comment. The White House did not immediately reply to questions about the announcement.
Reuters reported this week that if the merger is approved, Nippon Steel has said it would invest $14bn into US Steel’s operations including up to $4bn in a new steel mill.
