US President Donald Trump has said he is recommending a 50% tariff on all goods from the European Union imported into the United States.
"Our discussions with them are going nowhere!" he wrote in a social media post on Friday. He said the new tariffs would take effect on June 1.
The announcement marks an escalation of Trump's trade war with the EU. He initially proposed a 20% tariff on most EU goods, but halved it to 10% by July 8 to allow time for talks.
The president also threatened to impose an import tax of "at least" 25% on iPhones that are not made in America.
"I have previously informed Tim Cook of Apple that I expect their iPhones to be sold in the United States of America to be manufactured and built in the United States, not in India or any other country," Trump said, writes A2 CNN.
"If this is not the case, a tariff of at least 25% should be paid to the US by Apple," he added, writes A2 CNN.
Analysts said it remains to be seen whether the threats will become reality.
A tariff is an internal tax that is imposed on goods once they enter a country, in proportion to the value of the import and is paid by the business that imports them.
Since returning to the White House, Trump has imposed and threatened various tariffs on goods from various countries around the world, which he sees as a way to boost American manufacturing and protect jobs from foreign competition.
The prospect of imposing higher tariffs on imports into the US has shocked many world leaders because it will make it more expensive and difficult for businesses to sell goods in the world's largest economy. (A2 Televizion)
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