The Return of Economic Nationalism.
In a time when markets are reeling and the global order is wavering, Donald Trump once again resorts to his proven tool of provocation: the tariff hammer. On Friday, the President of the United States announced via Truth Social that Apple would have to face tariffs of at least 25% if the company does not manufacture its iPhones entirely in the US. At the same time, he attacked the European Union and announced a flat 50% tariff on all EU imports – effective June 1, 2025.
"I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States - not in India or anyplace else," Trump wrote. "If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S."
The reaction was swift: Apple’s stock dropped, embedded in a broader decline across US markets. The Nasdaq lost nearly 250 points, while the Dow Jones dropped more than 300. Analysts spoke of a "signal market intervention" – and a wake-up call for the entire tech sector.
A Personal Feud with Business
Trump's campaign against Apple is not an isolated case. Just the week before, he had launched a direct attack on Walmart after the company announced it would pass tariff-related price increases on to consumers. Trump's response: Walmart should "eat the tariffs." Amazon also found itself in the president’s crosshairs after it was revealed that the online retailer would begin displaying tariff-related cost increases on its product pages. This is a president in attack mode – against his own economy.
Whether Trump is even legally authorized to impose tariffs on individual companies remains questionable. But the president shows no interest in institutional subtleties. He draws his political capital from confrontation, not cooperation. The White House has become a marketplace of threats – and the markets are responding accordingly.
Europe in the Crosshairs
The European Union was not spared from Trump’s escalation. In his statements, he called the EU "very difficult to deal with" and declared that the ongoing negotiations had no prospect of success.
"Our discussions with them are going nowhere - Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1," Trump said.
According to the Financial Times, the EU had just submitted a new trade proposal the day before. It included phased tariff reductions on non-sensitive goods and expanded cooperation in energy, artificial intelligence, and digital infrastructure. But Trump seems uninterested in solutions – and far more focused on headlines. If no agreement is reached, Brussels is already preparing countermeasures totaling around 108 billion US dollars.
Apple in a Bind
The situation is especially precarious for Apple. In recent years, the company has moved parts of its production from China to India and Vietnam – but Trump's demand amounts to a full reshoring to the United States. Experts deem this unrealistic in the short term. The country lacks the infrastructure, workforce, and cost-effective supply chains required.
Apple CEO Tim Cook had previously tried to appease Trump – with investments in Texas and personal meetings. But the room for compromise is shrinking. Trump's new strategy is clear: apply public pressure, publicly shame corporations, and mobilize voters for whom "America First" has become more important than economic reality.
The Return of Tariff Nationalism
Global trade policy is once again at a turning point. Trump's tariff strategy is not part of a sophisticated plan but rather an expression of economic revanchism. The president replaces international partnership with threats - long-term strategy with short-term theatrics. And the consequences may be severe – not only for supply chains but for political alliances around the globe.
Treasury Secretary Scott Bessent stated on Friday that the current tariff pause with the EU is merely a "good-faith" window. After 90 days, he said, tariffs would return to "reciprocal levels." The EU, Bessent said, has been "explicitly addressed" – a diplomatic way of saying what Trump has already made clear: that economic pressure has become a tool for asserting geopolitical dominance.
The Beautiful Big End?
Trump’s new tariff threats do not merely mark an escalation of his nationalist course – they also highlight the financial necessity behind it. With his so-called "big, beautiful bill" – that massive legislative package delivering tax cuts to the wealthy while dismantling social programs – he has carved a gaping hole into the federal budget. Over 200 billion dollars in additional spending, accompanied by massive cuts to health care, education, and public infrastructure – that is the price of Trump's populist performance.
And so his tariff policy appears to be a desperate attempt to keep his system running – through protectionism and intimidation. But the cost is high. Not only economically, but morally. For in the end, the "big, beautiful bill" may well become the "beautiful big end" – the grand, beautiful end of an order once built on trust, reliability, and reason.
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