Trump Trade: Trump considers 50% tariff on EU, 25% on iPhones

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

TARIFF ON EU: President Donald Trump stated in a post to Truth Social, “The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with. Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more, have led to a Trade Deficit with the U.S. of more than $250,000,000 a year, a number which is totally unacceptable. Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025. There is no Tariff if the product is built or manufactured in the United States. Thank you for your attention to this matter!”

TARIFF ON IPHONE: President Donald Trump posted on Truth Social, “I have long ago informed Tim Cook of Apple (AAPL) 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. If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S. Thank your for your attention to this matter!”

HEALTH OF CHILDREN: The Trump administration took aim at “Big Food,” Bayer (BAYRY), Facebook (META), and other companies in its report on children’s health, blaming poor diet, chemicals, and social media for chronic disease in the country, Patrick Temple-West of The Financial Times reports. In the report, the White House’s “Make America Healthy Again” commission cited food, medical, and environmental factors that could lead to developmental problems in children. Publicly traded food companies include PepsiCo (PEP), Kraft (KHC), Campbell (CPB), General Mills (GIS), Conagra (CAG), Kellanova (K), WK Kellogg (KLG), Hershey (HSY) and Mondelez (MDLZ). Other publicly traded chemical companies include BASF (BASFY) and Corteva (CTVA).

NUCLEAR POWER USE: President Trump is expected to sign executive orders on Friday that seek to jumpstart the use of nuclear energy, Reuters reports, citing sources familiar with discussions. The orders will seek to ease the regulatory process on approvals for new reactors and strengthening fuel supply chains, the report states. Publicly traded companies in the space include Oklo (OKLO), Nuscale Power (SMR), Nano Nuclear Energy (NNE), BWX Technologies (BWXT) and Constellation Energy (CEG).

CLEAN VEHICLES PROGRAM: California Attorney General Rob Bonta and California Governor Gavin Newsom announced that the state will file a lawsuit as Republicans in the U.S. Senate take on California’s clean vehicles program. Publicly traded companies in the electric vehicle space auto space include Ford (F), General Motors (GM), Tesla (TSLA), Rivian (RIVN) and Lucid Group (LCID). “With these votes, Senate Republicans are bending the knee to President Trump once again,” said Attorney General Rob Bonta. “The weaponization of the Congressional Review Act to attack California’s waivers is just another part of the continuous, partisan campaign against California’s efforts to protect the public and the planet from harmful pollution. As we have said before, this reckless misuse of the Congressional Review Act is unlawful, and California will not stand idly by. We need to hold the line on strong emissions standards and keep the waivers in place, and we will sue to defend California’s waivers.”