Trump announces high tariffs on EU goods

On May 23, 2025, US President Trump announced through social media that he would impose a 50% tariff on EU goods from June 1, and threatened to impose a 25% tariff on iPhones produced outside the United States. The news caused a shock in the global market, and the stock prices of European automakers fell sharply. Hakan Samuelsson, CEO of Volvo Cars, said that if the 50% tariff is finally implemented, the company may find it difficult to sell the EX30 electric car produced in its Belgian factory in the US market.