Treasury Secretary Scott Bescent joins the “American Newsroom” to discuss 50% tariffs in the European Union, 25% tariffs on Apple, the possibility of a Senate change to the Senate “big beautiful bill” and the push for modernisation of the IRS.
US Treasury Secretary Scott Bescent says President Donald Trump is trying to “light a fire” under the European Union and tech giant Apple to ensure that America regains control of production.
“I hope this will light a fire under the EU… because I said it before [the] The EU has the issue of collective action here. It is 27 countries, and is represented by this one group in Brussels. So some of the feedback I’m getting is that the underlying countries don’t even know what the EU is negotiating on their behalf,” Bescent said. Fox News’ “American Newsroom.”
President Donald Trump on Friday threatened to impose fresh tariffs on both Apple and the European Union, saying that iPhone makers and the trade bloc were not paying attention to previous demands.
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In two quickfire posts on Truth Social, Trump warned that if Apple refuses to make US smartphones, he would slap 25% tariffs on imported iPhones if the move comes after Trump met with Apple CEO Tim Cook at the White House on Wednesday, Fox confirmed.
US Treasury Secretary Scott Bescent joined the “American Newsroom” and responded to Trump’s two new tariff threats in just minutes. (Fox News)
“Again, the president is trying to bring precision manufacturing back to the United States,” explained Bescent. “And one of our biggest vulnerabilities is this external production, especially in semiconductors, and since most of Apple’s components are semiconductors, I think it will help Apple make the semiconductor supply chain safer.”
When asked by Bill Hemmer that “how bad” conversation must have been with each party, Bessent claimed this corresponded to the EU’s “pace” and that he was not directly involved in Cook’s visit to the White House.
Gordon Chang, a senior fellow at the Gatestone Institute, considers President Donald Trump to be threatening Apple with tariffs, trade talks and the state of China’s economy during his extensive interview on “Mornings with Maria.”
“There are 18 important trade contracts we have to make. I’m primarily working in Asia. And the group has stepped forward with some very interesting proposals. They are negotiating in good faith,” the Treasury Secretary said. “We’re already crafting deals with the UK.”
Bessent acknowledged that it will take some time for Apple to move completely from China’s production and manufacturing.
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US Treasury Secretary Scott Bescent has spoken about its relationship with China and trade negotiations as “Ingraham’s angle.”
“I think Apple began moving most of its supply chain from China during Covid when it turned out to be an unreliable partner,” he added.
According to Bessent, the customs talks are “a lot in line” with India and it is likely that more deals with trading partners will be announced in July. “With the exception of the EU, most of them negotiate in very sincerity.”
Michael Dorgan of Fox Business contributed to this report.
