Business
Trump threatens 50% tariffs on EU and 25% penalties on smart phones
President Donald Trump boards Air Force One to depart Joint Base Andrews, Md on May 23. (AP)
WASHINGTON, May 24, (AP): US President Donald Trump on Friday threatened a 50% tax on all imports from the European Union as well a 25% tariff on smartphones unless those products are made in America. The threats, delivered over social media, reflect Trump’s ability to disrupt the global economy with a burst of typing, as well as the reality that his tariffs have yet to produce the trade deals he is seeking or the return of domestic manufacturing he has promised voters.
The Republican president said he wants to charge higher import taxes on goods from the EU, a longstanding US ally, than from China, a geopolitical rival that had its tariffs cut to 30% this month so Washington and Beijing could hold negotiations. Trump was upset by the lack of progress in trade talks with the EU, which has proposed mutually cutting tariffs to zero even as the president has publicly insisted on preserving a baseline 10% tax on most imports.
“Our discussions with them are going nowhere!” Trump posted on Truth Social. “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.” Speaking later in the Oval Office, Trump stressed that he was not seeking a deal with the EU and might delay the tariffs if more companies invested in the United States. “I’m not looking for a deal,” Trump told the reporters. “We’ve set the deal. It’s at 50%.”
The EU’s top trade official, Maros Sefcovic, posted on the social media site X that he spoke Friday with U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick. “The EU’s fully engaged, committed to securing a deal that works for both,” Sefcovic said. “EU-US trade is unmatched & must be guided by mutual respect, not threats. We stand ready to defend our interests.” Trump’s tariffs against Europe had been preceded by a threat of import taxes against Apple for its plans to continue making its iPhone in Asia.
Apple now joins Amazon, Walmart and other major U.S. companies in the White House’s crosshairs as they try to respond to the uncertainty and inflationary pressures unleashed by his tariffs. “I have long ago informed Tim Cook of Apple 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,” Trump wrote. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”
Beneficial owner registration hits 98% as Kuwait strengthens Anti-money laundering measures.
KUWAIT CITY, June 12: The Ministry of Commerce and Industry announced on Thursday that 98 percent of commercial entities in Kuwait have completed registration of their beneficial owners (BEN) following the ministry’s deadline on Wednesday. This high registration rate reflects strong compliance with regulatory requirements aimed at enhancing transparency and combating money laundering.
The ministry’s spokesperson, Abdullah Al-Harz, informed Kuwait News Agency (KUNA) that a total of 3,007 commercial entities failed to disclose their beneficial owners by the deadline and will face financial penalties estimated at KD 3 million (approximately USD 9.8 million). Fines start at KD 1,000 and can escalate to KD 10,000 for continued non-compliance.
Al-Harz detailed that 148,108 out of 151,115 active commercial entities completed the beneficial owner registration during the allotted period. Among these, 111,838 out of 114,339 active personal companies registered, achieving a 97.8 percent registration rate. Sole proprietorships numbered 35,066, with 34,701 registered, representing a 98.9 percent compliance rate. Joint-stock companies accounted for 1,710 active entities, with 1,569 registered, reflecting a 91.7 percent rate.
He emphasized that the 3,007 companies that did not meet the registration deadline will be penalized according to applicable legislation.
The spokesperson also highlighted the ongoing importance of adhering to transparency controls and regulations to improve Kuwait’s business environment in line with international standards.
Earlier this month, the Ministry of Commerce and Industry set a final 10-day deadline for institutions and companies to disclose the identity of their beneficial owners — defined as the individuals exercising ultimate control over the companies — to avoid legal actions and fines.
This initiative is part of Kuwait’s broader commitment to strengthening transparency and complying with global standards against money laundering and terrorist financing. The ministry stressed that disclosure reflects companies’ seriousness in maintaining organized data and enhancing their credibility.
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