President Donald Trump is once again wielding his favorite trade weapon: tariffs. But this time, he’s setting his sights on two very different American companies — tech giant Apple and toy maker Mattel — threatening hefty tariffs over comments made by their CEOs.

The Tariff Threats: Apple and Mattel in the Crosshairs

In recent weeks, Trump publicly warned that Apple could face a 25% tariff on imported iPhones if the company doesn’t manufacture them in the United States instead of India. On social media, Trump made it clear: “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”

He later softened this by saying any such tariffs would apply to all imported smartphones — including competitors like Samsung — to keep things “fair.” Still, smartphones have largely been exempt from Trump’s previous China tariffs, so this move would mark a shift.

Meanwhile, Mattel caught Trump’s ire earlier this month when CEO Ynon Kreiz mentioned that tariffs might force the company to raise toy prices and that shifting production back to the U.S. would be too costly. In response, Trump threatened a staggering 100% tariff on all Mattel toy imports, saying: “He won’t sell one toy in the United States… I wouldn’t want to have him as an executive too long.”

Legal Hurdles and the Limits of Presidential Power

Despite the grandiose threats, experts say Trump’s ability to single out companies for tariffs is legally shaky. A recent court ruling questioned whether the president can unilaterally impose tariffs without Congress’s approval — though that decision is currently on hold after an appeals court stepped in.

Trade attorney Lizbeth Levinson explains, “He doesn’t have the constitutional power to name names. Tariffs need to apply to an entire class of products, not just one company.” But she also adds, “Trump’s style has always been to act first and sort out the details later.”

What’s Really Going On?

Behind the scenes, the tariff threats may be less about actually slapping taxes on imports and more about squeezing these companies for concessions. The goal? To push Apple, Mattel, and others toward promises of more U.S.-based investment or to control how companies talk about price increases tied to tariffs.

Clark Packard, a trade expert at the Cato Institute, points out that imposing steep tariffs on iPhones would likely backfire politically. “The American public would be outraged if their iPhones got a lot more expensive,” he says. “So I don’t see specific action against Apple as likely.”

For Mattel, the national security rationale behind tariffs doesn’t apply — unlike smartphones, which might be scrutinized under Section 232 of trade law (used to justify tariffs for national security reasons). That makes imposing a 100% tariff on toys even less probable.

Trump’s Tariffs as Negotiation Tools

Levinson suspects the real aim isn’t to shut down imports entirely but to force companies to “blink.” If Mattel, for example, agrees to move even a small fraction of its toy production to the U.S., Trump can claim victory. The same applies to Apple and the tech sector.

“I’ve had clients calling me, panicked about these threats,” Levinson says. “But honestly, many of these tariffs were never going to go into effect.”

The Takeaway

Trump’s tariff threats against Apple and Mattel highlight his ongoing strategy of using tariffs as leverage rather than as actual trade policy. While the legal and practical obstacles to imposing these specific tariffs are significant, the president is clearly willing to push the envelope to try to force companies to follow his vision for American manufacturing.

Whether these threats translate into real economic impact or just another round of political posturing remains to be seen. But for now, Apple fans and toy lovers alike can breathe a little easier — the tariffs, for now, remain more bark than bite.

Source: CNN – Trump is threatening to impose tariffs on two American companies

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The nickname reflects a pattern markets have come to expect: Trump threatens stiff tariffs, financial markets react, and then—more often than not—he backs down. For savvy investors, these “TACO” moments have become opportunities to profit from the volatility.

But when asked about the nickname during an Oval Office press conference, Trump didn’t take it lightly.

“Don’t ever say what you say, that’s a nasty question,” he snapped at a reporter. “To me that’s the nastiest question.”

Trump insisted his trade strategy is more about toughness than retreat, arguing he’s often accused of being too aggressive, not soft.

“They will say, ‘Oh, he was chicken, he was chicken,’ that’s so unbelievable,” Trump said, defending his decision to delay tariffs on the European Union. “I usually have the opposite problem — they say you’re too tough!”

Markets Ride the TACO Wave

The phrase “TACO” was first coined by the Financial Times, and it’s quickly become Wall Street slang for a familiar Trump tactic: talk tough on tariffs, spook the markets, then backpedal before real damage is done.

Take his “Liberation Day” tariff blitz, for example. Trump initially declared sweeping global tariffs, only to scale them back to a modest 10 percent within a week.

His retaliatory tariffs on China followed a similar arc—announced at a dramatic 145 percent, but ultimately trimmed to the same 10 percent baseline after both nations reached a deal.

More recently, Trump floated a 50 percent tariff on European Union goods, only to reverse course days later by pushing the decision deadline to July.

The Bottom Line

While Trump may bristle at being called out, Wall Street has learned to read between the lines. His dramatic tariff threats often end in de-escalation, giving traders a roadmap for short-term gains in uncertain times. Whether it’s called strategy or backpedaling, “TACO” has stuck—and markets are eating it up.

Source: POLITICO – Trump’s not happy about Wall Street’s name for tariff flip-flops

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Canadians Head to the Polls in an Election Overshadowed by Trump’s Trade Threats

TORONTO (AP) — Canadians are set to make a pivotal choice Monday: stick with the ruling Liberals or turn to the opposition Conservatives. But hanging over the election is a figure who isn’t even on the ballot — or even Canadian — former U.S. President Donald Trump.

The race pits Prime Minister Mark Carney against Conservative leader Pierre Poilievre. While domestic issues like soaring food and housing costs once seemed destined to dominate the campaign, Trump’s aggressive rhetoric about Canada’s economy — and even its sovereignty — has unexpectedly taken center stage.

Trump, fresh off a second U.S. presidential victory, has rattled Canadians by threatening new tariffs and suggesting Canada should become America’s “51st state.” His provocations have fueled a wave of anti-American sentiment, with many Canadians canceling U.S. vacations and boycotting American products. The tension may also have contributed to record early voting numbers, with 7.3 million Canadians casting ballots before election day.

For Carney, Trump’s threats have become a rallying cry.
“The Americans want to break us so they can own us,” he warned recently. “Those aren’t just words. That’s what’s at risk.”

Meanwhile, Poilievre, a populist conservative often compared to Trump in style and tone, had hoped to make the election a referendum on the previous Liberal government, led by former Prime Minister Justin Trudeau. Rising costs of living and surging immigration had eroded Liberal support. But now, Poilievre’s Trump-like bravado risks alienating voters wary of U.S. interference.

“He appeals to the same sense of grievance,” noted Canadian historian Robert Bothwell, likening Poilievre’s message to Trump’s infamous “I am your retribution” speech.

Adding to the election’s gravity, Canada is still reeling from a tragic car-ramming attack in Vancouver that killed several people just days before the vote. Authorities ruled out terrorism, attributing the attack to a local man with a history of mental illness, but the incident briefly suspended campaigning and added a somber tone to the final days.

High Stakes for Canada’s Future

Foreign policy hasn’t loomed this large over a Canadian election since 1988, when free trade with the U.S. dominated headlines. Now, the stakes are even higher. Over 75% of Canadian exports go to the U.S., and Trump’s threats to slap tariffs and shift auto production south could deal a devastating blow to Canada’s economy.

Both Carney and Poilievre have pledged to push for an urgent renegotiation of trade agreements with the U.S. to secure economic stability.
Carney brings heavyweight experience to the table, having led Canada’s central bank through the 2008 financial crisis and later serving as the first non-British governor of the Bank of England.

Despite briefly softening his tone during the campaign, Trump last week reignited fears, warning that Canada “would cease to exist as a country” without U.S. trade. He insisted he wasn’t joking about his push to absorb Canada as a state.

“The Liberals ought to pay him,” Bothwell quipped. “Trump talking is not good for the Conservatives.”

With the nation’s sovereignty and economic future hanging in the balance, Carney urged Canadians to give him a strong mandate to confront Trump’s provocations.
“President Trump has some obsessive ideas,” Carney said. “It’s not a joke. It’s his very strong desire to make this happen. It’s one of the reasons why this crisis is so serious.”

As Canadians head to the polls, they’re not just voting for a new government — they’re making a statement about the kind of relationship they want with their powerful southern neighbor.

Source: AP News – Canadians are set to vote in an election dominated by Trump’s trade war and bluster

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