Trump Launches 301 Investigation Against EU Over Tech Fines, Threatens Tariffs on July 24

On Friday, July 24, Trump's administration announced a Section 301 investigation against the European Union, citing EU antitrust fines imposed on American tech companies including Google and Apple. Trump stated on Truth Social that the EU was "plundering American businesses," warning that large-scale tariffs against the EU would follow shortly.

The move follows the U.S. Trade Representative's announcement the previous day of 10% to 12.5% tariffs on 60 economies, citing forced labor violations in supply chains. Deutsche Bank's Jim Reid noted that tariffs have become a permanent tool in U.S. economic policy, with further investigations into overcapacity expected to yield additional levies in coming weeks.