Markets are immersed after Trump threatens tariffs on Europe and Apple, sinking shares of iPhone makers by 3%
President Donald Trump cannot stop mentioning tariffs. The stock market fell slightly after Trump threatened a 50% tax on imports from the European Union and a 25% additional charge for products from high-tech Titan. apple. The S&P 500 saw a weekly decline of 0.7% and a 1.7% daily decline. Nasdaq The daily decline was 1%, while the Dow Jones fell 0.6%.
Trump threatened tariffs in a Friday morning post about True Social, the social network he owns. “The European Union, established for the primary purpose of using the US in trade, has been extremely difficult to deal with.” He insistedhe added that he would recommend a 50% tax on goods from the EU.
As for Apple, Trump I was threatened “At least” a 25% tariff on high-tech companies, Apple’s shares fell 3% on Friday if they don’t move the factory that manufactures iPhones to the US, despite the fact that multinational companies’ tariffs are rare in modern times.
Trump’s Friday declaration is from a more reconciliatory position on tariffs his administration has taken in recent weeks, and in itself a pivot from a more positive attitude in early April.
On April 2, the 47th President announced a 10% tax on imports from US trading partners and more serious tariffs on dozens of countries, particularly China. The stocks and bond markets shuddered accordingly, and Trump quickly returned the tariff plans.
However, last week, the US and China agreed to a 90-day suspension of the trade war. Meanwhile, the US will reduce tariffs on Chinese products to 25%, while China will reduce its tax on US exports to 10%. In response, the market gathered and posted weekly Benefits.
Pantheon macroeconomics economists Samuel Tomb and Oliver Allen wrote in their May research notes published Friday before Trump took over the true society, Samuel Tomb and Oliver Allen still appear to have given up on avoiding retirement, despite the administration refraining from imposing additional tariffs this summer.
The recent downgrade in Moody’s US credit valuation has also been heavier in the market. Credit rating agency It was dropped We mentioned last week that the ranking of US debt to the following one-lang ratings from AAA to AA1 is “an increase of over a decade to the level of government debt-interest payment ratios significantly higher than similarly assessed sovereigns.”
This story was originally introduced Fortune.com