Stock Market Today: Dow, Nasdaq Drop After Trump Threatens ‘Straight 50% Tariff’ on EU — Live Update
Trump’s tariffs and the trade war continue to affect global markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.
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17h agoThe president wrote on Truth Social Friday morning that discussions with the European Union “are going nowhere” and that he is recommending a 50 percent tariff on European imports as of June 1. “The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with,” Mr. Trump wrote. He claimed the bloc’s trade barriers, taxes, corporate penalties and other policies had contributed to a trade imbalance with the United States that was “totally unacceptable.” In an earlier social media post, the president also targeted Tim Cook, the chief executive of Apple, who visited Mr. Trump at the White House last week. The president wrote that iPhones sold in the United States should be “manufactured and built in the United States, not India, or anyplace else.”
President Donald Trump on Friday threatened a 50% tax on all imports from the European Union as well a 25% tariff on Apple products unless iPhones 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 long-standing 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.
President Donald Trump on Friday threatened Apple with a 25% tariff for any iPhone sold but not made in the United States — putting new pressure on CEO Tim Cook to move manufacturing out of Asia. “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 in a Truth Social post. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the US. Thank you for your attention to this matter!” Apple shares plunged 4% in premarket trading.