Dow futures tumble 500 points as Trump threatens new tariffs against the EU and Apple
Trump posted on Truth Social that iPhones sold in the U.S. must be made in the U.S. and if they are not “a tariff of at least 25% must be paid by Apple.” The move against Apple by Trump is the first against a specific company in his tariff rollout this year.
Separately, the president said the trade discussions with the EU “are going nowhere” and so he’s “recommending a straight 50% tariff on the European Union, starting on June 1, 2025.”
Trump’s actions come at a time when tariff tensions were easing. Trump in April implemented duties on most nations in the world, which rattled the stock market and nearly put the S&P 500 in a bear market. The president then paused the stiffest tariffs for 90 days and hatched some preliminary agreements with the U.K. and China, causing stocks to recover. The S&P 500 got back to even on the year last week.
