Trump Threatens EC, Apple, Stocks Flounder
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Stocks declined Friday after President Donald Trump ramped up his trade fight again, slapping a tariff on Apple for foreign-made iPhones and recommending new stiffer duties on the European Union.
The Dow Jones Industrials blundered 361.88 points to 41,497.21.
The S&P 500 dipped 55.88 points to 5,786.13
The NASDAQ Composite flopped 203.02 points, or 1.1%, to 18,722.71.
Apple shares shed more than 2% after 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.
Micron slumped 2.5% and Qualcomm declined 3.3%. Nvidia shares lost 1%.
Friday’s declines added to the market’s weekly losses. The S&P 500, Dow and NASDAQ are all down more than 2% this week.
Separately, the president said 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.
Prices for the 10-year Treasury were higher in the early stages of Friday, lowering yields to 4.52% from Thursday’s 4.54%. Treasury prices and yields move in opposite directions.
Oil prices regained 43 cents to $61.63 U.S. a barrel.
Prices for gold revived $49.80 to $3,344.80.
