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Ladybbird · 24-05-25, 03:53

Markets Tank as Trump Moves to Impose Crippling 50% Tariff on Europe

Trump Says EU Will Face 50% Tariffs And Threatens Apple With HIGHER Duties

MailOnline 24 MAY 2025

Wall Streets major market indexes tumbled early Friday following explosive new tariff threats by Donald Trump against the European Union and Apple.

Trump announced on Friday morning crippling tariffs of 50 percent on Europe starting 1 June

About 30 minutes into trading on Friday, the Dow Jones Industrial Average was already down 1 percent.

The S&P 500 shed 1.2 percent and the tech heavy Nasdaq dropped by 1.5 percent.

Apple shares plunged by 2.5 percent in the wake of a separate threat by Trump to tariff iPhones not made in America.

Treasury yields and the dollar also fell on the news during a week when bond markets absorbed the news that the tax cuts included in Trumps big, beautiful budget bill would add an estimated $3.8 trillion to the debt, according to the Congressional Budget Office.

Deutsche Bank strategist George Saravelos wrote that the deficit requires ongoing funding from foreigners to be sustained.

Trumps new threats revived investor concerns about his trade policies after a recent deal with Britain and a tariffs truce with China.

The single most reliable economic fact of the Trump presidency is that when he raises tariffs, markets tank. When he backs off, they rise, wrote University of Michigan economics professor Justin Wolfers on X.

On social media, Trump slammed estimates of a $250,000,000 trade deficit between the US and Europe every year, adding that it's totally unacceptable.

Trump Threatens Apple

Trumps attack on the EU came shortly after he tore into Apple, following a White House meeting this week with Tim Cook, CEO of the tech giant.

Apples stock sank even more than the broader averages, after Trump fired off his first tariff attack on an individual company.

One analyst told CNBC that increased labor costs alone could drive up the cost of an iPhone by 25 percent. Another said an iPhone manufactured in the U.S. could end up costing $3,500. Apple designs its products in California but contractors mostly manufacture them abroad.

The president wrote on Truth Social: I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the U.S. where labor costs are much higher than China , India and developing countries will be manufactured and built in the United States, not India, or anyplace else.

https://www.youtube.com/watch?
v=Q8KQ4X8qn4M

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24-05-25, 03:53	#1
Ladybbird Join Date: Feb 2011 Posts: 50,580 Thanks: 28,767 Thanked 14,428 Times in 10,234 Posts Awards Showcase Total Awards: 8	Trump Imposes Crippling 50% Tariff on Europe & Threatens Apple With HIGHER Duties Markets Tank as Trump Moves to Impose Crippling 50% Tariff on Europe Trump Says EU Will Face 50% Tariffs And Threatens Apple With HIGHER Duties MailOnline 24 MAY 2025 Wall Streets major market indexes tumbled early Friday following explosive new tariff threats by Donald Trump against the European Union and Apple. *Trump announced on Friday morning crippling tariffs of 50 percent on Europe starting 1 June* About 30 minutes into trading on Friday, the Dow Jones Industrial Average was already down 1 percent. The S&P 500 shed 1.2 percent and the tech heavy Nasdaq dropped by 1.5 percent. Apple shares plunged by 2.5 percent in the wake of a separate threat by Trump to tariff iPhones not made in America. Treasury yields and the dollar also fell on the news during a week when bond markets absorbed the news that the tax cuts included in Trumps big, beautiful budget bill would add an estimated $3.8 trillion to the debt, according to the Congressional Budget Office. Deutsche Bank strategist George Saravelos wrote that the deficit requires ongoing funding from foreigners to be sustained. Trumps new threats revived investor concerns about his trade policies after a recent deal with Britain and a tariffs truce with China. The single most reliable economic fact of the Trump presidency is that when he raises tariffs, markets tank. When he backs off, they rise, wrote University of Michigan economics professor Justin Wolfers on X. On social media, Trump slammed estimates of a $250,000,000 trade deficit between the US and Europe every year, adding that it's totally unacceptable. Trump Threatens Apple Trumps attack on the EU came shortly after he tore into Apple, following a White House meeting this week with Tim Cook, CEO of the tech giant. Apples stock sank even more than the broader averages, after Trump fired off his first tariff attack on an individual company. One analyst told CNBC that increased labor costs alone could drive up the cost of an iPhone by 25 percent. Another said an iPhone manufactured in the U.S. could end up costing $3,500. Apple designs its products in California but contractors mostly manufacture them abroad. The president wrote on Truth Social: I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the U.S. where labor costs are much higher than China , India and developing countries will be manufactured and built in the United States, not India, or anyplace else. https://www.youtube.com/watch? v=Q8KQ4X8qn4M . __________________ That buzz you hear is George Washington spinning in his grave

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