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Market Turmoil: Trump’s Tariff Threats Shake Wall Street
Wall Street faced a sharp downturn on Friday as President Donald Trump announced new tariff threats targeting Apple and the European Union. The Dow Jones Industrial Average, S&P 500, and Nasdaq futures all slid significantly in response to the news.
Trump stated that Apple must pay a 25% tariff on iPhones sold in the U.S. unless they are manufactured domestically. Apple shares dropped 3% following the announcement. Additionally, Trump proposed a 50% tariff on all EU imports starting June 1, citing stalled trade negotiations.
The market reaction was swift, with futures on the Dow Jones sinking 1.5%, the S&P 500 falling 1.6%, and the Nasdaq 100 dropping 1.8%. Investors are now grappling with the potential economic impact of these tariffs, particularly as concerns over the U.S. deficit and inflation continue to mount.
With Memorial Day approaching, traders are bracing for further volatility as they assess the broader implications of Trump’s aggressive trade policies.
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