Stocks tumbled on Friday after President Trump threatened to impose a fresh round of tariffs, this time aimed at Apple and the European Union.
The S&P 500 fell 65 points, or 1.1% in early trading, while the Dow Jones Industrial Average slid 371 points or 0.9%. The tech-heavy Nasdaq Composite shed 263 points, or 1.4%.
The shaky start on Wall Street followed a string of Friday morning posts from the president on Truth Social regarding his tariff policy. Mr. Trump first said that he would impose a 25% tariff on Apple if the company did not shift some of their iPhone production to the U.S.
The president then posted that he would impose a “straight 50% Tariff” on the European Union, calling the group of countries “very difficult to deal with.”
“Our discussions with them are going nowhere!” he stated.
European markets reacted swiftly to Mr. Trump’s Friday morning shake-up. The Germany’s DAX fell 1.9%, while the CAC 40 in Paris fell 2.4%. London’s FTSE 100 also shed 1.1%.
—This is a developing story and will be updated
contributed to this report.
