Stock futures fell significantly as President Trump renewed tariff threats against the European Union and Apple, alarming investors. Dow futures plummeted over 600 points while Nasdaq futures slid nearly 400 points. Trump announced a potential 50% tariff on EU goods if negotiations fail to yield a satisfactory deal for U.S. manufacturers and a 25% tariff on foreign-made iPhones. Apple's reliance on overseas production was notably targeted. In the backdrop of ongoing trade talks between the U.S. and the EU, these threats add tension to an already strained relationship.
In a post on Truth Social, Trump said he would impose a 50% tariff on goods from the European Union within days if ongoing trade negotiations fail to deliver "a fair deal" for American manufacturers.
"If that is not the case, a Tariff of at least 25% must be paid by Apple to the US. Thank you for your attention to this matter!"
Apple shares led tech losses, falling 4%, while benchmark Treasury yields slipped as investors sought safer assets.
The threats come amid an already tense backdrop between Washington and Brussels. Senior US and EU officials had been expected to hold talks Friday to assess the status of their trade negotiations.
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