Trump's Tariff Threats and Market Turmoil: A Deep Dive
President Trump has threatened to impose a 25% tariff on non-U.S. made iPhones, exacerbating an already tense trade atmosphere. The markets reacted negatively with S&P 500 down 0.9%. Apple plans to shift some manufacturing to India by 2026 but has no plans for U.S. iPhone production.
Amid an already volatile trade environment, President Donald Trump has proposed a new 25% tariff on non-U.S. made iPhones. The move comes as part of a broader threat to levy a 50% tariff on European Union goods, igniting concerns in global markets.
These comments were made on social media, immediately impacting U.S. stock markets. The S&P 500 dropped by 0.9%, while European indices and the Nasdaq also faced declines. This salvo from Trump undermines recent hopes for trade deal progress.
Apple, under increasing pressure to bring manufacturing to the U.S., remains a focal point in this trade tension. The tech giant has announced a shift of some production to India by 2026, but currently has no plans to manufacture iPhones in the U.S.
(With inputs from agencies.)
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