Market Turmoil: Tariffs and Tumbling Tech Stocks
Wall Street faced sharp declines as President Trump recommended steep tariffs on the European Union, affecting major tech stocks like Apple. The market's response was quick with significant losses in major indexes, sparked further by geopolitical tensions and uncertainties in U.S. trade policies.
Wall Street braced for significant losses on Friday, triggered by President Donald Trump's proposal of 50% tariffs on the European Union, which set a bearish tone across major U.S. stock indexes.
Apple, in particular, experienced a sharp downturn after Trump warned of 25% tariffs if its iPhones, sold in the United States, were not manufactured domestically. The tech giant's shares dropped by nearly 3.3% in premarket trading, contributing to the broader market pessimism.
The financial landscape was further complicated by concerns over mounting national debt, as the U.S. House passed a major tax and spending bill. Despite a brief respite from Intuit's positive earnings forecast, trading was expected to slow ahead of the Memorial Day weekend.
(With inputs from agencies.)
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- European Union
- tech stocks
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