Tariff Turbulence: Market Shaken by Trump's New Trade Stance
U.S. stocks fell, heading for a weekly loss after President Trump's suggested tariffs on European goods reignited trade tensions. Major indexes dropped over 2% for the week, with technology and consumer discretionary leading losses. Treasury yields dipped as Apple's stock hit a two-week low over potential tariffs.
U.S. stocks experienced a downturn on Friday, with all major indexes indicating a weekly loss. The declines came after President Donald Trump suggested imposing 50% tariffs on European goods, reviving global trade tensions and creating turmoil in the markets.
This move had a pronounced effect on technology and consumer discretionary stocks, which faced the heaviest losses among the S&P 500's subsectors. Apple faced additional pressure, falling to a two-week low following Trump's warning of potential 25% tariffs on iPhones sold domestically but manufactured abroad.
Financial indicators such as the 10-year U.S. Treasury note saw easing yields, falling to 4.509%. Market experts, like James St. Aubin of Ocean Park Asset Management, noted that Trump's aggressive tariff strategy brought renewed fears, overshadowing prior hopes of trade stabilization.
(With inputs from agencies.)
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