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Trump threatens Apple, EU with new tariffs
Stock markets not working well because of Trump once again escalated trade tariffs, threatening Apple and the EU if they do not comply.
The U.S. trade tensions with the rest of world are again escalating, causing the markets to shrinking. On Friday, May 23, the Dow Jones was trading at 41,624 points, down 234 points or 0.56%. The S&P 500 was at 5,802 points, down 0.69%, while the tech-heavy Nasdaq was at 18,742.20, losing 0.97%.
The market turns down after Donald Trump again escalated his rhetoric on tariffs. The U.S. President threatened Apple with increased tariffs if the company did not make its iPhones in the U.S.
“I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else. If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S,” Trump wrote.
Manufacturing iPhones in the U.S. substantially increase their costs to consumers. Manufacturing costs could go up, making a shift to the U.S. manufacturing not likely even if tariffs took effect. Due to this reason, Apple stock fell 2.6% following Trump’s statement.
#TrumpTariffs #Apple #StocksDown #stocks
The U.S. trade tensions with the rest of world are again escalating, causing the markets to shrinking. On Friday, May 23, the Dow Jones was trading at 41,624 points, down 234 points or 0.56%. The S&P 500 was at 5,802 points, down 0.69%, while the tech-heavy Nasdaq was at 18,742.20, losing 0.97%.
The market turns down after Donald Trump again escalated his rhetoric on tariffs. The U.S. President threatened Apple with increased tariffs if the company did not make its iPhones in the U.S.
“I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else. If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S,” Trump wrote.
Manufacturing iPhones in the U.S. substantially increase their costs to consumers. Manufacturing costs could go up, making a shift to the U.S. manufacturing not likely even if tariffs took effect. Due to this reason, Apple stock fell 2.6% following Trump’s statement.
#TrumpTariffs #Apple #StocksDown #stocks
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