Stocks are lower on Friday after President Donald Trump threatened new tariffs on Apple iPhones and goods from the European Union.
The Dow Jones Industrial Average
fell more than 200 points, or 0.6%, while the S&P 500 and Nasdaq Composite were down 0.8% and 1%, respectively.
Trump threatened fresh duties on iPhones made outside the U.S., in a move that came after he met with Apple CEO Tim Cook at the White House on Wednesday.
“I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump wrote in a post on Truth Social. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”
The president also recommended on Friday a straight 50% tariff on EU goods
starting on June 1, saying that the trading bloc has been “very difficult to deal with” and that discussions are “going nowhere.”
“Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more, have led to a Trade Deficit with the U.S. of more than $250,000,000 a year, a number which is totally unacceptable,” Trump said in a Truth Social post.