US stock futures turned sharply lower after President Trump threatened new tariffs on the European Union and Apple (AAPL).
In addition to warning Apple of a 25% tariff (see post below), Trump proposed applying a 50% tariff on all EU goods starting June 1 after trade talks stalled.
“The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with,” Trump posted on Truth Social. “Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025. There is no Tariff if the product is built or manufactured in the United States.”
Futures on the Dow Jones Industrial Average (YM=F) dropped 1.4%, or nearly 600 points, while those tied to the S&P 500 (ES=F) fell 1.6%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) sank 1.9%.
Futures declined modestly after Trump’s post about Apple, but the selling accelerated about 25 minutes later when the president’s comments turned toward the EU.
