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Wall Street Today: US stocks tumble over 1% after Trump invokes EU tariffs; Apple dips 3% on iPhone tariff

Published on: May 23, 2025, 9:10 pm

Source: LiveMint

Wall Street's main indexes fell on Friday after U.S. President Donald Trump recommended 50% tariffs on the European Union, while Apple slid after he warned the company would have to pay tariffs if iPhones were not made in the United States.

"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 said in a post on Truth Social.

Apple touched a two-week low and was down 2.7% after Trump said in a separate post before this that the iPhone-maker would be subject to 25% tariffs if its phones sold in the U.S. were not made within the country's borders.

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