President Donald Trump made a significant announcement on social media, threatening hefty tariffs on both Chinese-made iPhones and the EU. His comments, which included a proposed 50% tariff on the EU starting in 2025, caused immediate turmoil in stock futures, with major indices, like the Dow Jones, experiencing sharp declines. This situation comes on the heels of previous trade agreements with the UK and a temporary truce with China, both of which had provided some market stability. The fallout from these announcements will be closely monitored over the upcoming holiday weekend before the markets reopen.
President Trump indicated that the European Union has exploited trade with the U.S., prompting him to propose a 50% tariff if negotiations don’t improve.
The recent announcements caused a rapid decline in stock futures, specifically a 500-point drop in the Dow Jones Industrials, reflecting market volatility.
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