Stocks Tumble Amid Trump’s Tariff Threats
Stocks fell sharply on Friday after President Trump announced plans to impose a 25% tariff on Apple unless the company moves some iPhone production to the U.S., and a 50% tariff on the European Union, which he criticized for unproductive negotiations. The S&P 500 dropped 1.1%, the Dow Jones fell 0.9%, and the Nasdaq Composite declined 1.4%, while European markets also reacted negatively. Additionally, concerns over rising U.S. debt were highlighted following Moody’s downgrade of the U.S. credit rating and a House Republican spending bill projected to increase the nation’s debt significantly.
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