Trump Threatens 25% Tariff on Non-U.S. Made iPhones, Apple Shares Drop
U.S. President Donald Trump recently stated on social media that iPhones not made in the United States will face a 25% tariff. He indicated that this was a message he had communicated earlier to Apple CEO Tim Cook, emphasizing that he expects iPhones sold in the U.S. to be manufactured in America, not in India or elsewhere. This announcement sent shockwaves through the markets, leading to declines in both U.S. and European stock indexes.
According to reports, Trump's comments caused all three major U.S. stock indexes to drop by roughly 1% upon opening on the 23rd. The Dow opened down 394 points at 41464 points, a decrease of 0.94%; the S&P 500 fell 1.13% to 5776 points; and the Nasdaq dropped 1.46% to 18650 points. Apple, named by Trump, saw its stock price decline by over 2%, while NVIDIA fell by 1%. European markets also saw a slight reduction in losses, ranging from 0.6% to 2.2%, particularly with France performing worst.
