Wall Street Declines as Trump Threatens New Tariffs on EU and Apple

Stock markets on Wall Street fell today, Friday (May 23, 2025), after President Donald Trump reignited trade fears by warning Apple and proposing stricter tariffs against the European Union. The industrial index Dow Jones dropped by 300 points or 0.70%. The S&P 500 lost 0.77%, while the Nasdaq recorded a decline of 1%. Shares of Apple fell over 2% following Trump’s post on Truth Social stating that a tariff of at least 25% should be paid by Apple. This move marks the first specific company-targeted action in the context of tariff enforcement this year. Micron and Qualcomm also saw declines of 2%, while Nvidia shares dropped by 1%. These Friday losses added to the market’s weekly declines, with the S&P 500, Dow, and Nasdaq all recording losses exceeding 2% this week. Trump further announced that trade talks with the EU are ‘going nowhere’ and suggested an immediate 50% tariff on the EU starting June 1, 2025. Stocks moved away from their daily lows after CNBC’s Eamon Javers reported that the White House did not interpret Trump’s remarks as official policy.