Trump Tariff Tweets Sink Stocks

What was looking like a quiet Friday was turned on its head by President Trump this morning after he launched a new round of tariff threats. Specifically, Trump threatened a 25% tariff against Apple unless it brings iPhone production to the US and also a 50% potential tariff against the EU starting June 1st.

This news sent equities abruptly into reverse. Currently, US index futures are down 1.2%-1.8%. In Europe, the Dax is down 2.0% and the FTSE is down 0.9%. Cryptocurrencies are also getting hammered with Bitcoin dropping 3.0%. Apple is down 3.5% in premarket trading. Gold is up 1.8% as sentiment turns defensive once again. Crude Oil is down 1.2%.

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