American stocks fell on Friday after President Donald Trump re-expressed concern about trade, warning Apple and recommending stricter customs in the European Union.
Dow Jones Industrial Average lost 256 points, ie 0.61%. The S & P 500 fell by 0.67%, and Nasdaq Composite fell by 1%.
Apple’s stocks fell 3% After Truth Social has announced that the iPhones sold in the US must be produced in the USA, and if not, “Apple must pay a customs of at least 25%.” Trump’s move against Apple is the first against a certain company in his introduction of customs.
The President also said that trade talks with the EU “do not lead anywhere” and recommend “a direct customs duty of 50% for the European Union, starting from 1. June.
The shares fell from the lowest levels that day after the Eamon JAvers from the CNBC reported that the White House did not interpret Trump statements as a formal policy statement.
Trump actions come at a time when customs tensions were reduced. Trump introduced customs in April to most countries around the world, which shook the stock exchange and almost brought S & P 500 into the Bear Market. The President then pauses the strictest duties for 90 days and scored some preliminary agreements with the United Kingdom and China, which caused shares recovery, SEEbiz reports. S & P 500 returned to zero level last week compared to the previous year.
Investors bought shares based on speculation that more agreements with various countries will be concluded during this quarterly break period. Trump’s shares on Friday could mean that hope was in vain.
