Analyst: Trump Tariff Threat Causes Market Optimism to Dissipate

BlockBeats News, May 23rd. Today, US President Trump escalated trade threats, targeting smartphone giant Apple and all imported products from the European Union, plunging the global market back into turmoil after a few weeks of respite. Trump threatened to impose a 25% tariff on any iPhones sold in the US but not manufactured there by Apple, and suggested imposing a 50% tariff on the EU starting from June 1st, which would result in hefty tariffs on luxury goods, pharmaceuticals, and other products manufactured by European producers.

Following the news, markets experienced a widespread decline, with market analyst Fawad Razaqzada commenting, "All optimism about trade agreements evaporated in a matter of minutes or even seconds." (FXStreet)