Name: Stocks Tumble After Trump Issues Fresh Tariff Threats Against EU, Apple
Uploaded: 2025-05-23T17:27:00Z
Duration: 2 min 18 s
Description: WSJ's Aaron Back explains the moves in the stock market after President Trump threatened to impose a 50% tariff against the European Union and a 25% tariff on Apple iPhones.

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WSJ's Aaron Back explains the moves in the stock market after President Trump threatened to impose a 50% tariff against the European Union and a 25% tariff on Apple iPhones. Photo Illustration: Noah Higgins-Dunn

https://m.wsj.net/video/20250523/e056f987-e000-4ec5-ab16-1b3683586901/1/hls/manifest-hd-wifi.m3u8

WSJ's Aaron Back explains the moves in the stock market after President Trump threatened to impose a 50% tariff against the European Union and a 25% tariff on Apple iPhones.

Stocks Tumble After Trump Issues Fresh Tariff Threats Against EU, Apple

Stocks are tumbling once again after Donald Trump threatened 50% tariffs on the European Union and 25% tariffs on iPhones. In his Liberation Day tariffs, Trump had originally threatened a 20% tariff on the European Union. So this is something of an escalation, and it comes after Trump was actually able to strike a deal with the UK to keep tariffs at 10% and also open up a few new avenues of trade. But the truth is, the UK is a bit of an outlier. They actually run a trade deficit with the United States, and their trade in cars, for example, is relatively small. As part of the deal, they were granted an exemption to the 25% tariffs that the US is now levying on imported autos, but only for about a hundred thousand cars, which is all they really imported to the US anyway, high-end brands like Jaguar and Rolls-Royce. With the European Union, it's gonna be much more difficult to get a deal like that. First of all, European Union has a massive trade surplus with the United States, so there's a lot more that they have to lose. And they're gonna be hit much harder by, for example, a 25% tariffs on autos the US is putting in place. They have these massive car makers like Volkswagen. It's gonna be much, much, much harder to strike a deal on autos with the European Union, and EU generally has much more to lose. On Apple, Apple has made announcements that they're gonna be investing in the US and US manufacturing, but at the end of the day, it would cost far too much to make all of Apple's iPhones in the United States. That's simply just not going to happen. Trump is threatening a 25% tariff on imported iPhones. It would cost a lot more than 25% more if you were gonna make iPhones in the United States. For investors, this is just impossible to predict, impossible to navigate. And I think one important thing here is that stocks in the United States and Europe were higher than they were before April 2nd. So they regained all those sharp losses that we saw after those tariffs were introduced. And I think that was ultimately a little bit complacent. I think investors kind of assumed that Trump didn't really mean it. They were gonna strike deals. And this news is just a reminder of how treacherous and unpredictable this situation remains.