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Stock futures slid Friday morning after President Donald Trump issued fresh tariff threats against the European Union and Apple, reigniting fears of a global trade clash and rattling investors.
Dow futures were down by more than 600 points, or 1.4%, while Nasdaq futures dipped 1.,8%, nearly 400 points, before the opening bell on Wall Street ahead of the Memorial Day weekend.
In a post on Truth Social, Trump said he would impose a 50% tariff on goods from the European Union within days if ongoing trade negotiations fail to deliver “a fair deal” for American manufacturers.
He also took direct aim at Apple, warning that foreign-made iPhones could soon be subject to a levy of at least 25%.
“I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump wrote.
“If that is not the case, a Tariff of at least 25% must be paid by Apple to the US. Thank you for your attention to this matter!”
Apple shares led tech losses, falling 4%, while benchmark Treasury yields slipped as investors sought safer assets.
Gold prices surged nearly 1%, on track for their largest weekly gain in over a month.
Currency markets also reacted. The dollar lost ground against most major peers, with the WSJ Dollar Index posting a notable decline.
Apple, which assembles most of its iPhones in China and has expanded some production to India, has no smartphone manufacturing presence in the US.
The company has pledged to increase domestic hiring and invest billions stateside, but its supply chain remains rooted abroad.
Apple did not immediately respond to a request for comment.
The threats come amid an already tense backdrop between Washington and Brussels.
Senior US and EU officials had been expected to hold talks Friday to assess the status of their trade negotiations. Trump’s tariff warning may further complicate those discussions.
Meanwhile, the Group of Seven finance ministers and central bankers concluded their summit with a tepid statement that made only a passing reference to trade and omitted any mention of tariffs.
Treasury Secretary Scott Bessent participated in the three-day event but offered little public insight into the administration’s strategy.