Trump turns back to his trade war, threatening Europe and Apple
Published 7 hours ago• 1 minute read
Trump turns back to his trade war, threatening Europe and Apple
By , NYT News Service
post, the president targeted Tim Cook, the CEO of Apple, who visited Trump at the White House this week. The president wrote that iPhones sold in the United States should be "manufactured and built in the United States, not India, or anyplace else." U.S. markets opened sharply lower, with the S&P 500 index falling more than 1% as trading began, before ending the day down less than 0.7%. Apple shares dropped 3%. In Europe, carmakers' shares were the worst hit. Shares in Stellantis and Mercedes-Benz fell about 4.5%, and shares in Volkswagen and Porsche were down more than 3%. Estimates by the Kiel Institute for the World Economy, a German economic research institute, showed that the tariffs would lead to a 20% drop in exports from the EU to the United States in the short term, as well as a more than 6% increase in prices in the United States.
