Wall Street stumbled midday Friday, shaken by a fresh wave of trade war fears after President Donald Trump proposed aggressive new tariffs on Apple Inc. (NASDAQ:AAPL) and European imports.
In a post on Truth Social, Trump threatened a 25% import duty on Apple Inc. if the tech giant doesn’t repatriate its manufacturing to the United States. He also floated a 50% tariff on goods from the European Union, escalating concerns of a renewed transatlantic trade war.
Shares of Apple Inc. (NYSE:AAPL) dropped 2.6% in response. The S&P 500 slipped 0.8% to fall below the key 5,800 mark, on track to close the week lower.
Growth-oriented sectors like technology and consumer discretionary bore the brunt of the selling, while traditionally defensive …