Analysts: Market optimism dissipated after Trump's tariff threat
on Friday, U.S. President Trump escalated trade threats, targeting smartphone giant Apple and all imported products from the European Union. After a few weeks of easing tensions, the global market once again fell into turmoil. Trump threatened to impose a 25% tariff on any iPhones sold by Apple in the U.S. but not produced there; he also suggested imposing a 50% tariff on the EU starting from June 1, which would result in high tariffs on luxury goods, drugs, and other products produced by European manufacturers. Following the news, the market generally fell. S&P 500 index futures fell 1.5% pre-market, while the European Stoxx 600 index fell 2%. Apple's stock price fell 3.5% in pre-market trading, and the stock prices of other tech companies also saw significant declines. Market analyst Fawad Razaqzada commented, "All optimism about trade agreements evaporated in a matter of minutes or even seconds."
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