Trump levies tariffs on Apple, EU

President Trump, as part of his "Liberation Day" economic policies, has levied steep tariffs on the European Union and Apple.

Trump stated on Friday morning that Apple must pay a 25% tariff on all imported goods from overseas; this is especially damaging because Apple does not manufacture any of its products in the United States, meaning that the prices of Apple products will surge. The president threatened these tariffs in an effort to pressure the electronics company to shift production to the United States and provide American job opportunities.

In addition, the president threatened the European Union with a 50% tariff on top of existing tariffs in an effort to shift production from overseas. Trump provided a strict deadline for the tariffs, June 1st, until which the European Union is capable of negotiating tariff reductions on American goods.

The stock market Friday morning reacted poorly to this news. The S&P 500 fell 0.9%, the Dow fell 0.8%, and the Nasdaq fell 1.1%, as of 10:24 AM EST.