Skip next section Trump threatens Apple with 25% tariff over iPhone production
05/23/2025May 23, 2025
Trump threatens Apple with 25% tariff over iPhone production
US President Donald Trump has threatened with a 25% tariff if it does not move iPhone production to the United States, sending the company’s share price plummeting.
In a post on Truth Social, Trump said he had “long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else.”
“If that is not the case, a Tariff of at least 25 percent must be paid by Apple to the US,” he added.
Apple, which designs its products in the US, currently assembles most iPhones in China. While the company has shifted some production to countries like India, Trump said that would not resolve the issue.
Apple has become a central target of Trump’s push to bring manufacturing back to the US, and his direct threat of tariffs against a specific company is highly unusual. The comments followed similar remarks he made last week during a trip to Qatar.
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Skip next section Judge blocks Trump move to strip Harvard’s visa program
05/23/2025May 23, 2025
Judge blocks Trump move to strip Harvard’s visa program
A federal judge has blocked the Trump administration’s attempt to revoke Harvard University’s ability to enroll international students.
The ruling came hours after Harvard filed a lawsuit in Boston, calling the move a “blatant violation” of the US Constitution and federal law. The university said the administration’s announcement would have an “immediate and devastating effect” on its operations and more than 7,000 visa holders.
The temporary restraining order bars the government from removing Harvard’s certification under the Student and Exchange Visitor Program, which allows the university to admit foreign students on visas.
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Skip next section Wall Street sinks after Trump threatens EU, Apple with tariffs
05/23/2025May 23, 2025
Wall Street sinks after Trump threatens EU, Apple with tariffs
have been tumbling after threatened major new tariffs on the European Union and Apple, sparking renewed trade fears.
Trump said in a social media post that he is recommending “a straight 50% Tariff” on the EU, citing a lack of progress in trade negotiations.
About 25 minutes into trading, the Dow Jones Industrial Average was down 1.0% at 41,482.27. The S&P 500 dropped 1.1% to 5,779.68, while the tech-heavy Nasdaq Composite Index fell 1.4% to 18,668.83.
The threat shifted market attention back to Trump’s aggressive trade policy after the focus earlier this week had been on congressional debate over his tax bill.
Stock index futures turned sharply negative following the post. Meanwhile, the VIX volatility index, known as Wall Street’s “fear gauge,” was up 18.5% at around 9:30 a.m. local time in New York (1330 GMT).
“This is not exactly the trade anyone was hoping for going into the extended Memorial Day weekend,” said Briefing.com analyst Patrick O’Hare.
In Europe, the Paris CAC 40 index fell 2.3% in afternoon deals while Germany’s DAX retreated by 1.8 percent as shares in luxury and car companies took a hit.
Trump also warned that Apple could face tariffs of “at least” 25% if it does not move iPhone production to the US. Apple shares fell 2.4%.
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Skip next section Welcome to our coverage05/23/2025May 23, 2025
Welcome to our coverage
Wall Street has been tumbling after Trump reignited trade tensions, if it doesn’t shift iPhone production to the US.
Apple shares have dropped 2.4%, while the Dow, S&P 500, and Nasdaq have all fallen by more than 1%, with market volatility spiking.
The move has shifted market focus back to Trump’s aggressive trade stance after the Republican-controlled US House of Representatives passed his sweeping tax and spending bill by only a narrow margin on Thursday.
This blog will keep you updated with those stories plus other news from the United States.
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The post US updates: Wall Street slides after Trump tariff threats appeared first on Deutsche Welle.
