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Trump's Tariff Threat Triggers Global Market Plunge

5/24/2025

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Summary

Story summary

U.S. futures and global markets plunged as President Trump issued a stark warning of steep tariffs—50% on the EU and 25% on Apple—unless iPhones are produced domestically. The threat sent shockwaves through Europe, with Germany's DAX tumbling 1.9%. Retailers like Ross Stores and Deckers Brands adjusted their forecasts amid rising tariff fears.

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Story summary

U.S. futures and global markets plunged as President Trump issued a stark warning of steep tariffs—50% on the EU and 25% on Apple—unless iPhones are produced domestically. The threat sent shockwaves through Europe, with Germany's DAX tumbling 1.9%. Retailers like Ross Stores and Deckers Brands adjusted their forecasts amid rising tariff fears.