TechFlow, May 23 — According to Jinshi Data, U.S. President Trump escalated trade threats, targeting smartphone giant Apple and imports from the entire European Union, sending global markets into turmoil once again after several weeks of calm. Trump threatened to impose a 25% tariff on any iPhone sold by Apple in the United States but not produced domestically. He also proposed imposing a 50% tariff on the EU starting June 1, which would result in high tariffs on luxury goods, pharmaceuticals, and other products manufactured by European producers. Following the news, markets broadly declined. S&P 500 futures dropped 1.5% in pre-market trading, while the European Stoxx 600 index fell 2%. Apple's stock dropped 3.5% in pre-market trading, and other tech stocks also plunged significantly. Market analyst Fawad Razaqzada commented: "All optimism regarding trade deals vanished in minutes—or even seconds."
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