Stocks declined Friday after President Donald Trump ramped up his trade fight again, slapping a tariff on Apple for foreign-made iPhones and recommending new stiffer duties on the European Union.
The Dow Jones Industrial Average lost 284 points, or 0.7%. The S&P 500 shed 0.8%, and the Nasdaq Composite dropped 1%.
Apple shares shed more than 2% after Trump posted on Truth Social that iPhones sold in the U.S. must be made in the U.S. and if they are not "a tariff of at least 25% must be paid by Apple." The move against Apple by Trump is the first against a specific company in his tariff rollout this year.
Micron and Qualcomm declined 2.5% and 3.3%, respectively. Nvidia shares lost 1%.
Source: CNBC
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