U.S. Stock Futures Slump After Trump’s EU, Apple Tariff Threats

U.S. stock index futures slid on Friday after President Donald Trump recommended 50% tariffs on the European Union (EU), while Apple stock dropped following his warning that the company would have to pay tariffs if its phones were not made in the U.S., Reuters reporters Shashwat Chauhan and Kanchana Chakravarty wrote.

Trump said Apple would face 25% tariffs if phones sold in the U.S. were not manufactured domestically. I Photo: Apple

“The EU, which was formed for the primary purpose of taking advantage of the U.S. on TRADE, has been very difficult to deal with,” Trump said in a post on Truth Social.

In a separate post, he said Apple would face 25% tariffs if phones sold in the U.S. were not manufactured domestically. Apple shares fell nearly 4% in premarket trading.

As of 8:08 a.m. ET, Dow E-minis were down 625 points, or 1.49%; S&P 500 E-minis were down 93.25 points, or 1.59%; and Nasdaq 100 E-minis dropped 405 points, or 1.91%.

“The impact of tariffs for both sides on the surface is jolting... the market doesn’t like uncertainty,” said Andre Bakhos, managing member at Ingenium Analytics LLC. “In the end, it will help the U.S. and other countries if we can get the EU at the table.”

Other mega-cap and growth stocks turned sharply lower, with Amazon and Nvidia each sliding more than 2%. Wall Street’s so-called “fear gauge,” the CBOE Volatility Index, spiked to a more than two-week high, last seen at 24.6 points.

Meanwhile, the GOP-controlled U.S. House of Representatives narrowly passed a sweeping tax and spending bill that would enact much of Trump’s policy agenda.

The legislation now heads to the Senate, where Republicans hold a 53-47 majority.

If signed into law, it is projected to add about $3.8 trillion to the federal government's $36.2 trillion debt over the next decade, according to the nonpartisan Congressional Budget Office.