Overview

• President Trump proposed 50% tariffs on European goods and 25% tariffs on iPhones imported from India, intensifying trade tensions.
• US stock markets fell sharply, with the S&P 500, Dow Jones, and Nasdaq all closing lower, marking weekly losses of over 2%.
• Tech stocks were the hardest hit, with Apple’s stock dropping 3%, bringing its market capitalization below $3 trillion.
• US Treasury Secretary Scott Bessent stated the tariff threats aim to pressure the EU into improving trade offers, signaling prolonged uncertainty.
• Investor confidence remains fragile with upcoming earnings reports, including Nvidia’s, and potential Federal Reserve rate cuts in July adding to market volatility.