Trump, Court of International Trade and tariff
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WASHINGTON ― President Donald Trump reignited trade tensions ahead of the Memorial Day weekend with back-to-back social media posts targeting Apple and the European Union, sending global markets into another round of turmoil after weeks of de-escalation provided some reprieve.
MORRISTOWN, N.J. — President Donald Trump said Sunday that he would delay tariffs that were set to be imposed next week on the European Union until July 9.
The twin threats, delivered via social media, roiled global markets after weeks of de-escalation had provided some reprieve.
Stocks closed down on Friday after President Donald Trump threatened new tariffs targeting tech giant Apple and the European Union. The Dow Jones Industrial Average closed down 256 points, or 0.6%, while the S &P 500 declined 0.6%. The tech-heavy Nasdaq fell 1%.
Stock markets declined after the president’s early-morning threats of 25 percent import taxes on iPhones and 50 percent on goods from Europe.
The S&P 500 was up 1.6 percent in its first trading since President Trump said that the United States will delay a 50 percent tariff on goods coming from the European Union until July 9 from June 1.