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Wall Street Gets Rattled By New Trump Tariff Threats: Closing Bell
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May 23, 2025
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10:05Now PlayingWatch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Alix Steel, Scarlet Fu, Carol Massar and Tim Stenovec.
Wall Street was rattled by President Donald Trump’s threats to impose aggressive tariffs on the European Union and Apple Inc., with stocks falling and the dollar hitting its lowest level since December 2023.
The S&P 500 extended losses as Trump said he’s “not looking for a deal” with the EU, reiterating tariffs would be set at 50%. Earlier Friday, the market got some relief as Treasury Secretary Scott Bessent said the US could strike “several large” trade deals in the next couple of weeks. Apple fell 3%, down for an eighth straight session. United States Steel Corp. soared 21% as Trump backed a partnership with Japan’s Nippon Steel Corp.
Benchmark 10-year Treasuries held gains as Bessent said regulators may ease a capital rule on the market, which could reduce yields. Haven currencies like the Japanese yen and the Swiss franc climbed alongside gold.
Trump said that the 25% tariff he threatened against Apple would also be aimed at device makers including Samsung Electronics Co. to spur them into moving manufacturing of their products to the US. The president said in a social media post that the higher charge on the EU would start on June 1 because “our discussions with them are going nowhere.”
The sudden move underscores the ongoing risk that shifts in US policy can abruptly upend market dynamics at short notice. Markets had rebounded in recent weeks on optimism that Trump was softening his approach to tariffs, and investor attention had turned to concerns about the US debt and deficits.
The S&P 500 dropped 0.7%, down for a fourth straight day. The Nasdaq 100 slid 0.9%. The Dow Jones Industrial Average fell 0.6%. The Stoxx Europe 600 Index lost 0.9%, with tariff-exposed autos among the biggest decliners. US markets will be closed Monday for Memorial Day.
The yield on 10-year Treasuries declined two basis points to 4.51%. The Bloomberg Dollar Spot Index fell 0.8%.
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