Stocks End Worst Week Since April With Another Tariff Slide
President Donald Trump’s latest tariff proclamations put the stock market into an early hole that it couldn’t climb out of on the Friday before Memorial Day.
The Dow Jones Industrial Average dropped nearly 256 points, or 0.6%. The S&P 500 was down 0.7%. The Nasdaq Composite fell 1%.
Stock futures fell sharply after the president posted on Truth Social that he wanted to put 50% tariffs on the European Union and 25% tariffs on iPhones. He later said in the White House such tariffs would affect Samsung and other firms that make smartphones.
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