Prices Head Lower as Trade War Heats Up

What was setting as much as be a considerably sleepy session forward of the vacation weekend isn’t any extra as President Trump awoke and selected to reignite what had been cooling commerce tensions.

“The European Union … has been very difficult to deal with,” stated the president in a Truth Social posting. “Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% tariff on the EU, starting on June 1.”

The chief of the free world additionally took intention at Apple (AAPL) and its CEO Tim Cook. “I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the U.S. will be manufactured and built in the U.S., not India or anyplace else. If that’s not the case, a tariff of at least 25% must be paid by Apple.”

U.S. inventory index futures rapidly moved from modest positive factors to just about 2% declines, with Apple falling 3.6%. Above $111,000 previous to the information, the value of bitcoin

rapidly pulled again to $108,600.