Trump EU Tariff Threat Sparks Global Market Sell-Off

Global stock and cryptocurrency markets plunged after President Donald Trump threatened a 50% tariff on all European Union imports beginning June 1 and a 25% tariff on Apple if iPhones are not made in the U.S. Major U.S. indices such as the Dow, S&P 500, and Nasdaq dropped over 1%, and European luxury stocks like LVMH and Hermes also faced sharp declines due to their reliance on the U.S. market. Apple shares fell over 3% in early trading. Bitcoin, which had recently reached an all-time high above $111,000, dropped more than 4%, triggering over $500 million in crypto liquidations. Trump cited stalled trade negotiations and accused the EU of unfair practices, escalating tensions that had temporarily eased after a tariff rollback with China. The sell-off erased recent gains and renewed concerns about the global economic fallout from escalating trade hostilities.