Stocks Get Hit as Trump ‘Not Looking’ for EU Deal: Markets Wrap

Harry Wang, founder and CEO of Linear Capital, says he sees a complete decoupling between China and the US in technology, and shares more on his investment strategy in the Chinese tech sector. Source: Bloomberg

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By Rita Nazareth

May 22, 2025 at 10:22 PM UTC

Updated on

May 23, 2025 at 8:56 PM UTC

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.