Trump’s latest tariff threats knock Wall Street, European stocks and Apple lower

Trump’s latest tariff threats knock Wall Street, European stocks and Apple lower
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The US flag flies in front of the French luxury fashion house Louis Vuitton store on 5th Avenue in New York City on May 23, 2025. (REUTERS)
Trump’s latest tariff threats knock Wall Street, European stocks and Apple lower
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People react outside the store of Italian luxury fashion house Bulgari on 5th Avenue in New York City on May 23, 2025. (REUTERS)
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Updated 24 May 2025

Trump’s latest tariff threats knock Wall Street, European stocks and Apple lower

Trump’s latest tariff threats knock Wall Street, European stocks and Apple lower
  • Trump threatened to impose 50 percent tariffs on the European Union, saying that trade talks “were going nowhere”
  • Apple dropped 3 percent after Trump warned a tariff “of at least 25 percent” if the company does not move production to the US

NEW YORK: US stocks fell Friday after President Donald Trump threatened 50 percent tariffs on the European Union that could begin in a little more than a week.
The S&P 500 lost 0.7 percent to close out its worst week in the last seven. The Dow Jones Industrial Average dropped 256 points, or 0.6 percent, and the Nasdaq composite sank 1 percent.
Trump threatened the tariffs before the US stock market opened, saying on his Truth Social platform that trade talks with the European Union “were going nowhere” and that “straight 50 percent” tariffs could go into effect on June 1. The European Union is one of the United States’ largest trading partners.
Stocks fell immediately afterward in Europe, with France’s CAC 40 index losing 1.7 percent. The US market also took a quick turn lower, and futures for US stock indexes tumbled after earlier suggesting only modest moves at the open of trading.
The S&P 500 lost as much as 1.3 percent shortly after trading began, but it pared its loss as traders weighed whether Trump’s latest threats were just negotiating tactics aimed in hopes of getting a deal or something more.
Apple dropped 3 percent and was the heaviest weight on the S&P 500 after Trump went after the company specifically. He said he’s been pushing Apple CEO Tim Cook to move production of iPhones to the United States, and he warned a tariff “of at least 25 percent must be paid by Apple to the US” if it doesn’t.

Trump later clarified his post to say that all smart phones made abroad would be taxed and the tariffs could be coming as soon as the end of June.
“It would be also Samsung and anybody that makes that product,” Trump said. “Otherwise, it wouldn’t be fair.”
Trump has been criticizing companies individually when he’s frustrated with how they’re acting because of his tariffs and because of the uncertainty his trade war has created. He earlier told Walmart it should “eat the tariffs,” along with China, after the retailer said it would likely have to raise prices to cover the increased cost of imports.
Deckers Outdoor, the company behind the Hoka and Uggs brands, became one of the latest companies to say all the uncertainty around the economy means it won’t offer financial forecasts for the full upcoming year. Instead, it gave forecasts only for the upcoming quarter, and they fell short of analysts’ expectations for revenue and profit.
That sent its stock down 19.9 percent, even though the company reported a stronger profit and revenue for the latest quarter than expected.
Ross Stores fell 9.8 percent after it pulled its financial forecasts for the full year, citing how more than half the goods it sells originate in China. “As such, we expect pressure on our profitability if tariffs remain at elevated levels,” CEO Jim Conroy said.
The off-price retailer gave a forecast for profit in the current quarter that included a hit taken from tariffs, and it fell short of analysts’ expectations. That dragged its stock down even though the company also reported a better profit for the latest quarter than expected.
On the winning side of Wall Street was Intuit, which rose 8.1 percent after the company behind TurboTax and Credit Karma reported a stronger profit for the latest quarter than analysts expected. Perhaps more importantly, Intuit also raised its forecasts for revenue and profit over its full fiscal year.
Stocks in the nuclear industry also rallied after Trump signed executive orders to speed up nuclear licensing decisions, among other measures meant to charge up the industry. Oklo, which is developing fast fission power plants, jumped 23 percent.
All told, the S&P 500 fell 39.19 points to 5,802.82. The Dow Jones Industrial Average dropped 256.02 to 41,603.07, and the Nasdaq composite sank 188.53 to 18,737.21.
Trump’s latest tariff threats stirred up Wall Street after it had recovered most of the losses it had earlier taken because of the trade war. The S&P 500 dropped roughly 20 percent below its record at one point last month, when worries were at their height about whether Trump’s stiff tariffs would cause a global recession. The index then climbed back within 3 percent of its all-time high after Trump paused his tariffs on many countries, most notably China.
In the bond market, Treasury yields fell after swinging back and forth a few times. The yield on the 10-year Treasury eased to 4.51 percent from 4.54 percent late Thursday.
It had been running higher earlier in the week, in part on worries about how Washington’s efforts to cut taxes could add trillions of dollars to the US government’s debt.
In stock markets abroad, indexes were mixed in Asia, where markets closed before Trump issued his latest tariff threats. Tokyo’s Nikkei 225 rose 0.5 percent, while stocks fell 0.9 percent in Shanghai.


Melania Trump says 8 Ukrainian children are reunited with families after ongoing talks with Putin

Updated 9 sec ago

Melania Trump says 8 Ukrainian children are reunited with families after ongoing talks with Putin

Melania Trump says 8 Ukrainian children are reunited with families after ongoing talks with Putin
Putin’s invasion of Ukraine has resulted in Russia taking Ukrainian children out of their country

WASHINGTON: First lady Melania Trump says eight Ukrainian children have been reunited with their families after ongoing talks with Russian President Vladimir Putin.
Melania Trump in August wrote a letter to Putin and had her husband hand-deliver it during his meeting with the Russian president in Alaska.
Putin’s invasion of Ukraine has resulted in Russia taking Ukrainian children out of their country so that they can be raised as Russian.

‘Like human trafficking’: how the US deported five men to Eswatini

‘Like human trafficking’: how the US deported five men to Eswatini
Updated 10 October 2025

‘Like human trafficking’: how the US deported five men to Eswatini

‘Like human trafficking’: how the US deported five men to Eswatini
  • In tightly controlled Eswatini, the deportees have been jailed in a maximum-security prison without any charge
  • The men are in a “legal black hole,” said US-based lawyer Tin Thanh Nguyen

JOHANNESBURG: Roberto Mosquera’s family had no trace of him for a month after he was arrested by US immigration agents, until a government social media post revealed he had been deported to Africa’s last absolute monarchy.
Immigration and Customs Enforcement (ICE) agents had picked up the 58-year-old Cuban at a routine check-in with immigration officials on June 13 in Miramar, Florida, said Ada, a close family friend, who spoke to AFP under a pseudonym for fear of US government retaliation.
They told his family they had sent him back to Cuba, she said, a country he had left more than four decades earlier as a 13-year-old.
But on July 16, Ada recognized her lifelong friend in a photograph posted on X by US Assistant Homeland Security Secretary Tricia McLaughlin, who announced that Mosquera and four other detainees had been flown to tiny Eswatini.
It was a country Ada had never heard of, and 13,000 kilometers (8,000 miles) away, wedged between South Africa and Mozambique.
The Cuban and the nationals of Jamaica, Laos, Vietnam and Yemen were sent to the kingdom under a deal seen by AFP in which Eswatini agreed to accept up to 160 deportees in exchange for $5.1 million to “build its border and migration management capacity.”
The Jamaican, 62-year-old Orville Etoria, was repatriated to Jamaica in September but 10 more deportees arrived on October 9, according to the Eswatini government.
Washington said the five men sent to Eswatini were “criminals” convicted of charges from child rape to murder, but lawyers and relatives told AFP that all of them had long served their sentences and had been living freely in the United States for years.
In tightly controlled Eswatini, where King Mswati III’s government is accused of political repression, the deportees have been jailed in a maximum-security prison without any charge.
They have no access to legal counsel and are only allowed to talk to their families in minutes-long video calls once a week under the watch of armed guards, lawyers told AFP.
The men are in a “legal black hole,” said US-based lawyer Tin Thanh Nguyen.

- ‘Not a monster’ -

“It’s like a bad dream,” said Ada, who has known Mosquera since childhood.
McLaughlin’s X post described him and the other four deportees as “individuals so uniquely barbaric that their home countries refused to take them back.”
In the attached photo, Mosquera sports a thick white beard, with tattoos peeping out of his orange shirt, and is described as a “latin king street gang member” convicted of “first-degree murder.”
But “he’s not the monster or the barbaric prisoner that they’re saying,” said Ada, whom AFP contacted through his lawyer.
Mosquera had been a gang member in his youth, she said, but he was convicted of attempted murder — not homicide — in July 1989 for shooting a man in the leg.
Court documents seen by AFP confirmed he was sentenced to nine years in prison, released in 1996 and then jailed again in 2009 for three years, for offenses including grand theft auto and assaulting a law enforcement official.
“When Roberto came out, he changed his life,” according to Ada. “He got married, had four beautiful little girls. He talks out against gang violence and has a family that absolutely loves him.”
A judge ordered his deportation after his first conviction overturned his legal residency, but he remained in the United States because Cuba often does not accept deportees, lawyers said.
He checked in with immigration authorities every year and had been working for a plumbing company for 13 years until his surprise detention and deportation, Ada told AFP.
“They have painted him out as a monster, which he’s not,” she said. “He’s redeemed himself.”

- Denied legal support -

The men sent to Eswatini were caught up in a push by the Trump administration to expel undocumented migrants to “third countries,” with others deported to Ghana, Rwanda and South Sudan in shadowy deals criticized by rights groups.
They were not informed they were being deported until they were already onboard the airplane, lawyers for each of them told AFP.
“Right when they were about to land in Eswatini, that’s when ICE gave them a notice saying you’re going to be deported to Eswatini. And none of them signed the letter,” said Nguyen, who represents men from Vietnam and Laos.
“It’s like modern-day human trafficking, through official channels,” he told AFP, describing how he was contacted by the Vietnamese man’s family after they too recognized his photo on social media.
The lawyer, who said he had been “a hotline” for the Southeast Asian community in the United States since Donald Trump came to power in January, trawled through Facebook groups to track down relatives of the other detainee described only as a “citizen of Laos.”
The deportees were denied contact with their lawyers and also with a local attorney, who tried to visit them in the Matsapha Correctional Center 30 kilometers (20 miles) south of the capital Mbabane, infamous for holding political prisoners.
Eswatini attorney Sibusiso Nhlabatsi said he was told by prison officers that the men had refused to see him.
“We know for a fact that’s not true,” said Alma David, the US-based lawyer for Mosquera and another deportee from Yemen.
Her clients told their families they were never informed of Nhlabatsi’s visits and had requested legal counsel on multiple occasions.
When David herself requested a private call with her clients, “the chief of the prison said, ‘no, you can’t, this is not like in the US’,” she said. The official told her to seek permission from the US embassy.
Nhlabatsi last week won a court application to represent the men but the government immediately appealed, suspending the ruling.
“The judges, the commissioner of the prison, the attorney general — no one wants to go against the king or the prime minister, so everybody is just running around in circles, delaying,” said Nguyen.

- ‘Layers of cruelty’ -

Eswatini, under the thumb of 57-year-old Mswati for 39 years, has said it intends to return all the deportees to their home countries.
But only one has been repatriated so far, the Jamaican Etoria.
Two weeks after his release, he was “still adjusting to life in a country where he hasn’t lived in 50 years,” his New York-based lawyer Mia Unger told AFP.
Reportedly freed on arrival, he had completed a sentence for murder and was living in New York before ICE agents arrested him.
Etoria held a valid Jamaican passport and the country had not said they would refuse his return, despite the US administration’s claims that the deportees’ home countries would not take them back.
“If the United States had just deported him to Jamaica in the first place, that would already have been a very difficult and painful adjustment for him and his family,” Unger said.
“Instead, they send him halfway across the world to a country he’s never been to, where he has no ties, imprison him with no charges and don’t tell his family anything,” she said.
“The layers of cruelty are really surprising.”
Accused of crushing political opposition and rights activists, the government of Eswatini has given few details of the detainees or the deal it signed with the United States to take them in.
Nguyen said the new group of 10 included three Vietnamese, one Filipino and one Cambodian.
“Regardless of what they were convicted of and what they did, they’re still being used as pawns in a dystopian game exchanging bodies for money,” David told AFP.
The last time Mosquera’s family saw him, in a video call from the Eswatini jail last week, he had lost hair and “gotten very thin,” Ada said.
“This has taken a toll on everybody,” she said, her voice breaking. “It’s atrocious. It’s a death sentence.”


UK rules out sending troops to Gaza as US-led ceasefire takes hold

UK rules out sending troops to Gaza as US-led ceasefire takes hold
Updated 10 October 2025

UK rules out sending troops to Gaza as US-led ceasefire takes hold

UK rules out sending troops to Gaza as US-led ceasefire takes hold
  • Around 200 American troops have been deployed to Israel to assist in monitoring and supporting the truce’s initial implementation

LONDON: British Foreign Secretary Yvette Cooper said Friday that the UK has no plans to deploy troops to the Middle East as part of a US-led ceasefire agreement between Israel and Hamas.

The announcement comes after US President Donald Trump brokered a deal earlier this week that includes a pause in the two-year war in Gaza and the release of hostages held by Hamas in exchange for Palestinian prisoners.

Around 200 American troops have been deployed to Israel to assist in monitoring and supporting the truce’s initial implementation.

Speaking to the BBC on Friday, Cooper said the US will take the lead in overseeing the ceasefire process and that Britain will not send personnel to join the effort.

“That’s not our plan, there are no plans to do that,” she said.

“The US will lead what is effectively a monitoring process to make sure that this happens on the ground, overseeing the hostage releases and ensuring aid gets in place.

“They’ve made clear they expect the troops on the ground to be provided by neighboring states, and that is something we do expect to happen,” she added.

Cooper confirmed that discussions were underway regarding an “international security force” but said the UK’s contribution would focus on financial and diplomatic support, including exploring private investment options for Gaza’s reconstruction.

She added that the British government hopes the ceasefire will come into effect “imminently.”

The foreign secretary made the comments after attending talks in Paris hosted by French President Emmanuel Macron, alongside her German counterpart Johann Wadephul and the foreign ministers of France and , Jean-Noel Barrot and Prince Faisal bin Farhan.

The ceasefire deal was reached just days after the second anniversary of the Oct. 7, 2023 attacks, when Hamas militants killed nearly 1,200 people and abducted around 250 others during incursions into Israel.

The assault prompted a major Israeli military campaign in Gaza that has since left more than 67,000 dead, according to the Hamas-run health ministry, and displaced much of the enclave’s population.

Prime Minister Sir Keir Starmer said the truce “would not have happened without” Trump’s leadership, while world leaders have cautiously welcomed the agreement as a potential step toward ending the conflict.


UN calls on Madagascar to avoid unnecessary force against protesters

UN calls on Madagascar to avoid unnecessary force against protesters
Updated 10 October 2025

UN calls on Madagascar to avoid unnecessary force against protesters

UN calls on Madagascar to avoid unnecessary force against protesters
  • “We’re receiving troubling reports of continued violence against protesters by the gendarmerie,” the UN’s human rights office said
  • UN said on Sept. 29 that at least 22 people had been killed in the first days of protests

ANTANANARIVO: The United Nations’ rights chief on Friday called on Madagascan authorities to “desist from unnecessary force” against protesters, a day after several people were injured in clashes with police during protests in the capital Antananarivo.
Several thousand anti-government demonstrators marched in Antananarivo Thursday in the latest demonstration in two weeks of anti-government unrest sparked by anger over power and water shortages in the impoverished Indian ocean island.
AFP reporters on the ground saw at least six people injured and a man left unconscious on the ground after he was chased and severely beaten by security forces, who used tear gas, rubber bullets and armored vehicles to disperse the crowds.
“We’re receiving troubling reports of continued violence against protesters by the gendarmerie,” the UN’s human rights office said in a post on social media Friday.
UN High commissioner for human rights Volker Turk “renews his call on security forces to desist from unnecessary force and to uphold the rights to free association and peaceful assembly,” it said.
Madagascar’s security forces on Friday recognized that it had taken “strict measures” as they claimed the protesters aimed to “terrorize the population” and “incite looting.”
The United Nations said on September 29 that at least 22 people had been killed in the first days of protests.
Rajoelina has disputed the toll, saying on Wednesday that there were “12 confirmed deaths and all of these individuals were looters and vandals.”
After initially adopting a conciliatory tone and dismissing his entire government, the president appointed a military officer as prime minister on October 6 and chose to make the first appointments in his new cabinet to the ministries of the armed forces, public security and armed police, announcing that the country “no longer needs disturbances.”


China hits US ships with retaliatory port fees before trade talks

China hits US ships with retaliatory port fees before trade talks
Updated 10 October 2025

China hits US ships with retaliatory port fees before trade talks

China hits US ships with retaliatory port fees before trade talks
  • The fees would be applied on the same ship for a maximum of five voyages each year
  • The ministry also slammed the United States’ port fees as “discriminatory” that would “severely damage the legitimate interests of China’s shipping industry”

HONG KONG: China has hit US-owned vessels docking in the country with tit-for-tat port fees, in response to the American government’s planned port fees on Chinese ships, expanding a string of retaliatory measures before trade talks between US President Donald Trump and Chinese leader Xi Jinping.
Vessels owned or operated by American companies or individuals, and ships built in the US or flying the American flag, would be subjected to a 400 yuan ($56) per net ton fee per voyage if they dock in China, China’s Ministry of Transport said on Friday.
The fees would be applied on the same ship for a maximum of five voyages each year, and would rise every year until 2028, when it would hike to 1,120 yuan ($157) per net ton, the ministry said.
They would take effect on Oct. 14, the same day when the United States is due to start imposing port fees on Chinese vessels.
China’s Ministry of Transport said on Friday in a statement that its special fees on American vessels are “countermeasures” in response to “wrongful” US practices, referring to the planned US port fees on Chinese vessels.
The ministry also slammed the United States’ port fees as “discriminatory” that would “severely damage the legitimate interests of China’s shipping industry” and “seriously undermine” international economic and trade order.
China has announced a string of trade measures and restrictions before an expected meeting between Trump and Xi on the sidelines of the Asia-Pacific Economic Cooperation forum in South Korea that begins at the end of October. On Thursday, Beijing unveiled new curbs on exports of rare earths and related technologies, as well as new restrictions on the export of some lithium battery and related production equipment.
The port fees announced by Beijing on Friday mirrors many aspects of the US port fees on Chinese ships docking in American ports. Under Washington’s plans, Chinese-owned or -operated ships will be charged $50 per net ton for each voyage to the US, which would then rise by $30 per net ton each year until 2028. Each vessel would be charged no more than five times per year.
China’s new port fee is “not just a symbolic move,” said Kun Cao, deputy chief executive at consulting firm Reddal. “It explicitly targets any ship with meaningful US links — ownership, operation, flag, or build — and scales steeply with ship size.”
The “real bite is on US-owned and operated vessels,” he said, adding that North America accounts for roughly 5 percent of the world fleet by beneficial ownership, which is still a meaningful figure although not as huge as compared to Greek, Chinese and Japanese ship owners.
However, the United States has only about 0.1 percent of global commercial shipbuilding market share in recent years and built fewer than 10 commercial ships last year, Reddal added.
While shipping analysts have said that the US port fees on Chinese vessels would likely have limited impact on trade and freight rates as some shipping companies have been redeploying their fleets to avoid the extra charge, shipping data provider Alphaliner warned last month in a report that the US port fees could still cost up to $3.2 billion next year for the world’s top 10 carriers.