Analysts: As soon as Trump's tariff threat came out, market optimism dissipated

U.S. President Donald Trump ramped up his trade threats on Friday, targeting imports from smartphone giant Apple and across the European Union, sending global markets back into turmoil after weeks of moderation. Trump threatened to impose a 25 percent tariff on any iPhone Apple sells in the United States but does not produce; he also suggested a 50 percent tariff on the European Union starting June 1, which would result in steep tariffs on luxury goods, pharmaceuticals and other goods made by European manufacturers. Markets generally fell on the news. S & P 500 futures fell 1.5 percent in premarket trading, while the Euro Stoxx 600 fell 2 percent. Apple shares fell 3.5 per cent in pre-market trading, while other tech stocks also fell sharply. "All the optimism about a trade deal evaporated within minutes or even seconds," commented market analyst Fawad Razaqzada.