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Subscribe to enjoy similar stories. Apple has emerged from the AI doghouse. The stock hit a new all-time high this past week after surging 39% since Aug.

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It looked like a classic case of markets reacting to political risk. But Treasury Secretary Scott Bessent sees it differently. He’s pointing to something else entirely: the tech sector’s infatuation with artificial intelligence.

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Subscribe to enjoy similar stories. The stock market has its worst day in years. Ominously, the currency also falls.

The penalties are set to include a fine and demands for product changes, said the people, who declined to be identified discussing an ongoing investigation. These are expected to be announced this summer and will be the first issued under a new EU law intended to force social media companies to police their services, they said. European authorities have been weighing how large a fine to issue X as they consider the risks of further antagonizing Trump amid wider trans-Atlantic disputes over trade, tariffs and the war in Ukraine. The fine could surpass $1 billion, one person said, as regulators seek to make an example of X to deter other companies from violating the law, called the Digital Services Act.

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US President Donald Trump imposed a series of sweeping tariffs on countries around the world that could drastically alter the landscape of global trade, and consumer goods like iPhones could be among the hardest hit, analysts said on Thursday, with increases of 30% to 40% if the company were to pass on the cost to consumers. Most iPhones are still made in China, which was hit with a 54% tariff. If those levies persist, Apple has a tough choice: absorb the extra expense or pass it on to customers.

iOS 19 update.

The damage was heaviest in companies whose supply chains are most dependent on overseas manufacturing. Apple Inc., which makes the majority of its US-sold devices in China, fell as much as 9.5%. Lululemon Athletica Inc. and Nike Inc., among companies with manufacturing ties to Vietnam, were both down more than 12%. Target Corp. and Dollar Tree Inc., retailers whose stores are filled with products sourced outside of the US, were trading lower by more than 10%.

U.S. President Donald Trump imposed a series of sweeping tariffs on countries around the world that could drastically alter the landscape of global trade, and consumer goods like iPhones could be among the hardest hit, analysts said on Thursday. Most iPhones are still made in China, which was hit with a 54% tariff. If those levies persist, Apple has a tough choice: absorb the extra expense or pass it on to customers. Shares of the company were down more than 8% in the wake of the tariff announcements, putting them on track for their worst day since September 2020. Apple sells more than 220 million iPhones a year; its biggest markets include the United States, China and Europe.

Donald Trump on Thursday said that the US economy would emerge «far stronger» even as markets went down globally after the reciprocal tariffs. Taking to social media platform Truth, Trump said, «The operation is over! The patient lived and is healing. The prognosis is that the patient will be far stronger, bigger, better and more resilient than ever before.» White House Press Secretary Karoline Leavitt also reassured US markets. «To anyone on Wall Street this morning, I would say, 'Trust in President Trump.' This is a president who is doubling down on his proven economic formula,» she said while speaking with CNN. She said the tariffs, which include 10 percent across the board levies on imports and steeper barriers on several countries including India, meant «the United States is no longer going to be cheated by foreign nations.»

Subscribe to enjoy similar stories. The stock market was slumping after President Donald Trump made his tariff announcement. To state the obvious, it was worse than investors feared and now they need to figure out what it means for stocks over the rest of 2025.

Subscribe to enjoy similar stories. President Trump’s biggest tariff blitz yet sends a clear message to U.S. and foreign companies alike: The era of globalization is over.

Treasury Secretary Scott Bessent said Wednesday the sell-off in the stock market is due more to a sharp pullback in the biggest technology stocks instead of the protectionist policies coming from the Trump administration.