Stocks' Double Whammy: Trump Threatens EU, Apple With Tariffs 5/23/25

SPEAKER_1 (0:00)

Hey, Fidelity, can I get a second opinion on stocks in the Fidelity app?

SPEAKER_2 (0:05)

With Fidelity, it's easy to get an outside opinion from independent experts in a single score.

SPEAKER_1 (0:10)

And then?

SPEAKER_2 (0:11)

When you're ready, trade US stocks and ETFs with no commissions.

SPEAKER_1 (0:15)

That's right.

SPEAKER_2 (0:16)

I am always right.

Carl Quintanilla (0:18)

Investing involves risk, including risk of loss.

SPEAKER_4 (0:20)

Online US equity trades and ETFs and retail Fidelity accounts.

SPEAKER_5 (0:22)

Sell order assessment fee not included.

Carl Quintanilla (0:23)

Some account types and securities excluded.

SPEAKER_4 (0:24)

Details at fidelity.com/commissions. Fidelity Broker Services LLC member NYSE SIPC.

SPEAKER_6 (0:31)

Are you still quoting 30-year-old movies? Have you said, cool beans in the past 90 days? Do you think Discover isn't widely accepted? If this sounds like you, you're stuck in the past. Discover is accepted at 99% of places that take credit cards nationwide. And every time you make a purchase with your card, you automatically earn cash back. Welcome to the now. It pays to Discover. Learn more at discover.com/creditcardbased on the February 2024 Nelson Report.

Carl Quintanilla (0:59)

Market Moving Insight and Analysis join Jim Cramer, David Faber and me, Carl Quintanilla on the opening bell hour of CNBC Squawk on the Street. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Here we go again. Futures tumble as the president threatens tariffs on both Apple and the EU, saying trade talks with Europe are going nowhere. Yields are lower after a tough week for bonds, but the long bonds still above five. A road map begins with the president going after the EU, recommending a 50% tariff on the block for quote, taking advantage of the United States on trade.

David Faber (1:34)

Not done there. The president also taking on Apple, warning he could place a 25% tariff on that company if Apple does not manufacture its iPhone in the US. And the S&P is on pace for its fourth straight negative session, its worst week since early April. UBS though raising its year end target for the S&P.

Carl Quintanilla (1:55)

Let's begin with the president impacting markets on both sides of the Atlantic. The smoothing on truth socially posts he's recommending a 50% tariff, straight tariff on the EU beginning June 1, that's a week from Sunday. Because in his words, our discussions with them are going nowhere. Jim, we had been hearing from the EU that if talks fail, we will tariff Boeing, we will tariff tech, we will tariff banks. Well, did you see this coming?

Jim Cramer (2:20)

I know I did not.

I knew that he was not happy with the way the cadence of how things were going, but I mean, it's almost like the president wants to retest, or the president used to care about the stock market in 2016 Now he cares about Bitcoin. It just seems like that this was not only out of nowhere, but he had been saying that things have been going OK, making progress, making progress. Obviously, David, we do not source pretty much anything in Europe, but they have more on the line. I know he knows that, because they have guados, which are incredibly big. They can also, of course, block somehow tech. They can put in big, tech's a honey pop to them anyway. But I mean, this is Jack Daniels, OK? This is Levi's. It's not as important.

David Faber (3:10)

No, but it's not unimportant.

Jim Cramer (3:11)

No, but in terms of shutting down the economy.

David Faber (3:13)

I know, but the US and EU are like 30% of global trade.

Jim Cramer (3:16)

No, look, I'm not, I'm just saying that the court, that I don't, what are you saying? Not to panic, that's all. It was about panic.

David Faber (3:25)

Oh, OK.

Jim Cramer (3:26)

Oh, no, you see, the people who watch, they're not trading the tenure. They're trying to figure out whether they should sell everything. And I'm saying, no.

David Faber (3:35)

And that would be right. You can't, I mean, we learned this from April 2nd. Those who sold in the wake of that regretted having done so.

That's wrong. In the weeks that followed, given the whipsaw nature of it. But what do you do? I mean, if you're it's just it's not easy. Well, I think certainly as somebody who is a professional, for example, that people at home or retail investors can kind of just sort of sit there. But if you're. What do you mean, James Street? I'm talking any.

Jim Cramer (4:01)