The U.S. and the European stocks fell sharply on Friday after U.S. President Donald Trump threatened to impose sweeping new tariffs on the European Union and tech giant Apple.
The remarks posted by Trump on social media on Friday sparked plunges in the U.S. markets, with the Dow Jones Industrial Average dropping 256 points, or 0.61 percent, the S and P 500 falling 0.67 percent, and the Nasdaq Composite losing 1 percent.
The European markets also responded swiftly. Germany's DAX and France's CAC 40 slid over 2 percent before repairing some losses, with the DAX dropping to a two-week low. The European STOXX 600 index and the stock indices of Italy and Spain also dropped over 2 percent during the session.
At the close of the day, CAC 40 fell 1.65 percent and the DAX dropped 1.54 percent, respectively.
Trump commented on Friday on social media that he expects Apple's iPhones to be sold in the U.S. will be manufactured and built in the United States, not India, or anywhere else.
He added that if that is not the case, a tariff of at least 25 percent must be paid by Apple.
On the same day, Trump signaled that potential tariffs on mobile phones would not just target Apple but extend to other manufacturers like Samsung.
Also on Friday, Trump also said in a social media post that the EU "was formed for the primary purpose of taking advantage of the U.S. on trade", and blamed the block for "powerful trade barriers, vat taxes, ridiculous corporate penalties, non-monetary trade barriers, monetary manipulations, unfair and unjustified lawsuits against American companies, and more", which he said led to a "totally unacceptable" trade deficit with the United States.
Trump said he is recommending a 50 percent tariff on all goods imported from the EU starting June 1, citing stalled negotiations with Brussels. "Trade talks are going nowhere," he wrote.
US, European stocks fall over Trump's tariff threats
US, European stocks fall over Trump's tariff threats
US, European stocks fall over Trump's tariff threats
A major port in northern Venezuela came under U.S. airstrikes in the early hours of January 3, which caused extensive damage to civilian infrastructure, destroyed critical medical supplies in a warehouse, and severely impacted centuries-old cultural heritage sites, according to local residents.
The La Guaira Port, a vital hub for imports that support daily life in the region, was heavily damaged during the attack.
Large quantities of medical supplies stored at the port were destroyed. A historic cultural building dating back for some 300 years was also badly damaged by the bombardment.
Residents living near the port recalled the terrifying scenes as explosions shook nearby neighborhoods.
Humberto Bolivar, who lives in a community separated from the port by only a main road, said the blast waves shattered his home's windows, while stray shrapnel struck the water tank on his roof. According to reports, three missiles were fired at the port that night.
Bolivar said that beyond material losses, he is most concerned about the psychological impact on his children, who remain too frightened to leave their home days after the attack.
"The United States invaded our country. The children were frightened. This is not good for them, because it leaves some children with psychological trauma. They do not want to go to school or leave the house, because they are afraid that something worse might happen. We truly do not want this to happen to our country," he said.
Apart from civilian facilities, local cultural heritage site was also affected.
The La Guaira state government building, a structure with nearly 300 years of history and once served as the site of Venezuela's first national customs office, was struck by the force of the explosions.
Windows of the building were shattered, and furniture scattered across the floor.
"As people of La Guaira, we feel deep pain. Our cultural heritage has been bombed. We are living in constant anxiety and suffering, and life can no longer be the same as it was before," said a local named Henry Cumares.
The U.S. side has claimed the airstrikes targeted warehouses allegedly used to store narcotics. However, locals refuted such accusation.
"According to what Donald Trump said, they bombed this place using the excuse that the warehouses here were used to store drugs at the port. But based on the video released by our governor, these warehouses that were burned contained medicine for kidney patients and foods. Many people depend on these supplies to survive. I think the bombing is extremely despicable," said a local resident named Alejandro Capriles.
US strike hits Venezuelan port, wrecking medical supplies, heritage building
