Trump’s new tariff threats may shake stocks’ rally as investors brace for a long, hot summer 

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April data on the Fed’s preferred inflation gauge will be due on Friday

Last Updated: May 25, 2025 at 3:15 p.m. ET
First Published: May 25, 2025 at 12:00 p.m. ET

Just as investors thought they could take a break from the tariff scares, President Donald Trump’s threats of new levies against the European Union and Apple threw trade tensions back into focus ahead of a long holiday weekend. 

That’s a reminder to stock market investors that tariffs will likely remain a factor this summer as they navigate a volatile macroeconomic environment with concerns around growing U.S. government debt, elevated yields for long-dated Treasurys, and a jump in Japan’s bond yields that may trigger further outflow from U.S. assets.