CNBC Business News Update - Market Open: Stocks Lower, Trump Threatens New EU Tariffs, Trump Threatens Tariffs On Apple 5/23/25

Episode Date: May 23, 2025

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

I'm Jessica Edinger CNBC Wall Street tanking on a couple of posts today by President Trump. The Dow down 407 points out of the gate, 1% being led lower by shares of Apple down almost 3%. The S&P 500 index down 66 points. That's more than 1%. The NASDAQ down 300 points, 1.5% this morning. Here's why markets are tanking. President Trump posting on Truth Social

that trade discussions with the EU were going nowhere. And as a result, he is recommending a straight 50% tariff on the EU starting on June 1st. I don't know what that means, recommending a straight tariff of 50% to who? Is he recommending that to the Senate, or is he saying that this is something that is going to be enforced as of June 1st?

Europe's down now. Yeah, Europe is down significantly. CNBC's Becky Quick and Joe Kern, and the president also posting that Apple must pay a 25% direct tariff on all iPhones not made in the US. All of them are made overseas. He's asking for the impossible

and it's kind of hard to watch, to make iPhones at scale in this country is not gonna happen in an investable timeframe and certainly not while Trump is president. So, you know, to do this to a company that has been operating, you know, under the rules, creating an iconic business for a long time. It's just hard to believe.

That's Rosenblatt's Barton Crockett on CNBC, and here's Chicago Fed President Austin Goolsbee on CNBC today. We had the big Fed Listens event last week at the Chicago Fed, and a whole bunch of folks from the district came in to talk about the economy, and sort of the two common themes were number one, they hate inflation.

And number two, they want some consistency. The CEO of a construction company said for them, we're now in a put your pencils down moment where they just have to wait if every week or every month or every day there's gonna to be a new major announcement. They just can't take action until some of those things are resolved. Bitcoin has been soaring for the first time in five years. It's about to notch six straight weeks of gains.

It pulled back from a record high, but it's hovering around $108,000. Harvard is suing the Trump administration over the president's ban on Harvard's international student enrollment. President Trump's private dinner with people who bought the Trump meme coin cost about $1.8 million per plate. Just 220 highly coveted seats to sit down with the president for a private dinner in Virginia. Now, among those in the room, the number one token holder Justin Sun, a Chinese-born crypto mogul being sued by the SEC who

holds more than 20 million dollars worth of those Trump meme tokens. But for an event billed as the most exclusive invitation in the world, many guests left disappointed. Trump arrived by helicopter, gave brief remarks backing a US Bitcoin reserve, and left without taking questions, photos or promising anything new to the crypto industry. Now outside about 100 protesters held signs that read crypto corruption and Trump is a traitor. CNBC's Mackenzie Zagalos. Pennies are going away. The U.S. Treasury is working to phase out the coin that costs more to make than it's worth.

Canada got rid of its pennies a decade ago. A record-setting Memorial Day holiday box office is in sight. Paramount's mission impossible, the final reckoning, and Disney's Lilo and Stitch are poised to rake in the ticket sales. Jessica Ettinger, CNBC.