Morgans AM - Monday, 26 May 2025

• US equity markets fell on Friday (23 May) after President Trump reignited tariff concerns with a series of social media posts - Dow lost -256-points or -0.61%, with Salesforce Inc (down -3.63%) the worst performer in the 30-stock index. Apple Inc (down -3.02%) fell for an eighth straight session after President Trump posted on his Truth Social website that the technology giant will have to pay a tariff of at least 25% for iPhones made outside the United States. "I have long ago informed Tim Cook of Apple that I expect their iPhone's that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else," President Trump wrote. Bank analysts estimated that a $US1200 iPhone would, if made in America, jump in price anywhere from US$1,500 to US$3,500.