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Hey listeners, it's Saturday, May 24th. I'm Jack Pitcher for the Wall Street Journal,

and this is What's News and Markets. Our look at the biggest stock moves of the week and the news that drove

them. Let's get to it. The trade war was back in focus this week after President Trump on

Friday launched new broadsides in his tariff campaign. He threatened to impose a 50% tariff rate on the European Union within days

and warned of possible 25% tariffs on foreign-made iPhones.

Those are two pillars of global commerce,

one of the world's most valuable companies, Apple, and one of the U.S.'s biggest trading partners.

Another market mover this week was the president's sprawling tax and spending package.

The House of Representatives passed it on Thursday, and it's headed to the Senate.

The bill is projected to increase budget deficits by more than $2 trillion over the next decade,

raising anxiety over the U.S. fiscal outlook and prompting a government bond

sell-off. For the week, the S&P 500 dropped 2.6%, while the Dow and the NASDAQ were both 2.5% lower.

Apple investors appear to be taking Trump's threats seriously. As I said earlier, the president

said he expects iPhones sold in the

U.S. to be made in the U.S. or face a 25% tariff. Apple's phones are sourced from many countries

and primarily put together in China. Apple doesn't have U.S. manufacturing facilities.

...