Worst Week Since Early April U.S. equity indices fell over 2% last week, trimming the S&P 500’s strong 5.3% prior week advance nearly in half after President Trump issued two new tariff warnings. Characterizing that trade negotiations with the European Union “are going nowhere,” Trump threatened stepped-up 50% tariffs on EU goods starting June 1. Investors sought relative shelter in government bonds and safer haven currencies such as the Swiss franc and Japanese yen, which weighed negatively on the U.S. dollar while gold prices advanced.