The Ibex 35 index experienced a sharp decline on May 23, 2025, falling between 1.18% and 2.5% during trading sessions amid renewed threats of tariffs from U.S. President Donald Trump. The president indicated that trade negotiations with the European Union were unproductive and proposed imposing a 50% tariff on European goods. This announcement triggered a sell-off in European markets, with the banking sector, including CaixaBank, Sabadell, and BBVA, and automobile manufacturers leading the losses. The downturn in the Ibex 35 erased weekly gains, while Wall Street also opened with a 1% decline. The tariff threats specifically targeted Apple and the EU, heightening market tensions and disrupting the previously calm European stock environment.