Stock markets declined after the president’s early-morning threats of 25 percent import taxes on iPhones and 50 percent on goods from Europe.

President Donald Trump said iPhones made outside the US would incur a tariff of at least 25% and threatened to increase levies on European imports.

Apple stock was dropping on Friday after President Donald Trump threatened a 25% tariff on its iPhones sold in the U.S. unless they are made in the U.S.