Trump threatened Apple with 25% tariffs unless the company starts making their iPhones in the United States. His threat came after Apple CEO Tim Cook said the company would continue manufacturing phones in India to avoid expensive prices for Americans.

Just as investors thought they could take a break from tariff scares, President Trump’s threats of new levies against the EU and Apple threw trade tensions back into focus ahead of a long holiday weekend.

"If that is not the case, a tariff of at least 25% must be paid by Apple to the US."Adding uncertainty to his ultimatum, Trump later said the tariff wouldn't apply to just the iPhone but also to any smartphone made outside the US.

Trump threatened to impose the costly tariffs on the European Union starting on June 1, complaining last week that the negotiations were “going nowhere.” He ended up delaying the tariffs on Sunday after speaking with the president of the European Commission.

Apple Inc. shares are coming off their longest selloff in more than three years, as escalating attacks from the White House threaten to further erode the company’s profit outlook, suggesting the stock’s struggles this year are far from over.

Key Takeaways Stocks fell on Friday after President Donald Trump lobbed fresh tariff threats at the EU and Apple, reviving some of the trade anxiety that had subsided over the past month.Some investors were sanguine about Friday's threats,

These retreats are so frequent that investors should rationally expect them. So why do markets still react to the initial announcements?” UBS’s Paul Donovan asked.