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.

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.

U.S. stocks fell after President Donald Trump threatened 50% tariffs on the European Union that could begin in a little more than a week.