The president said he would issue a 50% tariff on the EU and a 25% tax on Apple in a pair of Truth Social posts.

Apple shares dropped on Friday after US President Donald Trump threatened a 25% tariff on the tech giant’s products unless it moves iPhone manufacturing from countries like India to the United States.

Stock futures across all three market indexes fell Friday after President Donald Trump threatened 50% tariffs on the European Union and at least 25% levies on Apple, whose stock was at the forefront of a broader market selloff, unless the company shifts iPhone production to the U.S.