President Trump has demanded that Apple start manufacturing iPhones within the U.S. or be prepared to face a minimum 25% tariff on iPhones produced overseas.

The stock market took a drop after President Donald Trump threatened to slap the European Union with a 50% tax on imports and tech giant Apple with a 25% tariff on smartphones. In another political battle,

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