That abrupt shift "from Tariff Man to global salesman," as investment strategist Ed Yardeni put it, revived an S&P 500 bull market in stocks.Just as the ride seemed to be smoothing out, markets got a jolt Friday morning as Trump threatened a 25% tariff on Apple iPhones if they're not manufactured and threatened 50% tariffs on the EU starting June 1.

Donald Trump threatened Apple with a 25% tariff on iPhones made outside the U.S., reportedly triggered by Tim Cook's absence from Trump's Middle East trip. Trump publicly acknowledged Nvidia's CEO Jensen Huang's presence while pointedly noting Cook's absence.

Key Takeaways Apple shares fell sharply to close out last week after President Trump threatened to impose hefty tariffs on the company if it doesn't manufacture iPhones in the U.S.The stock has closed lower for eight consecutive sessions and has lost 22% of its value since the start of the year,

Apple Inc. (NASDAQ:AAPL) is reportedly pushing forward with a major supply chain expansion in India through its top manufacturing partner, Foxconn, also known as Hon Hai Precision Industry Co. Ltd. (OTC:HNHAF).

While speaking to the media later that day, Trump clarified that the tariff would apply to any company selling foreign-made phones in the U.S., not just Apple. The president said

Even were President Donald Trump to go ahead with his threat to slap a 25% tariff on foreign-made iPhones, it would still be cheaper for Morgan Stanley to produce its iconic phone abroad than in the U.