The Trump trade war had been de-escalating until Friday's threats vs. Apple and the EU. Inflation and budget deficits also are stock market risks.

President Donald Trump launched a pair of fresh tariff threats via social media Friday, signaling a new 50% trade levy on import goods from the European Union could be assessed in a matter of days and a tariff of “at least 25%” on Apple iPhones manufactured outside the U.S. may also be in the works.

Trump rolled out an aggressive tariff plan, slapping a 50% duty on goods coming in from the European Union and targeting Apple with a 25%