Stock markets were down in early trading on Friday after President Donald Trump said he wanted to impose a 50-percent tariff on the European Union and a new 25-percent tariff on iPhone maker Apple.The S&P 500 was down around 0.

The markets closed lower Friday after President Trump threatened to impose a 25% tariff on Apple and 50% tariff on the European Union.

President Trump spooked investors Friday, threatening Apple (Nasdaq: AAPL) with 25% tariffs on iPhones manufactured outside the U.S., and floating the idea of 50% tariffs on goods imported from the European Union.