Investors hoped for trade war calm, but Donald Trump dashed those hopes. He threatened high tariffs on the European Union and smartphones. Equities dropped globally, and the dollar weakened. Business leaders now face ongoing uncertainty.

Stocks slumped on Friday after President Trump lobbed new tariff threats at the EU and Apple, reviving the trade anxiety that had gradually subsided over the past month.

U.S. stocks fell on Friday, notching a weekly loss, after President Donald Trump recommended 50% tariffs on European goods, reopening a new front in global trade tensions and unleashing a fresh wave of market uncertainty.