Key Points Trump has proposed a 50% tariff on the European Union starting June 1. He also threatened Apple with 25% tariffs if the company does not make iPhones in America. As a result, the stock market is fearful again,

Wall Street had its worst week since early April after President Trump said he would impose steep tariffs on E.U. goods and targeted Apple with a tax on foreign-made iPhones.

Wall Street's main indexes fell on Friday after U.S. President Donald Trump recommended 50% tariffs on the European Union, while Apple slid after he warned the company would have to pay tariffs if iPhones were not made in the United States.

Wall Street futures headed lower after a major U.S. retailer blamed its grim forecast on tariff concerns and oil prices rose.