U.S. President Donald Trump has imposed a 25% tariff on every iPhone sold in the United States that is not manufactured there.

He also announced his intention to recommend a 50% tariff on imports from the European Union starting June 1, which could increase duties on luxury goods and pharmaceuticals.

These have affected the markets, with S&P 500 futures dropping by 1.5%, and Apple shares declining by 3.5% in pre-market trading.