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

European luxury shares tanked on Friday as U.S. President Donald Trump said he is recommending a straight 50% tariff on goods from the European Union starting on June 1. Europe's luxury industry, producing handbags,

President Trump's threat to slap 50% tariffs on the European Union takes aim at one of America's biggest economic partners. These charts show what's at stake: **The EU runs a big goods-trade defi