By John Towfighi, CNN

New York (CNN) — Markets thought they had a serious debt problem. Now they have a trade war problem to worry about again.

Stock futures fell sharply Friday after President Donald Trump brought the trade war back to the forefront with threats of massive tariffs against America’s most valuable company and one of its most important trading partners. In quick succession, Trump posted on Truth social Friday morning that he would impose a 25% tariff on Apple if it refused to make iPhones in the United States. Minutes later, Trump said he would recommend a 50% tariff on goods imported from the European Union.

Dow futures tumbled more than 600 points, or 1.4%. The broader S&P 500 futures were down 1.4%, and futures tied to the tech-heavy Nasdaq were 1.8% lower.

The S

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