Stocks closed down on Friday after President Donald Trump threatened new tariffs targeting tech giant Apple and the European Union. The Dow Jones Industrial Average closed down 256 points, or 0.6%, while the S&P 500 declined 0.

With Alphabet losing against the U.S. Department of Justice in multiple antitrust cases, the writing may be on the wall for Apple's lucrative deal with the search giant. Apple receives around $20 billion annually from Google to make Google the default search engine on its devices.

Unhappy that Apple intends to source nearly all of its U.S. iPhones from India, President Donald Trump on Friday threatened a 25% tariff on the popular device unless the tech giant moves production to