Dow, S&P 500, Nasdaq fall as Trump tariff threats roar back, US deficit anxiety deepens

US stocks fell on Friday to register weekly losses as investors assessed President Trump's latest tariff threats and the potential impact of his massive tax bill on the deficit and the economy.

The Dow Jones Industrial Average sank 0.6%. The S&P 500 also fell roughly 0.7%. The tech-heavy Nasdaq Composite backed off about 1%.

All three major averages fell more than 2% for the week.

The three indexes trimmed steeper losses that followed Trump's comment on Friday that Apple must pay a 25% tariff on iPhones sold but not made in the US. The tech giant has begun shifting some manufacturing to India, with China, home to its key suppliers, locked in a trade war with the US. Apple shares fell about 3%.

On Friday afternoon, Trump implied the tariffs would apply to other cell phone manufacturers.

"It would be more, it would be also Samsung and anybody that makes that product, otherwise it wouldn't be fair," Trump told reporters on Friday afternoon. "Again, when they build their plant here there's no tariffs. So they're going to be building plants here."

At the same time, Trump threatened to hike the tariff on EU imports to "a straight 50%" beginning June 1 as trade talks with the bloc have stalled.