The twin threats, delivered via social media, roiled global markets after weeks of de-escalation had provided some reprieve.

Stock markets declined after the president’s early-morning threats of 25 percent import taxes on iPhones and 50 percent on goods from Europe.

Per Reuters, Apple has been stepping up some parts of iPhone production in India, as China faces much higher tariffs from the U.S. Speaking to reporters later in the Oval Office, Trump suggested that other companies like Samsung “and anybody that makes that product. Otherwise it wouldn’t be fair.”