On Friday the president threatened a 50% tariff on the European Union and a 25% levy on smart phones if companies failed to move production to the U.S.

U.S. stocks fell on Friday, notching a weekly loss, after President Donald Trump recommended 50% tariffs on European goods, reopening a new front in global trade tensions and unleashing a fresh wave of market uncertainty.

A 50 percent tax on European imports would hit the continent hard, hurt the U.S. economy and slow growth globally.