President Donald Trump is threatening a 50% tax on all imports from the European Union as well as a 25% tariff on smartphones unless the products are made in America.

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

President Trump threatened Apple CEO Tim Cook with a 25% tariff on iPhones unless the company makes them in the U.S. He also threatened to impose a 50% tariff on the European Union. NBC News' Christine Romans joins Katy Tur to report the latest on the trade war.