"I expect iPhones that will be sold in the United States of America will be manufactured and built in the U.S."

Apple Inc. faces a potential 25% tariff on iPhones made outside the U.S., directly threatened by President Trump. The company’s shift to India and Vietnam was meant to reduce China risk, but it’s now clashing with U.S. political pressure.

It is hard to determine which of Trump's announcements - on EU tariffs or levies on Apple imports - carries greater implications for the S&P 500.