In a surprising move, President Trump has reignited trade tensions by threatening a 25% tariff on Apple products unless they are manufactured in the U.S. This could significantly impact iPhone prices and alter the tech landscape.

Bank of Canada Governor Tiff Macklem called President Donald Trump’s tariffs the “biggest headwind” for the country, given the close integration of the two economies, according to the New York Times.

U.S. companies are also still cautioning about how tariffs could affect their businesses. On Walmart 's ( WMT -1.35%) earnings call last week, CEO Doug McMillon warned about potential repercussions. President Trump responded on social media that Walmart makes billions of dollars in sales, and that it should "eat the tariffs." But can it?

America’s highest-profile retail chains are walking a difficult tightrope — trying to blunt the financial hit from tariffs by raising prices for consumers without angering them or President Donald Trump.

President Donald Trump said that the tariffs he threatened against Apple Inc. earlier Friday would also be aimed at a wider range of device makers including Samsung Electronics Co. to spur them into moving manufacturing of their products to the US.

President Trump felt "horrible" about the impacts of tariffs on China that hit American businesses in April, Commerce Sec. Howard Lutnick said at an Axios event on Wednesday. Why it matters: Lutnick said the pain was necessary — but he again insisted prices won't rise for consumers.

As tariffs on Chinese imports persist, major U.S. retailers warn of potential price increases, leaving consumers uncertain about future shopping costs.

US businesses are the most worried about the impact of President Donald Trump’s shifting tariff policies on their revenues, with more than half projecting a hit of at least 25% to their revenue, according to a survey by HSBC Holdings Plc.