Stock and bond markets are sitting on a knife’s edge of doubt over the Trump administration’s tariffs and the impact of Congress’ budget bill on the federal deficit. Bond-rating agency Moody’s last week downgraded America’s credit worthiness.

U.S. stocks are falling on Friday after President Donald Trump threatened 50% tariffs on the European Union that could begin in a little more than a week.

President Trump is threatening to impose tariffs on Apple products if the company proceeds with plans in India. The stock markets are reacting negatively to Mr. Trump's statements. CBS News' Weijia Jiang reports and JD Durkin has more on the financial impact.