Trump re-escalates trade threats, aiming at Apple, European Union

U.S. President Donald Trump cranked up his trade threats on Friday, targeting both smartphone giant Apple (AAPL.O), opens new tab along with imports from the entire European Union, sending the global market roiling after weeks of de-escalation provided some reprieve.

Trump threatened to impose a 25% tariff on Apple for any iPhones sold, but not manufactured, in the United States. More than 60 million phones are sold in the United States annually, but the country has no smartphone manufacturing. He also said he would recommend a 50% tariff on the European Union to begin on June 1, which would result in stiff levies on luxury items, pharmaceuticals and other goods produced by European manufacturers.