Trump unnerves markets by firing new tariff at EU, smartphones

US President Donald Trump has targeted Apple and the European Union with new tariffs that unnerved markets, rekindling his global trade war and causing jitters around the world.

In a message posted on his Truth Social network on Friday, Trump blasted Apple CEO Tim Cook for failing to move iPhone production to the United States despite repeated requests urging the US tech giant to do so.

He said he had "long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else."

Trump added, "If that is not the case, a Tariff of at least 25 percent must be paid by Apple to the US."

He later expanded his threats, saying he would target all the US smartphone companies that manufactured their phones outside the country. "It would also be Samsung and anybody that makes that product, otherwise it wouldn't be fair," Trump told reporters.

“I don’t want you building in India,” Trump said he told Cook last week.

He set the end of June as the date that the new tariffs on smartphones would come into effect in the US.

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Also on Friday, in an early morning post on his Truth Social network, Trump targeted the European Union once more.

"Our discussions with them are going nowhere!" Trump said. "Therefore, I am recommending a straight 50 percent Tariff on the European Union, starting on June 1, 2025."

He doubled down later in the day, telling reporters in the Oval Office that there was nothing the 27-nation bloc could do to change his mind.

"I'm not looking for a deal. I mean, we've set the deal. It's at 50 percent," Trump said. "They haven't treated our country properly. They banded together to take advantage of us."

Brussels reacted to Trump's threat with a call on the American leader for "respect."

EU trade Chief Maros Sefcovic wrote on X, formerly Twitter, that Brussels would reach a trade deal with Washington based on "respect," not "threats."

"The EU's fully engaged, committed to securing a deal that works for both."

The EU trade commissioner has been engaged in lengthy trade talks with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick over the tariffs.

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Anti-China tariffs put in place by the Trump administration have sent jitters into the US retail market, triggering fears of product shortages and price hikes.

Meanwhile, stocks dropped after Trump's comments renewed fears of global economic disruption, after a relative lull in recent days after the American businessman-leader reached tariff deals with China and Britain.

He slapped sweeping tariffs on most of the world on what he called "Liberation Day" on April 2, with a baseline 10 percent plus steeper duties, including a 20 percent levy on the EU.

Markets were thrown into turmoil but calmed after he cancelled the bigger tariffs for 90 days.

Trump has attacked naysayers, claiming his tariffs are "hurting" American businesses. "They're not hurting, they're helping," Trump insisted, claiming that his tariffs would do Americans good in the long term. However, market experts believe that by causing disruption, Trump was reaping huge profits for himself and his inner circle.

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