President Donald Trumpreignited trade tensions ahead of the Memorial Day weekend with back-to-back social media posts targeting the European Union and Apple, sending global markets into turmoil after weeks of de-escalation provided some reprieve. In a morning message on his platform Truth Social, Trump warned Apple CEO Tim Cook of a new 25% import tax if their trademark iPhones are not made in the United States. A half hour later, Trump wrote that he was recommending a 50% tariff on the European Union starting June 1. "The European Union... has been very difficult to deal with," Trump said ina social media poston May 23, a resumption of his threats after pausing reciprocal tariffs on the EU and other nations in April. "Our discussions with them are going nowhere!" the president added. Trump had threatened big reciprocal tariffs on the EU and a host of countries in early April but paused all them, except for tariffs on China, shortly afterward. Since then his administration has been negotiating over trade deals. The only deal reached so far has been with the United Kingdom. Stock markets across Europe fell sharply after Trump's posts, while U.S. stock index futures moved sharply lower while the euro trimmed its gains. Apple's shares were also down sharply in premarket trading and weighing on the tech sector more broadly. In an unusual tariff threat aimed at a single company, Trump singled out Apple in a social media post and demanded they build their devices in the U.S.. "If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.," Trump wrote. Trump mentioned Apple CEO Tim Cook, saying he "long ago" told the corporate executive "I expect their iPhone's that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else." Apple announced in February that the company plans to spend $500 billion in the U.S. over the next four years in Michigan, Texas, California, Arizona, Nevada, Iowa, Oregon, North Carolina, and Washington. "Plans include a new factory in Texas, doubling the U.S. Advanced Manufacturing Fund, a manufacturing academy, and accelerated investments in AI and silicon engineering," the company said in a statement. Apple has been heavily dependent on Chinese partner Foxconn to manufacture its products, but is looking to shift most of its iPhone production to India by 2026, according to Reuters. This article originally appeared on USA TODAY:Trump threatens 50% tariff on European Union goods; live updates
