President Donald Trump is threatening a 50% tax on all imports from the European Union as well as a 25% tariff on smartphones unless the products are made in America.

Stock markets declined after the president’s early-morning threats of 25 percent import taxes on iPhones and 50 percent on goods from Europe.

President Trump on Friday took aim at Apple and the European Union in a significant escalation of his ongoing trade war. In a one-two posting spree on Truth Social early Friday, he threatened Apple with 25% tariffs on non-US-made iPhones,

A new Trump tariff threat targets a bloc of 27 countries that add up to the largest U.S. trade partner.

Stocks dropped on Friday on renewed fears of an escalating trade war after Donald Trump threatened Apple and the EU with tariffs.

President Donald Trump and U.S. Attorney General Pam Bondi gesture as Sen. Ashley Moody (R-FL) looks on during a ceremony honoring the 2025 NCAA men’s basketball champion Florida Gators at the White House, May 21, 2025, in Washington, D.C.

The full implications of the trade reconsiderations still aren’t clear. But the countries involved are some of Israel’s most important commercial partners.

European Central Bank President Christine Lagarde warned that international trade will be changed forever by the tensions over tariffs, even as the world’s leading economies edge toward some compromises.

Among dozens of countries that were hit with steep tariffs, Vietnam was among the most publicly willing to meet the demands of the Trump administration. But China is a sticking point.