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, then attacked the European Union and said he was recommending a "straight 50%" tariff on EU-imported products beginning next weekend.

"I have long ago informed Tim Cook of Apple that 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," Trump wrote on Truth Social. "If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S."

Apple stock lost ground Friday in conjunction with a broader market decline.

It is unclear whether Trump can target individual companies with tariffs. Trump, asked about his power to do so on Friday, suggested he wouldn't target just Apple. Samsung (005930.KS) and other phone makers would face similar tariffs by the end of June, he said.

Trump in recent days has not been shy about verbally attacking US corporations that have been warning about the effects of his tariffs, including spats with Walmart (WMT) and Amazon (AMZN).

Meanwhile, negotiations with the EU have hit a snag, with the president charging the bloc has been "very difficult to deal with."
"Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025," he said.

The US has been pressuring the EU to cut tariffs on American goods, the Financial Times reported Friday. The EU is readying some $108B in retaliatory tariffs if talks fail, but leaders on Friday projected "calm" in their first response.

For his part, Trump on Friday suggested the EU could not broker a deal between now and his June 1 deadline.

"I'm not looking for a deal. I mean, we've set the deal. It's at 50%," he told reporters in the Oval Office.
Elsewhere, the US and China have signaled their commitment to continuing talks, with senior officials engaging in a call late on Thursday after the two sides stoked concerns by clashing over chips in recent days.

Treasury Secretary Scott Bessent sought to soothe market worries earlier Friday, pledging that the US would announce "several" large trade deals in the coming weeks.