The Blubber

President Donald Trump on Friday sharply escalated trade tensions by targeting both Apple and the European Union, signaling a more aggressive stance in his ongoing trade agenda.

In a pair of posts on Truth Social early Friday, Trump said he would seek to impose a 25% tariff on iPhones not made in the United States, and also proposed a 50% tariff on all products imported from the European Union, effective next weekend.

“I have long ago informed Tim Cook of Apple that I expect their iPhones sold in the United States of America to be manufactured and built here, not in India or anywhere else,” Trump wrote. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”

Apple shares fell Friday as part of a broader market downturn.

It remains legally unclear whether the former president can apply tariffs specifically to individual companies. However, Trump has recently increased his public pressure on U.S. corporations that have voiced concerns over the impact of tariffs.

Walmart recently warned of impending price hikes, prompting Trump to respond that the retailer should “eat the tariffs.” In April, Trump also criticized Amazon following reports the company would label tariff-related price increases on certain goods.

Meanwhile, trade talks between the U.S. and European Union have stalled. Trump said negotiations have made little progress and described EU officials as being “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,” Trump said.

According to the Financial Times, the U.S. has been urging the EU to reduce tariffs on American exports. The EU responded Thursday with a new trade proposal that includes phased tariff reductions on select non-sensitive goods, along with enhanced cooperation in sectors like energy, artificial intelligence, and digital infrastructure.

In anticipation of a breakdown in negotiations, the EU is reportedly preparing approximately $108 billion in retaliatory tariffs. However, European leaders struck a calm tone in their initial public comments on Friday.