WASHINGTON ― President Donald Trump reignited trade tensions ahead of the Memorial Day weekend with back-to-back social media posts targeting Apple and the European Union, sending global markets into another round of 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 his company's 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.

"I just said, it's time that we play the game the way I know how to play the game," Trump later told reporters in the Oval Office after signing a series of executive orders aimed at expanding nuclear energy. He said the EU has "taken advantage of other people representing this country, and they're not going to do that any longer."

Trump's latest tariff threats interrupted what had been a period of relative calmness in Trump's trade war after he secured a trade deal earlier in the month with the United Kingdom and reached an agreement with China for both the U.S. and Beijing to slash tariff for 90 days.

The Republican president's warning to Cook came as Apple is planning to shift production of iPhones sold in the U.S. from China to India by the end of 2026. Trump said he "long ago informed" Cook he expect these iPhones to be built in the U.S.

Meanwhile, Trump said his administration's talks with the EU "are going nowhere." He said the tariffs on EU imports will go in effect if European companies don't relocate manufacturing bases to the U.S. ‒ a demand that seemed improbable to fulfill given the short timeframe with a little more than a week until June 1.

"I'm not looking for a deal. We've set the deal. It's at 50%," Trump said of the EU, which includes 27 countries that imported $606 billion in goods to the U.S. in 2024.

Trump had threatened big reciprocal tariffs on the EU and a host of countries in early April but paused all of them, except for tariffs on China, shortly afterward. Since then his administration has been negotiating over trade deals. But the deal with the United Kingdom has been the only agreement executed in addition to the truce with China while negotiations with Beijing continue.

"We have numerous other deals that are ready to be signed," Trump said, without naming the countries.

Progress on trade had helped calm financial markets that dropped significantly after the April 2 reciprocal tariff announcement. Stocks recovered their loses, but they are now wobbling again on Trump's latest tariff threats. Apple's shares were down sharply on May 23 and weighing on the tech sector more broadly.

What the Trump administration means for your wallet: Sign up for USA TODAY's Daily Money newsletter.

Stocks cut losses as officials urge calm

U.S. stocks pared early losses after officials tried to calm investors after Trump riled up the markets with new tariff threats.

Treasury Secretary Scott Bessent said he thought Germany could help the U.S. push the EU on negotiations of tariffs. He also said in a Bloomberg interview he expected "over the next couple of weeks we're going to have several large deals announced."

Meanwhile, EU officials urged calm and said negotiations are ongoing. However, stocks are still on track to close the week lower. All three indexes are on pace to drop around 2% for the week. - Medora Lee

Trump says he's not budging from June 1 deadline

Discussing the tariff threats to reporters, Trump pointed to the U.S. and European auto industries, arguing German manufacturers Mercedes, BMW and Volkswagen sell millions of cars in the United States but the U.S. is “restricted from, essentially, selling cars into the European Union, which is not nice."

Trump predicted European companies will "send their companies into the U.S to build their plant" as a result of his tariffs

"If they build their plant here, then they have no tariff at all," Trump said.

He said he remains committed to the June 1 deadline for the 50% EU tariffs going into effect.

"Now, if somebody comes in and wants to build a plant here, I can talk to them about a little bit of a delay while they're building their plant, which is something I think that would be appropriate, maybe," Trump said. "But right now, it's going on in June 1. And that's the way it is." - Joey Garrison

Trump suggests he’ll tariff other smartphone makers, not just Apple

After threatening Apple in a social media post with a 25% tariff unless iPhones are built in the U.S., Trump later said he wouldn’t single out just Apple for the tariff.

Pressed May 23 during an event in the Oval Office on whether he has the power to tariff just one company, Trump said “it would be more.”

“It would be also Samsung and anybody that makes that product,” Trump said. “Otherwise it wouldn't be fair. So anybody that makes that product.”

Those tariffs could start at the end of June, Trump said. -Zac Anderson

Toy marketers fight Trump tariffs in federal court

A pair of Illinois toy marketers that are fighting Trump’s tariffs have a federal court hearing May 27.

Learning Resources and Hand2Mind employ 500 people in Vernon Hills, Illinois; Torrance, California; and Amherst, New York. The companies import toys such as Spike the Fine Motor Hedgehog, Peekaboo Learning Farm and Kanoodle from countries including China, Taiwan, Korea, Vietnam, Thailand, and India.

The toy companies say they survived COVID-19 but that the tariffs could kill them. They argued that Congress never authorized the president to impose huge tariffs on his own.

“That crushing burden is felt most immediately and acutely by this country’s small and mid-size businesses, including Plaintiffs,” the lawsuit said.

Justice Department lawyers argued the 1977 International Emergency Economic Powers Act confirmed the president’s power to “regulate importation” through tariffs. Government lawyers also argued the case should be transferred to the Court of International Trade.U.S. District Judge Rudolph Contreras in Washington, D.C., set a hearing May 27 at 3 p.m. on whether to block the tariffs temporarily while the case is litigated. - Bart Jansen

Manufacturing iPhones in U.S. will ‘take time to do,’ GOP lawmaker says

Arkansas Republican Rep. French Hill, chairman of the House Financial Services Committee, urged patience amid Trump’s tariff threat against Apple. "There's nothing more complicated than the iPhone supply chain," Hill told CNBC. “I think the president's goal should be, put more components, besides software, design, engineering, the glass, some of the chips could be made here. If he wants them assembled here, I think that will take time to do. It’s not an overnight thing.”

Hill added that his best advice to Trump is “stick with the macro.”

“My advice to Howard Lutnick and Scott Bessent and Donald Trump is set out the expectations for voters - what could be short term successes that bring certainty, opens up markets for America, has reciprocity trade, but recognize it's going to take a long time to return certain production activities to the U.S.,” he said. - Sudiksha Kochi

Bessent: Trump was 'getting frustrated' with the European Union

Treasury Secretary Scott Bessent told Bloomberg TV that the administration's pause on tariffs was "contingent on countries or trading blocs coming and negotiating in good faith."

"I think the president was getting frustrated with the EU," he said.

"The problem with the EU, as I've said several times, they have a collective action problem. There are 27 countries, they all have different needs," Bessent said. The German finance minister has been "very responsive," he added, "so I'm very optimistic that perhaps Germany can help push the EU forward." - Riley Beggin

German chemical makers ‘hopeful,’ French cosmetic industry ‘calm’

Despite President Trump’s tariff threat, leading European exporters expressed hope a trade deal can still be finalized between the U.S. and EU.

The U.S. is the largest export market for French cosmetics.

"We remain calm and trust European negotiators to quickly conclude” a trade agreement, the French Cosmetic Industry Association said in a statement.

Wolfgang Grosse Entrup, managing director of Germany’s Chemical Industry Association said the industry hopes the two sides can still “agree on a reduction of barriers in transatlantic trade.”

But he added that “The situation remains fragile and uncertainty is high. In addition to successful negotiations with the U.S…. deepening relations with other regions must therefore be given high priority." -Zac Anderson, Reuters

Trump tariffs could limit Volvo car sales in U.S.

Volvo Cars CEO Hakan Samuelsson said in an interview with Reuters that a 50% tariff on European goods would limit his company’s ability to sell its Belgium-made EX30 electric vehicle in the United States.

"I believe there will be a deal soon,” Samuelsson said. “It could not be in the interest of Europe or the U.S. to shut down trade between them." -Reuters

‘Not helping’: European officials react to Trump’s tariff threat

European officials expressed frustration with President Trump’s threat to impose 50% tariffs on their goods.

Laurent Saint-Martin, France’s minister for foreign trade and French nationals abroad, posted on social media that Trump’s comments aren’t helpful for trade negotiations.

“We maintain the same line: de-escalation, but are ready to respond,” Saint-Martin added.

German Foreign Minister Johann Wadephul on May 23 said Trump's tariff threat helped nobody, and that Berlin would continue to support the EU to negotiate with Washington.

German Foreign Minister Johann Wadephul on May 23 said Trump's tariff threat helped nobody, and that Berlin would continue to support the EU to negotiate with Washington.

Italy still hopes the European Union can still strike a trade deal with the United States, Foreign Minister Antonio Tajani was quoted as saying by Italian news agency ANSA on May 23.

"Our aim remains zero-zero tariffs", Tajani said during a visit to Mexico. -Zac Anderson, Reuters

Trump’s EU tariffs would hit $606 billion in goods.

President Trump’s proposed 50% tariffs on European Union goods would hit roughly $606 billion in imported products.

That’s the value of goods exported to the United States from the European Union in 2024, according to the Office of the United States Trade Representative.

The U.S. is the EU’s largest trading partner, purchasing 21% of its exports, according to EU data.

The top EU export to the U.S. is pharmaceuticals. Other leading EU exports to America include cars and other vehicles, aircraft, engines and motors, other machinery, petroleum oils and alcoholic beverages, according to the EU. - Zac Anderson

Trump roils markets with new tariff threats

U.S. stocks stumbled out of the gate after President Donald Trump ratcheted up tariff fears again, going after iPhone maker Apple and the European Union.

His social media post referencing Apple is the first time Trump has mentioned a specific company in levying his taxes.

Apple shares dropped around 2%. Meanwhile, the blue-chip Dow lost more than 350 points and the broad S&P 500 index was down about 65 points. The tech-heavy Nasdaq shed 265 points. All three indexes are on pace to post a weekly loss and each index is currently about 2% lower on the week. - Medora Lee

Trump threatens Apple with tariffs

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. - Zac Anderson

This article originally appeared on USA TODAY: Trump threatens steep tariffs on European Union goods, targets iPhones; recap

Reporting by Zac Anderson, Bart Jansen, Medora Lee, Riley Beggin, Joey Garrison and Sudiksha Kochi, USA TODAY / USA TODAY

USA TODAY Network via Reuters Connect