President Donald Trump threatened Friday to escalate the trade war with 50 per cent levies on EU goods and a 25 per cent duty on iPhones made outside the U.S. (The Logic)

Talking point: U.S. markets slid after Trump said he is “recommending” the duty on EU goods take effect June 1. By late morning, the Dow Jones Industrial Average was down 0.5 per cent, the S&P 500 was down 0.64 per cent and the Nasdaq Composite had fallen by 0.87 per cent. Last month, the EU paused its plan to launch retaliatory tariffs after Trump temporarily lowered his rate of “reciprocal” tariffs to 10 per cent. “Our discussions with them are going nowhere!” Trump wrote Friday on social media. Trump also said he warned Apple CEO Tim Cook he expects iPhones to be built in the U.S., “not India, or anyplace else.” The California-based tech giant intends to shift assembly of the 60 million iPhones it sells in the U.S. every year to India, which faces a lower tariff than China. Apple shares fell 2.24 per cent by late morning, while the U.S. dollar slid to its lowest level since 2023.