President Donald Trump threatened to slap European imports with a sweeping 50% tariff, writing online Friday that trade talks with regional leaders are "going nowhere." In a post on his Truth Social platform, Trump said he was "recommending a straight 50% Tariff on the European Union, starting on June 1, 2025." That rate would be higher than the 39% Trump promised to hit the bloc with on April 2, the so-called "Liberation Day" of far-reaching tariffs he scaled back a week later. Just minutes earlier on Friday morning, Trump had also threatened Apple with a 25% tariff if it does not start producing iPhones in the United States — an outcome industry experts broadly see as a nonstarter. "The concept of Apple producing iPhones in the U.S. is a fairy tale," the prominent tech analyst Dan Ives said in response. Later Friday, Trump was asked whether the European Union could do anything to avoid his 50% tariff threat. "I don't know," he said. "We're going to see what happens, but right now, it's going on in June 1, and that's the way it is." "They haven't treated our country properly," the president added. "They banded together to take advantage of us." Maroš Šefčovič, the European Union's top trade official, posted on X after speaking with Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer that the bloc is "committed to securing a deal that works for both." He said the Commission "remains ready to work in good faith. EU-US trade is unmatched & must be guided by mutual respect, not threats. We stand ready to defend our interests." The 27-member European Union and its predecessor organizations were formed at the urging of the United States to bolster security and economies on both sides of the Atlantic after World War II. The bloc is America's biggest trading partner,with the United States exporting more than $350 billion of goods and $238 billion of services there in recent years. The E.U. is also the largest source of U.S. imports, with the nation buying more than $550 billion worth of goods and more than $170 billion of services. Trump's early morning posts risked reigniting the trade war he started in April after it had cooled down somewhat in recent weeks. His administration had been speaking positively about ongoing trade talks, even though it has so far secured few concrete economic wins. The president has backed down from some of his most severe tariffs, sparking a comeback for U.S. and global markets. That rebound looked poised to reverse after Trump’s posts, with stock indexes in Germany, France and Italy each dropping around 1.7%. The Stoxx 600, which tracks hundreds of stocks across Europe, dropped nearly 1%. U.S. stocks opened sharply lower, but ended the day off their worst levels. The S&P 500 fell for a fourth straight day, closing 0.7% lower, and the Nasdaq Composite slipped 1%. The Dow ended the day lower by 256 points, or 0.6%. A number of companies with major U.S. and E.U. operations also saw their shares fall. Deutsche Bank shares plunged 4%, carmakers BMW and Jeep-maker Stellantis each dropped 3.5%, and tech giant SAP fell 2%. Cosmetics firm L'Oreal slid more than 2%, and luxury goods conglomerate LVMH fell 3%. Trump has repeatedly assailed the European Union, calling it “in many ways, nastier than China." On tariff rates and what the U.S. calls "non-tariff barriers," Trump has said, "They'll come down a lot. You watch." But the bloc has refused to alter its value-added tax, a frequent point of contention for Commerce Secretary Howard Lutnick and other U.S. officials. Speaking on CNBC shortly after Trump's social media posts, Chicago Federal Reserve President Austan Goolsbee noted: "10% was going to be the highest tariff rate that we had on the world in 90 years. To go to 50% is a completely different order of magnitude." Goolsbee added that it would be "really scary for the supply chain" if businesses in his Midwest district, which includes auto hub Detroit, would see tariff rates as high as 50%. The E.U. has been bracing itself for months for the possibility that trade talks with the U.S. would fail. Šefčovič, the European Commission’s trade chief, said in early May that the bloc preferred negotiations, "but not at any cost." He added: "We therefore continue to prepare for every scenario." The following day, the E.U. announced more than $100 billion worth of possible retaliatory tariffs on U.S. goods. "With the exception of the E.U., most [countries] are negotiating in very good faith," Treasury Secretary Scott Bessent said Friday morning on Fox News. "I would hope that this would light a fire under the E.U." In 2024, pharmaceutical products were the E.U.'s top export to the United States, with more than $90 billion crossing the Atlantic, followed by more than $45 billion of vehicles and automotive products. Telecom, information technology and scientific services were the top imports.