European Union | Pakistan

U.S. President Donald Trump threatened on Friday to ratchet up his trade war once again, pushing for a 50% tariff on European Union goods starting June 1 and warning Apple he may slap a 25% levy on all iPhones bought by U.S. consumers. The twin threats, delivered via social media, roiled global markets after weeks […]

US President Donald Trump threatened on Friday to ratchet up his trade war once again, pushing for a 50 per cent tariff on European Union goods starting June 1 and warning Apple AAPL.O he may slap a 25pc levy on all iPhones bought by US consumers. The twin threats, delivered via social media, roiled global markets after weeks of de-escalation had provided some reprieve. The S&P 500 fell 1pc in early trading, the Nasdaq fell 1.2pc, and European shares fell 1.5pc. Trump’s broadside against the EU was prompted by the White House’s belief that negotiations with the bloc are not progressing fast enough. But his saber-rattling also marked a return to Washington’s stop-and-start trade war that has shaken markets, businesses and consumers and raised fears of a global economic downturn. The president’s attack on Apple, meanwhile, is his latest attempt to pressure a specific company to move production to the United States, following automakers, pharmaceutical companies and chipmakers. However, the United States does no...