President Trump on Friday took aim at Apple and the European Union in a significant escalation of his ongoing trade war. In a one-two posting spree on Truth Social early Friday, he threatened Apple with 25% tariffs on non-US-made iPhones,

His event in the Oval Office was at one point interrupted by repeated phone calls that he said were from members of Congress.

Investors hoped for trade war calm, but Donald Trump dashed those hopes. He threatened high tariffs on the European Union and smartphones. Equities dropped globally, and the dollar weakened. Business leaders now face ongoing uncertainty.