President Trump reignited trade tensions by announcing a recommended 50% tariff on the European Union starting June 1, citing difficulties in negotiations.

He also targeted Apple and CEO Tim Cook, demanding that iPhones sold in the U.S. be manufactured domestically or face a 25% tariff.

The announcements led to immediate market reactions, with U.S. stock futures dropping nearly 2% and Apple shares falling 3.6%.

Bitcoin’s price fell from above $111,000 to approximately $108,600 amid the renewed trade concerns.