Internet reported that on Friday, U.S. President Trump stepped up trade threats, targeting imports from smartphone giant Apple and the entire European Union. After weeks of easing, global markets were once again in turmoil. Trump threatened to impose a 25% tariff on any iPhones Apple sells in the United States but does not produce; he also proposed imposing a 50% tariff on the European Union starting June 1, which would lead to high tariffs on luxury goods, medicines and other goods produced by European manufacturers. After the news broke, the market generally fell. Futures on the S & P 500 index fell 1.5% in pre-market hours, while the European Stoxx 600 index fell 2%. Apple shares fell 3.5 percent in pre-market trading, and shares of other tech stocks also fell sharply. "All optimism about trade deals evaporated in minutes or even seconds," commented market analyst Fawad Razaqzada.