President Donald Trump’s moves Friday to reignite his global trade war laid bare the administration’s bubbling frustration with resistance from both corporations and foreign countries unwilling to rapidly bow to U.

Now they have a trade war problem to worry about again. Stocks and the dollar fell Friday after President Donald Trump brought the trade war back to the forefront with threats of massive tariffs against one of America’s most valuable companies and one of its most important trading partners.

Stocks dropped on Friday on renewed fears of an escalating trade war after Donald Trump threatened Apple and the EU with tariffs.

President Donald Trump and U.S. Attorney General Pam Bondi gesture as Sen. Ashley Moody (R-FL) looks on during a ceremony honoring the 2025 NCAA men’s basketball champion Florida Gators at the White House, May 21, 2025, in Washington, D.C.

Canada’s economy is likely in the early stages of a recession, according to forecasters, as unemployment rises and exports fall because of a trade war with the US.

The Trump administration walked back its most aggressive tariffs on China last week, easing a trade war that had effectively halted the shipment of goods between the world's two largest economies. After talks in Geneva,

President Donald Trump is threatening a 50% tax on all imports from the European Union as well as a 25% tariff on Apple products unless iPhones are made in America.

Many of the world’s richest family offices were planning to ramp up their investments in China despite the looming threat of a global trade war, according to a survey of UBS Group AG clients.

Trump has responded to threats of digital services taxes with threats of more tariffs, arguing that "only America should be allowed to tax American firms," Reuters reported. In February, Trump issued a memo calling for research into the best responsive measures to counter threats of digital service taxes, including threatening more tariffs.