President Trump on Friday took aim at another giant corporation in his ongoing trade war, threatening Apple (AAPL) with increased duties if the company does not make iPhones in the US. He also attacked the European Union and said he was recommending a "straight 50%" tariff on EU-imported products beginning next weekend.

The euro pared gains sharply on Friday, after U.S. President Donald Trump once again ratcheted up his trade war, recommending the European Union be hit with 50% tariffs beginning June 1, rekindling concern about the impact of duties on the world economy and global trade.

U.S. Treasury Secretary Scott Bessent testifies before a House Appropriations Financial Services Subcommittee oversight hearing on "The United States Air Force and Space Force," on Capitol Hill in Washington,