The E.U. has pushed back against President Trump’s latest threat to impose a 50% import tariff on all E.U. goods, warning trade must be built on “respect."

"The E.U., formed for the primary purpose of taking advantage of the U.S. on trade, has been very to deal with."

President Donald Trump said iPhones made outside the US would incur a tariff of at least 25% and threatened to increase levies on European imports.