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."

Major stock indexes and the dollar eased on Friday after U.S. President Donald Trump unleashed his latest trade threats, recommending 50% tariffs on European Union imports from June 1 and considering a 25% tariff on any Apple iPhones made outside the U.

Markets on Wall Street and in Europe declined rapidly early Friday morning after President Donald Trump posted a pair of tariff threats on social media, one aimed at Apple and the other at the European Union.