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."

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.