President Trump has reignited tensions in global trade by threatening steep tariffs on European goods and iPhones manufactured outside the U.S., significantly heightening uncertainty in the markets. Wall Street reacted negatively, with major indices tumbling after his comments about imposing a 50% tariff on the European Union and a 25% tariff on foreign-made smartphones. As negotiations stall, the E.U. has called for a trade deal based on mutual respect, while Trump insists that his trade war efforts aim to restore American exceptionalism. This has raised concerns about the potential impact on companies like Apple, which may see prices for U.S.-made iPhones skyrocket to as much as $3,500. Analysts warn that these tariff threats could lead to a prolonged trade conflict, damaging both the U.S. economy and its relationships with key allies.