Trump threatens tariffs on Apple iPhones and EU products

Shares in the US and Europe fall after the US president says trade talks with the EU are "going nowhere".

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"Our discussions with them are going nowhere!" he wrote in a post on social media on Friday. He said the new tariffs would kick in on 1 June.

The announcement marks an escalation of Trump's trade war with the EU. He initially proposed a 20% tariff on most EU goods, but halved it to 10% until 8 July to allow time for talks.

The president also threatened to impose a 25% import tax "at least" on iPhones not manufactured in America.

"I have long ago informed Tim Cook of Apple that I expect their iPhone's that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else," Trump said.