Treasury Secretary Scott Bessent said on Friday that President Donald Trump does not believe that the European Union's trade offers to the United States are of sufficient quality and that he hopes that a June 1 50% tariff threat will "light a fire under the EU" in negotiations with Washington.

As a mounting number of challenges against U.S. President Donald Trump’s global trade war start making their way through court, a lawyer representing small businesses says the tariffs are an "illegal and abusive" use of powers.

President Donald Trump launched a pair of fresh tariff threats via social media Friday, signaling a new 50% trade levy on import goods from the European Union could be assessed in a matter of days and a tariff of “at least 25%” on Apple iPhones manufactured outside the U.S. may also be in the works.