Treasury Secretary Scott Bessent said on Friday that President Donald Trump is trying to “light a fire” under the European Union and tech giant Apple, to ensure America is bringing back production dominance.

“I would hope that this would light a fire under the EU, because… I’ve said before, [the] EU has a collective action problem here. It’s 27 countries, but they’re being represented by this one group in Brussels. So some of the feedback that I’ve been getting is that the underlying countries don’t even know what the EU is negotiating on their behalf,” Bessent said on Fox News’ “America’s Newsroom.”

The president said in a post on Truth Social that he would slap a 25% tariff on imported iPhones if Apple refuses to make the smartphones in the U.S. The move comes after Trump met with Apple CEO Tim Cook at the White House on Wednesday, Fox confirmed.

“Again, the president is trying to bring back precision manufacturing to the U.S.,” Bessent said. “And I think that one of our greatest vulnerabilities is this external production, especially in semiconductors, and a large part of Apple’s components are in semiconductors, so we would like to have Apple help us make the semiconductor supply chain more secure.”

Trump on Friday also threatened to impose a straight tariff of 50% on EU goods starting on June 1.

This is an excerpt of an article by FOX Business’ Kristen Altus

The U.S penny is on the chopping block and could soon be a thing of the past in the latest move to save taxpayer money.

Stocks are lower on Friday after President Donald Trump threatened new tariffs on Apple iPhones and goods from the European Union.

The Dow Jones Industrial Average
fell more than 200 points, or 0.6%, while the S&P 500 and Nasdaq Composite were down 0.8% and 1%, respectively.

Trump threatened fresh duties on iPhones made outside the U.S., in a move that came after he met with Apple CEO Tim Cook at the White House on Wednesday.

“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 wrote in a post on Truth Social. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”

The president also recommended on Friday a straight 50% tariff on EU goods
starting on June 1, saying that the trading bloc has been “very difficult to deal with” and that discussions are “going nowhere.”

“Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more, have led to a Trade Deficit with the U.S. of more than $250,000,000 a year, a number which is totally unacceptable,” Trump said in a Truth Social post.

As millions of Americans hit the road they’ll enjoy the lowest gas prices in years after oil prices slip to a range of $60-$65 per barrel.