Calm markets were abruptly shaken Friday morning after President Trump reignited global trade tensions with fresh tariff threats aimed squarely at the European Union and Apple Inc., sending shockwaves through equities and crypto alike.

In a surprise post on Truth Social, Trump announced plans to impose a 50% tariff on all EU imports, citing stalled negotiations with European leaders.

“The European Union has been very difficult to deal with,” he wrote. “Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% tariff on the EU, starting on June 1.”

The president didn’t stop there. He also zeroed in on Apple (AAPL), threatening a 25% tariff on imported iPhones if the tech giant doesn’t shift production to the United States.

“I have long told Tim Cook that iPhones sold in the U.S. should be made in the U.S. — not in India or anywhere else,” Trump said. “If that’s not the case, Apple will need to pay up.”

The market reaction was immediate. Stock index futures, which had been showing modest gains earlier in the session, flipped sharply negative, with losses approaching 2%. Apple stock slid 3.6%.

Bitcoin also took a hit, slipping from above $111,000 to $108,600 in the minutes following the announcement, as investors responded to the sudden resurgence of geopolitical risk.

What was shaping up to be a quiet pre-holiday session has quickly turned into a high-volatility day across asset classes.