Estimates by the Kiel Institute for the World Economy, a German economic research institute, showed that the tariffs would lead to a 20 percent drop in exports from the European Union to the United States in the short term, as well as a more than 6 percent increase in prices in the United States.

By Philip Blenkinsop, David Lawder and Stephanie van den Berg BRUSSELS/BANFF, Canada/THE HAGUE (Reuters) -U.S. President Donald Trump threatened on Friday to ratchet up his trade war again, pushing for a 50% tariff on European Union goods starting June 1 and warning Apple he may slap a 25% levy on all imported iPhones bought by U.

Stock markets declined after the president’s early-morning threats of 25 percent import taxes on iPhones and 50 percent on goods from Europe.