US President Donald Trump rekindled his trade war with the European Union Friday as he insisted he would slap a 50 percent tariff on the bloc because talks with Brussels were "going nowhere."

Trump also unleashed a separate broadside against smartphone makers including US tech giant Apple, threatening them with new duties of 25 percent if they do not move their production to the United States.

Stock markets fell as the Republican's comments rekindled fears of global economic disruption, after a relative lull in recent days after Trump reached deals with China and Britain.

Trump first threatened the EU tariffs in an early morning post on his Truth Social network.

"Our discussions with them are going nowhere!" Trump said. "Therefore, I am recommending a straight 50 percent Tariff on the

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