European luxury shares tanked on Friday as U.S. President Donald Trump said he is recommending a starting on June 1.

President Donald Trump is threatening the European Union with a crippling 50% tariff, which could go into effect on June 1. This could prove devastating to automotive imports, but it remains unclear if he’ll follow through with his threat as he’s only “recommending” hiking tariffs at this point.

President Trump's threat to slap 50% tariffs on the European Union takes aim at one of America's biggest economic partners. These charts show what's at stake: **The EU runs a big goods-trade defi

European shares dropped sharply on Friday after U.S. President Donald Trump cranked up threats of tariffs on the European Union and smartphone giant Apple, reigniting fears of the economic damages caused by trade wars.