Apple was recouping some of its losses after President Donald Trump threatened to impose a levy on iPhones sold in the U.S.

Just as investors thought they could take a break from tariff scares, President Trump’s threats of new levies against the EU and Apple threw trade tensions back into focus ahead of a long holiday weekend.

The European Union's chief trade negotiator said Monday he had “good calls” with Trump administration officials and the EU was “fully committed” to reaching a trade deal by a July 9 deadline, after Trump agreed to delay his threatened 50% tariff — or import tax — on European goods.

President Donald Trump pulled back from threatening a larger trade war with Europe, again. On May 23, Trump said he would impose a 50% tariff on the EU starting on June 1. He later told reporters he felt no need to cut a deal.