Trump Warns Apple: Manufacture iPhones in America or Face Tariffs
On Friday, US President Donald Trump stated that Apple sold in the United States will incur a 25 percent tariff if phones are not manufactured in the US.
In a message posted on Truth Social, Trump declared that he had informed Apple CEO Tim Cook that iPhones sold in America must be produced within the country, rather than in India or any other country.
As per report from Bloomberg, US equity futures dropped to a session low following Trump’s announcement, with Nasdaq 100 contracts declining a major point. Additionally, Apple shares have dropped by 4 percent.
Over the past five years, India has become one of the largest manufacturing centers for Apple iPhones, with the company’s assembly operations in the country producing smartphones valued at $22 billion in the last financial year alone.
The US-based firm manufactured 60 percent more iPhones in India compared to the previous year.
According to a report from Reuters last month, Apple has been promoting India as an alternative manufacturing location in light of Trump’s tariffs on China, which have raised concerns regarding supply chains and the potential for increased iPhone prices.
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