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President Donald Trump warned Apple that the company could face a 25% tariff if it does not shift iPhone manufacturing to the United States.
In a Truth Social post on Friday, Trump wrote: “I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else. If that is not the case, a Tariff of at least 25% must be paid by Apple to the US Thank you for your attention to this matter!”
The announcement sent ripples through financial markets.
US equity futures dipped, with Nasdaq 100 contracts falling the most and Apple shares tumbling 4%.
The tech giant has become a frequent Trump target in his push to force companies to bring more manufacturing jobs to the US.
Apple makes most of its iPhones in China and has no domestic smartphone production.
The company has promised to hire more workers in the US and pledged to spend billions domestically over the next four years. The supply chain for Apple’s popular phones has been concentrated in China for years.
Trump earlier this month also raised pressure on Apple, saying he had asked Tim Cook, its chief executive officer, to stop building plants in India — part of an effort to shift production from China — and instead focus on the US.
Apple did not immediately respond to a request for comment on Trump’s threat.
