President Donald Trump said he would impose a 25% tariff on Apple if it did not move its production of iPhones to the United States.
“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 U.S. Thank [you] for your attention to this matter!” Trump said Friday on Truth Social.
Apple has been moving production to India to decrease its reliance on China. By the end of 2025, 25% of its production is expected to be in India. Trump aired his grievances about Apple not opting to increase production in the U.S., saying earlier this month he “had a little problem with Tim Cook.”
“I don’t want you building in India,” Trump told Cook.
Trump’s post sank Apple shares to as low as 4% in premarket trading, tipping stock futures into the negatives. In another post minutes later, Trump said the European Union would be hit with a 50% blanket tariff because trade negotiations were “going nowhere.”
MANUFACTURERS PLEDGE TO INVEST BILLIONS OF DOLLARS IN US AHEAD OF TRUMP TARIFFS
Trump has been increasing direct attacks against U.S. companies whose policies he views as opposing his tariff plans.
Earlier this month, he said Mattel would be hit with “a 100% tariff” on its toys if it did not move production to the U.S. He recently told Walmart to “EAT THE TARIFFS” after the company said it would likely need to raise prices as a result of the tariffs.
