U.S. President Donald Trump threatened on Friday that tech large Apple must pay a 25% tariff if its iPhones bought within the nation weren’t made inside its borders.
Shares of Apple dropped 2.5% in premarket buying and selling on Trump’s warning, dragging down U.S. inventory index futures decrease.
“I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump stated in a publish on Truth Social.
“If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”
It shouldn’t be clear if Trump can levy a tariff on a person firm. Apple didn’t instantly reply to a Reuters request for remark.
Apple is positioning India in its place manufacturing base amid Trump’s tariffs on China which have raised supply-chain issues and fears of upper iPhone costs, Reuters reported final month.
The iPhone maker stated most of its smartphones bought within the United States would originate from India within the June quarter.
Source: www.dailysabah.com