Trump Threatens Apple With 25 Percent Tariff
President Donald Trump has threatened to impose a 25 percent tariff on Apple if the tech giant does not manufacture iPhones in the United States.
In a May 23 statement posted on social media platform Truth Social, Trump
Shares of Apple fell by
Apple CEO Tim Cook said on
The majority of the iPhones heading for the United States in the coming months will instead be made in India, while Vietnam will be the main production point for products such as iPads and Apple Watches.
During a call with investors discussing Apple's second-quarter results, Cook was asked how the company planned to adapt to the new U.S. tariff regimen, which significantly targets Chinese-manufactured goods.
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'For the June quarter, we do expect the majority of iPhones sold in the U.S. will have India as their country of origin and Vietnam to be the country of origin for almost all iPad, Mac, Apple Watch, and AirPods products also sold in the U.S,' Cook said.
Later in the month, speaking in Qatar, Trump admonished Apple and Cook over the tech company's plans.
'I had a little problem with Tim Cook yesterday,' said Trump. 'I said to him: 'Tim, you're my friend. You're coming here with $500 billion, but now I hear you're building all over India. I don't want you building in India.'
Trump also said on Friday that he is recommending a 50 percent tariff on goods from the European Union starting on June 1.
'The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with,' Trump said on
Guy Birchall contributed to this report.
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