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Yahoo
a minute ago
- Yahoo
Apple set to dodge bulk of India tariffs
Apple (AAPL) is set to largely escape the Trump administration's upcoming promise of 50% tariff on goods made in India destined for the US. A White House official confirmed Wednesday that Apple's semiconductor-powered devices, which include its iPhone, will be unaffected by Trump's 25% 'reciprocal' tariffs set to go into effect Thursday. The same goes for an upcoming promise of an additional 25% levy related to India's use of Russian oil that is set to be in place in about 3 weeks' time. IPhones and other similar products will be subject to a separate tariff authority which has not yet been unveiled. Apple said during its most recent earnings call that it made the majority of its US-bound iPhones in India. The news comes after The White House announced that Apple will announce an additional $100 billion investment in US manufacturing during a 4:30 pm ET press event Wednesday. That's in addition to the $500 billion Apple said earlier this year it would invest in the country. Trump has criticized Apple's decision to move manufacturing from China to India and not the US, saying during his May trip to the Middle East that he had a 'little problem' with CEO Tim Cook. Other Trump administration officials have also lambasted Apple for not producing its phones in the US, with trade adviser Peter Navarro calling it the 'longest-running soap opera in Silicon Valley,' during a July interview with CNBC. But according to experts, it would take years for Apple to stand up a smartphone supply chain base in the US. What's more, there are no phone manufacturers in the country and not enough workers to fill the necessary roles. Todd Weaver, developer of Purism's Liberty Phone, a privacy-centric smartphone that uses US-built electronics, says it took his company years to set up the facilities and source the necessary components to ensure the phone's processing and communications features all come from America. Even so, he explained, the phone's body is still made overseas. Apple began expanding its supply chain beyond China following the lockdowns and disruptions caused by the COVID-19 pandemic. But it started specifically concentrating US iPhone manufacturing in India to avoid Trump's tariffs on Chinese goods. Apple hasn't been entirely immune from the impact of tariffs, though. In Q3, the company said it took an $800 million hit from Trump's levies and it expects an additional $1.1 billion in charges in the fourth quarter. While Apple might be able to dodge tariffs on goods out of India, the company isn't entirely out of the woods. The Trump administration is expected to unveil the results of its Section 232 investigation into semiconductor tariffs, which could impact everything from smartphones to automobiles. The exact timing for the tariff announcement is still up in the air, but Trump has said he could reveal them as soon as next week. Email Daniel Howley at dhowley@ Follow him on X/Twitter at @DanielHowley. Sign in to access your portfolio
Bloomberg
3 minutes ago
- Bloomberg
DoorDash Gives Rosy Outlook as Delivery Orders Hit Record
DoorDash Inc., the largest food delivery service in the US, issued an outlook for orders in the third quarter that surpassed Wall Street's expectations, a sign that demand for its services remains resilient despite broader concerns about consumer spending. The company sees gross order value for the three months ending September in the range of $24.2 billion to $24.7 billion, exceeding the average Bloomberg-compiled estimate of $23.8 billion.
Fox News
3 minutes ago
- Fox News
WATCH LIVE: President Trump makes announcement from Oval Office with Apple CEO Tim Cook
President Trump gives remarks from the Oval Office, focusing on a major initiative to boost U.S. manufacturing and the tech industry's role in America's economic future.
