Apple reportedly ups iPhone production in India as country's Russia ties roil White House
"We have planned to up the tariffs on India," Treasury Secretary Scott Bessent told CNBC's "Squawk Box" on Tuesday. "These are secondary tariffs for buying the sanctioned Russian oil."
Bessent accused India of "profiteering" by purchasing cheap Russian oil and reselling it during the Ukraine war, "which is unacceptable."
Earlier this month, President Donald Trump hiked tariffs on India to 50%. The president said in July that he would impose secondary tariffs "at about 100%" on Russia's trading partners if a peace deal isn't reached with Ukraine by September.
His comments came as Bloomberg reported that technology giant Apple has reportedly upped production at five of its factories in India as it readies for the launch of its new iPhone 17 models.
The expansion includes some new plants and factories belonging to the Tata Group and contract electronics manufacturer Foxconn Technology, according to the report, citing people familiar with the matter. Apple is also looking to create a new iPhone 17e in India next year, according to the report.
In recent years, Apple has shifted more production to India as it looks to reduce its reliance on China, especially in the wake of recent trade tensions.
Data from Canalys in May estimated that iPhone shipments from India to the U.S. grew 76% in May as trade restrictions loomed.
At the same time, Apple has committed to investing over $600 billion in the U.S. over the next four years to improve American manufacturing production.
That includes a $100 billion spending expansion this month, which included a $2.5 billion investment to expand iPhone glass maker Corning's production.
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New York Post
12 minutes ago
- New York Post
Russia launches largest strike on Ukraine in weeks following Trump's call with Putin — as war's civilian death toll nears 13,000
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The Hill
12 minutes ago
- The Hill
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Politico
13 minutes ago
- Politico
The Ukraine-Russia peace talks meet reality
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