U.S. President Donald Trump has warned Apple that iPhones sold in America must be made in the U.S., or they will face a 25% import tax.
In a post on his social media platform, Truth Social, Trump claimed he had told Apple CEO Tim Cook that iPhones manufactured in India or other countries would not be acceptable. Following his statement, Apple’s stock dropped by 3.5%, and the S&P 500 futures fell by 1.5%. Market analysts said investor confidence was shaken by the announcement.
Trump also proposed a 50% tariff on goods imported from the European Union (EU), including cars, medicines, and luxury items. If approved, the new tax could take effect by June 1. Shares of major European companies like BMW, Mercedes, and Porsche fell over 4%, while eyewear giant EssilorLuxottica dropped 5.5%.
Currently, Apple sells over 60 million iPhones annually in the U.S., but none are fully manufactured there. Most production happens in China, India, and other Asian countries. Trump’s push aligns with his “America First” policy, which aims to boost U.S. manufacturing and jobs.
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