US equity futures dropped to session lows on Trump’s announcement, with Nasdaq 100 contracts leading the decline. Apple shares sank 4%.
President Donald Trump threatened Apple Inc with a tariff of at least 25% if it does not manufacture its iPhones in the US, ramping up pressure on the tech giant to secure more domestic production.
“I have long ago informed Tim Cook of Apple that I expect their iPhone’s 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 said in a post on Truth Social on Friday. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”
