U.S. President Donald Trump said on Friday that Apple would have to pay a 25% tariff if phones sold in the country were not made within its borders.
Shares of Apple dropped 2.5% in premarket trading on Trump’s warning, dragging down U.S. stock index futures lower.
“I have long ago informed Tim Cook of Apple that I expect their iPhones 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.
