Trump threatens 25% tariffs on Apple if iPhones not US made

President Donald Trump threatened Apple Inc. with a tariff of at least 25 per cent if the tech company does not manufacture iPhones in the US. 

"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 per cent must be paid by Apple to the U.S. Thank your for your attention to this matter!" 

US equity futures dropped to session lows on Trump's announcement, with Nasdaq 100 contracts leading the decline. Apple shares sank 4 per cent.

The tech giant has become a frequent Trump target in his push to force companies to bring more manufacturing jobs to the US. Apple makes most of its iPhones in China and has no smartphone production in the US. The company has promised to hire more workers in the US and pledged to spend billions domestically over the next four years. The supply chain for Apple's popular phones has been concentrated in China for years.

Trump earlier this month also raised pressure on Apple, saying he had asked Tim Cook, its chief executive officer, to stop building plants in India "- part of an effort to shift production from China "- and instead focus on the US. Apple did not immediately respond to a request for comment on Trump's threat.