Trump Threatens Tariffs on Foreign-Made Smartphones Sold in US
Apple stock was down Friday after President Donald Trump said it and other smartphone makers could be subject to sizable tariffs starting at the end of June. Trump "long ago informed Tim Cook of Apple" about his expectation that iPhones…
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sold in the U.S. "will be manufactured and built in the United States, not India, or anyplace else," he wrote Friday on Truth Social. "If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S." Later, Trump told reporters the tariffs would also apply to Samsung and other smartphone makers. "Otherwise it wouldn't be fair," he said, adding that the tariffs should be ready next month. "When they build their plant here, there's no tariff." He also told reporters he was confident Apple could build iPhones in the U.S. that would be price-competitive. Ming-Chi Kuo, an analyst covering tech for TF International Securities, posted on X that in terms of profitability, "it's way better for Apple to take the hit of a 25% tariff on iPhones sold in the US market than to move iPhone assembly lines back to US." Apple closed at $195.27, down $6.09.