President Donald Trump’s post on Friday suggesting Apple could be hit with a 25% tariff has had an immediate effect on Apple's stock value.
NBC reported Apple shares on Friday dropped 3% after Trump's post.
The President wrote, “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.”
Business Standard reported that Foxconn, considered Apple's largest supplier, is planning a $1.5 billion plant in India for phone parts and significantly expanding its presence in India.
That may have impacted Trump’s latest push in the ongoing attempt to get Apple to bring production to the U.S. A March 4 post by the White House emphasized the President’s push for Made In America by detailing related impacts on the auto industry.
The Hill reported that Trump's leverage on Apple to build in America is getting harder to ignore. Wedbush Securities analyst Dan Ives told The Hill, “It puts Apple with their back against the wall a little because India was going to be the go-to to navigate the China tariffs,” he said, “This is putting Apple in an almost impossible spot.”
Trump told reporters at the White House that other phone manufacturers should expect the same eventual trade fees that end up being imposed on Apple.
CSS Insight analyst Leo Gebbie told The Hill, “Undoubtedly this is a really difficult environment for Apple to be operating in.”
Jim Mishler ✉
Jim Mishler, a seasoned reporter, anchor and news director, has decades of experience covering crime, politics and environmental issues.
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