Apple has reportedly boosted iPhone production in India as the country faces pressure from the White House over its Russian oil purchases.
"We have planned to up the tariffs on India," Treasury Secretary Scott Bessent told CNBC's "Squawk Box" on Tuesday. "These are secondary tariffs for buying the sanctioned Russian oil."
Bessent accused India of "profiteering" by purchasing cheap Russian oil and reselling it during the Ukraine war, "which is unacceptable."
Earlier this month, President Donald Trump hiked tariffs on India to 50%. The president said in July that he would impose secondary tariffs "at about 100%" on Russia's trading partners if a peace deal isn't reached with Ukraine by September.
His comments came as Bloomberg reported that technology giant Apple has reportedly upped production at five of its factories in India as it readies for the launch of its new iPhone 17 models.