Trump says Apple must pay a 25% tariff on iPhones not made in the U.S.

Apple CEO Tim Cook, left, and President Donald Trump speak to the press during a tour of the Flextronics computer manufacturing facility in Austin, Texas, where Apple's Mac Pros are assembled, Nov. 20, 2019. President Donald Trump said in a social media post Friday that Apple will have to pay a tariff of 25% or more for iPhones made outside the United States. "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. If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.," Trump said on Truth Social. Shares of Apple fell about 2% on Friday after the post. Apple's flagship phone is produced primarily in China, but the company has been shifting manufacturing to India in part because that country has a friendlier trade relationship with the U.S. Some Wall Street analysts have estimated that moving iPhone product ... Read full article.