Renewed pressure on Big Tech: Donald Trump is once again putting Apple at the center of his trade policy. On Friday, May 24, the former president declared that he would impose a 25% tariff on Apple products if they aren’t made in the U.S. “I told Tim Cook a long time ago that I expect the iPhones that will be sold in the United States to be made in the United States, not in India or any other place,” Trump wrote on Truth Social.

The warning comes as Apple is actively shifting part of its production from China to India. While Tim Cook has not made public statements recently, IndMoney reported that Apple reaffirmed its plans to Indian officials, positioning the country as a key manufacturing base in its global supply chain.

This shift is driven by both escalating U.S.–China trade tensions and attractive government incentives in India. According to Financial Times, Apple has already begun producing high-end models like the iPhone 16 Pro and Pro Max in India, aimed at both domestic and U.S. markets.

Foxconn, Apple’s key supplier, has also announced a \$1.5 billion investment in a display module assembly plant in Tamil Nadu.

Financial markets react

Trump’s tariff threat had an immediate impact on the markets. Investopedia reported that Apple’s stock has logged an eight-day losing streak, down 22% in 2025. Chinese suppliers like Luxshare and Goertek also saw their shares fall, according to Reuters.

Analysts warn that manufacturing iPhones in the U.S. would pose serious logistical and financial challenges. Laptop Mag estimated that the price of an iPhone could rise to as much as \$3,500 if built entirely in the U.S., due to higher labor and infrastructure costs.

Trump’s warning did not stop with Apple. In the same statement, he targeted other smartphone makers like Samsung, signaling that any firm producing devices outside the U.S. could face similar tariffs. The push reflects his broader campaign message focused on American reindustrialization ahead of the 2024 presidential election.