Apple shares dropped nearly 4% Friday after President Donald Trump issued his latest threat of a 25% tariff on the Big Tech company if it does not start manufacturing iPhones in the U.S.
After closing at $201.36 on Thursday, Apple shares fell to as low as $193.46 on Friday morning. The drop of nearly 4% equated to a loss of about $100 billion for the multitrillion-dollar tech giant.
On Friday morning, Trump posted on Truth Social that a tariff of at least 25% "must be paid by Apple" if iPhones are made in India or anywhere else other than the U.S.
Apple CEO Tim Cook said this month that India would supply the "majority" of iPhones sold in the U.S. in the coming months as Apple tries to avoid the tariffs on Chinese-made goods imposed by Trump as part of his trade war, Financial Times reported.
Apple annually sells more than 60 million iPhones in the U.S.
Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
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