Trump tells Apple to build iPhones in U.S. or pay 25% tariff

President Trump on Friday warned Apple that it needed to build U.S.-sold iPhones in the United States or face a 25% tariff.Why it matters: Apple already committed to a $500 billion U.S. expansion, but now Trump wants more. It's a dramatic escalation with the tech giant, which was reportedly planning to move production from China to India.What they're saying: "I have long ago informed Tim Cook of Apple that I expect their iPhone's [sic] that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else," Trump posted to Truth Social."If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.," he added.By the numbers: Analysts have said a U.S.-manufactured iPhone would be prohibitively expensive. "For US consumers, the reality of a $1000 iPhone being one of the best-made consumer products on the planet would disappear," Wedbush Securities analyst Dan Ives wrote recently.He suggested making iPhones in "New Jersey, or Texas, or another state" would boost their price tag to $3500.This is a breaking news story and will be updated.

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