President Donald Trump said he told Apple Inc. (NASDAQ:AAPL) CEO Tim Cook about the tech giant's manufacturing expansion in India, revealing details of their conversation during a news conference in Doha, Qatar, on Thursday.
What Happened: "I had a little problem with Tim Cook yesterday... I said to him, 'Tim, you're my friend, we treated you very good... but now I hear you're building all over India. I don't want you building in India," Trump stated.
The exchange comes as Apple accelerates its shift away from China-based manufacturing. During Apple's recent earnings call, Cook confirmed the company expects "the majority of iPhones sold in the U.S. will have India as their country of origin" for the June quarter.
Trump emphasized India's tariff policies during his remarks, stating: "India is one of the highest tariff nations in the world. It's very hard to sell into India."
According to Trump, Indian officials have offered to drop tariffs on U.S. goods amid ongoing trade negotiations. "They've offered us a deal where basically they're willing to literally charge us no tariff," Trump said.
Why It Matters: Apple has invested significantly in U.S. operations, with Trump noting the company has committed $500 billion to domestic manufacturing, including AI server assembly in Houston. "They're going to be upping their production in the United States," he added.
The Trump administration has pushed Apple to relocate iPhone production to the U.S., a move that BofA Securities analyst Wamsi Mohan estimates could increase iPhone costs by 25% due to higher labor expenses.
Wedbush Securities analyst Dan Ives recently raised his Apple price target to $270, citing "incremental confidence" in the company's India supply chain strategy amid tariff concerns.
Price Action: Apple Inc.'s stock closed at $212.33 on Wednesday, down 0.28% for the day. In pre-market trading, the stock declined further to $210.97, a drop of 0.64%. Year to date, Apple shares are down 12.93%, according to data from Benzinga Pro.
- UnitedHealth Stock Plunges Over 8% In After-Hours Trading As DOJ Criminal Probe Adds To Turmoil After CEO Shake-Up
Image Via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
