By Adam Clark

Apple stock was edging down early on Thursday. President Donald Trump isn't happy with the company's plan to make iPhones destined for the U.S. in India as a way to beat tariffs.

"I had a little problem with [Apple CEO] Tim Cook yesterday. I said to him, Tim, you're my friend. I treated you very good. You're coming here with $500 billion but now here you are building all over India," Trump said, speaking in Qatar on Thursday.

Apple aims to be able to source the majority of the more than 60 million iPhones it sells annually in the U.S. from India, by the end of 2026, according to multiple reports. The reported target would imply more than doubling Apple's current production in India.

CEO Tim Cook told analysts that shipping devices sold in the U.S. from India and Vietnam, rather than China, would add about $900 million to the company's costs for the June quarter in the company's earnings call earlier this month.

"We're not interested in you building in India. India can take care of themselves. They're doing very well. We want you to build here [U.S.]," Trump said.

Trump imposed a 26% tariff on Indian imports to the U.S. when he announced widespread levies on April 2. Those duties are now paused until July to allow time for negotiations.

Apple didn't immediately respond to a request for comment early on Thursday. Analysts generally believe domestic iPhone manufacturing isn't tenable on a financial basis, with Wedbush's Daniel Ives estimating an iPhone made in the U.S. would be sold at $3,500 versus $1,000 today.

Write to Adam Clark at adam.clark@barrons.com

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May 15, 2025 08:49 ET (12:49 GMT)

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