KEY TAKEAWAYS
- President Donald Trump on Thursday said he told Apple to stop expanding iPhone production in India.
- The president pushed the iPhone maker to move more of its operations to the U.S. instead, as it shifts away from manufacturing in China.
- Apple is reportedly planning to move the assembly of all iPhones it sells in the U.S. to India.
President Donald Trump on Thursday said he told Apple (AAPL) to stop expanding iPhone production in India, and pushed the company to move more of its operations to the U.S. as it shifts away from manufacturing in China.
During the iPhone maker’s earnings call earlier this month, CEO Tim Cook said that most iPhones sold in the U.S. this quarter will come from India, rather than China. Apple is reportedly planning to eventually move the assembly of all iPhones it sells in the U.S. to India, as trade tensions with China prompt many companies to lower their exposure in the country.
“I had a little problem with 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 at an event in Qatar during his four-day trip to the Middle East.
“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,” Trump said.
Apple shares were little changed in recent trading. They’ve lost about 15% of their value so far this year.
