(Bloomberg) — President Donald Trump threatened Apple Inc. with a tariff of at least 25 per cent if it does not manufacture its iPhones in the U.S., ramping up pressure on the tech giant to secure more domestic production.

“I have long ago informed Tim Cook of Apple that I expect their iPhone’s 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 said in a post on Truth Social on Friday. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”

U.S. equity futures dropped to session lows on Trump’s announcement and his threat to impose a 50 per cent tariff on goods from the European Union starting on June 1. Nasdaq 100 contracts led the decline, while Apple shares were down a

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