Trump says Apple will have to pay 25% tariff if iPhone not made in US

US president said he 'long ago' informed Apple boss Tim Cook

US president Donald Trump said he told Apple boss Tim Cook the company would have to pay a 25% tariff if phones sold in the country were not made within its borders. Picture: Mandel Ngan/AFP via Getty Images

US president Donald Trump said on Friday that Apple would have to pay a 25% tariff if phones sold in the country were not made within its borders.

Shares of Apple dropped 2.5% in premarket trading on Mr Trump's warning, dragging down US stock index futures lower. "I have long ago informed Tim Cook of Apple that I expect their iPhones 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.