25% Tariffs on Apple If iPhones Not US-Made, Trump Says

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Transcript

00:00This from the president on Apple posting this just moments ago. I'm going to read this verbatim

00:04for you all sitting at home. If you're tracking this, look at the stock. We're down by 3% of the

00:08pre-market. I've long informed Tim Cook of Apple that I expect their iPhones that will be sold in

00:14the United States of America will be manufactured and built in the United States, not India or any

00:18place else. If that is not the case, a tariff of at least 25% must be paid by Apple to the US.

00:25Thank you for your attention to this matter. This drops, the stock drops, the equity market

00:30pulls back by a third of 1%. Yeah, this really builds on what President Trump has talked about

00:34before, which is this isn't a make India great again kind of bill. I do wonder, though, based on

00:39what we've heard from Dan Ives, that it would cost twice as much for iPhones should they be built in

00:45New Jersey with all the people who are clamoring to build iPhones. I also love that he said thank

00:49you for your attention to this matter, which is the classic passive aggressive. It's like number

00:53three on the passive aggressive notes that people can write in work emails.

00:58You know, whether this changes or not, and I don't know, but this is just a pure observation.

01:02Go back a week, the Middle East, who did we call out? Who wasn't in the room? Tim Cook. Who was

01:06celebrated in the first term? Tim Cook. What did we call him on this program? The diplomat, Tim Cook,

01:11who knows how to navigate the Trump administration and avoid a situation like this. What has changed

01:16between those two individuals? You know, this is a great question. How much of it is driven by

01:21business concerns? How much of it is driven by proximity, right? Jensen Huang was the person who

01:26was traveling with him. So the person closest to him maybe gets the biggest concessions when it

01:31comes to leeway. But it's a great question. How does one curry favor in order not to be called out

01:37in a truth, which is the nightmare for so many different executives? Tyler, just to bring you back

01:42into the conversation, to Lisa's point, this is the nightmare for the C-suite, that you go to bed

01:48and then you wake up to a social media post that looks like that and it names your company

01:52and the CEO. Right, exactly. And it continues what really has been pressure from this White House on

01:59the private sector to conform with what they ultimately want to see be the end goal here,

02:03which is that the administration really highlights this investment that they've been getting in

02:07in the broader goal to boost domestic manufacturing. And that argument is becoming very important for

02:12this White House as they contend with these concerns about the deficit, because they want to show

02:17these other sources of revenue raisers outside of what Congress is ultimately doing to help them

02:22achieve what they say will be boosting or stabilizing that debt to GDP ratio.