"If that is not the case, a tariff of at least 25% must be paid by Apple to the US."Adding uncertainty to his ultimatum, Trump later said the tariff wouldn't apply to just the iPhone but also to any smartphone made outside the US.

Roughly 90% of Apple’s iPhone production and assembly is based in China, according to Wedbush Securities’ estimates.

On Fox News, Treasury Secretary Scott Bessent explained the president’s latest comments on Apple.