Apple has reportedly boosted iPhone manufacturing in India because the nation faces strain from the White Home over its Russian oil purchases.
“Now we have deliberate to up the tariffs on India,” Treasury Secretary Scott Bessent instructed CNBC’s “Squawk Field” on Tuesday. “These are secondary tariffs for purchasing the sanctioned Russian oil.”
Bessent accused India of “profiteering” by buying low cost Russian oil and reselling it through the Ukraine warfare, “which is unacceptable.”
Earlier this month, President Donald Trump hiked tariffs on India to 50%. The president stated in July that he would impose secondary tariffs “at about 100%” on Russia’s buying and selling companions if a peace deal is not reached with Ukraine by September.
His feedback got here as Bloomberg reported that know-how large Apple has reportedly upped manufacturing at 5 of its factories in India because it readies for the launch of its new iPhone 17 fashions.
The enlargement consists of some new crops and factories belonging to the Tata Group and contract electronics producer Foxconn Know-how, in line with the report, citing folks accustomed to the matter. Apple can be seeking to create a brand new iPhone 17e in India subsequent 12 months, in line with the report.
Lately, Apple has shifted extra manufacturing to India because it seems to cut back its reliance on China, particularly within the wake of current commerce tensions.
Knowledge from Canalys in Might estimated that iPhone shipments from India to the U.S. grew 76% in Might as commerce restrictions loomed.
On the identical time, Apple has dedicated to investing over $600 billion within the U.S. over the following 4 years to enhance American manufacturing manufacturing.
That features a $100 billion spending enlargement this month, which included a $2.5 billion funding to develop iPhone glass maker Corning’s manufacturing.
This dedication to constructing within the U.S. ought to put Apple within the clear on India-related tariffs.