Apple has reportedly boosted iPhone accumulation successful India arsenic the state faces unit from the White House implicit its Russian lipid purchases.
"We person planned to up the tariffs connected India," Treasury Secretary Scott Bessent told CNBC's "Squawk Box" connected Tuesday. "These are secondary tariffs for buying the sanctioned Russian oil."
Bessent accused India of "profiteering" by purchasing inexpensive Russian lipid and reselling it during the Ukraine war, "which is unacceptable."
Earlier this month, President Donald Trump hiked tariffs connected India to 50%. The president said successful July that helium would enforce secondary tariffs "at astir 100%" connected Russia's trading partners if a bid woody isn't reached with Ukraine by September.
His comments came arsenic Bloomberg reported that exertion elephantine Apple has reportedly upped accumulation astatine 5 of its factories successful India arsenic it readies for the motorboat of its caller iPhone 17 models.
The enlargement includes immoderate caller plants and factories belonging to the Tata Group and declaration electronics shaper Foxconn Technology, according to the report, citing radical acquainted with the matter. Apple is besides looking to make a caller iPhone 17e successful India adjacent year, according to the report.
In caller years, Apple has shifted much accumulation to India arsenic it looks to trim its reliance connected China, particularly successful the aftermath of caller commercialized tensions.
Data from Canalys successful May estimated that iPhone shipments from India to the U.S. grew 76% successful May arsenic commercialized restrictions loomed.
At the aforesaid time, Apple has committed to investing implicit $600 cardinal successful the U.S. implicit the adjacent 4 years to amended American manufacturing production.
That includes a $100 billion spending enlargement this month, which included a $2.5 cardinal concern to grow iPhone solid shaper Corning's production.
This committedness to gathering successful the U.S. should enactment Apple successful the wide connected India-related tariffs.
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