Trump threatens 25% tariffs on Apple and Samsung if they do not produce in the US

US President Donald Trump has threatened to impose duties of "at least 25 per cent" on Apple if the company does not manufacture its iPhones in the US. "I have long informed Tim Cook of Apple that I expect iPhones sold in the United States to be manufactured and built in the United States, not in India or elsewhere. If not, Apple will have to pay duties of at least 25 per cent in the United States,' Trump wrote on his Truth Social platform.

In the wake of Trump's statement, Apple is down on Wall Street where it lost 2.86 per cent and burned more than 100 billion in market value at the start of trading, Bloomberg news agency reports.

The same threat was addressed by the US president to South Korean Samsung and, potentially, to any smartphone manufacturer that does not manufacture directly in the US.

The US president himself, on Truth, announces the partnership between Nippon Steel and US Steel that will 'remain in America and maintain its headquarters in Pittsburgh'. Trump claims the partnership will create 70,000 jobs. The announcement gave wings to US Steel stock, which gained 16% on Wall Street.