President Donald Trump warned Apple (AAPL) Friday morning that the administration will impose a tariff of at least 25% on iPhones made outside the U.S., including India, dragging the shares of the tech giant further into the red this year.

“I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United  States of America will be manufactured and built in the United States, not India, or anyplace else,” the president said in a post on his Truth Social platform of his comments to the Apple CEO. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”

The news pushed Apple’s shares lower in premarket trading. The stock was recently off about 3% in early action.

Trump’s comments are his latest push to ensure that Apple doesn’t expand iPhone production in India as it shifts away from manufacturing in China, which faces among the highest import tariffs of U.S. trading partners. Apple’s imports into the U.S. have so far escaped being hit since the Trump administration exempted smartphones, computers and some other consumer electronic devices from “reciprocal” tariffs imposed in early April. 

Wedbush analyst Dan Ives on the social network X said Trump’s plan would lead to iPhone prices of around $3,500. “As we have discussed this would result in an iPhone price point that is a non-starter for Cupertino,” he wrote Friday morning.

Apple shares have lost around a fifth of their value so far this year entering Friday, making them 2025’s worst performer among Magnificent Seven stocks. Tesla (TSLA), until recently the biggest decliner, is now down 16% in 2025 through Thursday.

This article has been updated since it was first published to add additional information and update share-price data.