Apple has reportedly boosted iPhone production in India as the nation faces stress from the White House over its Russian oil purchases.
“We have planned to up the tariffs on India,” Treasury Secretary Scott Bessent advised CNBC’s “Squawk Box” on Tuesday. “These are secondary tariffs for buying the sanctioned Russian oil.”
Bessent accused India of “profiteering” by buying low cost Russian oil and reselling it throughout the Ukraine conflict, “which is unacceptable.”
Earlier this month, President Donald Trump hiked tariffs on India to 50%. The president said 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 big Apple has upped production at 5 of its factories in India as it readies for the launch of its new iPhone 17 fashions.
The enlargement consists of some new vegetation and factories belonging to the Tata Group and contract electronics producer Foxconn Technology, based on the report, citing folks aware of the matter. Apple can be seeking to create a brand new iPhone 17e in India subsequent yr, based on the report.
In latest years, Apple has shifted extra production to India as it seems to be to cut back its reliance on China, particularly within the wake of latest commerce tensions.
Data from Canalys in May estimated that iPhone shipments from India to the U.S. grew 76% in May as commerce restrictions loomed.
At the identical time, Apple has committed to investing over $600 billion within the U.S. over the following 4 years to enhance American manufacturing production.
That features a $100 billion spending enlargement this month, which included a $2.5 billion funding to broaden iPhone glass maker Corning’s production.
This dedication to constructing within the U.S. ought to put Apple within the clear on India-related tariffs.