U.S. President Donald Trump has issued a fresh warning to Apple and other smartphone manufacturers, threatening to impose a 25 percent tariff on devices not produced within the United States. The announcement, made Friday, May 23, initially targeted Apple alone but was later expanded to include all smartphone makers to ensure what Trump described as a level playing field.

Speaking to reporters in Washington, Trump stated that the proposed tariffs could take effect by the end of June. “It would also be Samsung and anybody that makes that product, otherwise it wouldn’t be fair,” he said. While Apple designs its products domestically, the majority of iPhone assembly is carried out in China, a country currently entangled in a prolonged trade dispute with the U.S.

Although Apple has begun shifting some manufacturing operations to countries like India, Trump dismissed those efforts as insufficient. Posting on Truth Social, the former president reiterated a longstanding demand that Apple relocate its iPhone production entirely to American soil. “I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” he wrote. “If that is not the case, a Tariff of at least 25 per cent must be paid by Apple to the US.”

Trump referenced a recent conversation with Apple CEO Tim Cook during a visit to Qatar, revealing tensions over the company’s global manufacturing strategy. “We’re not interested in you building in India… we want you to build here,” Trump recalled telling Cook, adding that Apple was expected to increase domestic production.

Apple’s main competitor, South Korea’s Samsung, faces similar scrutiny, with most of its production taking place in Vietnam, China, and India. Together, Apple and Samsung dominate the U.S. smartphone market, accounting for roughly 80 percent of all sales. Smaller brands like Google, Xiaomi, and Motorola also rely on overseas manufacturing.

Industry analysts have reacted with skepticism to Trump’s demand for reshoring smartphone production. Dan Ives of Wedbush Securities called the idea a “fairy tale,” noting that nearly 90 percent of Apple’s iPhone production still takes place in China. He warned that any attempt to shift operations to the U.S. would require a radical and costly overhaul of Apple’s entire supply chain, a process that could take years.

The president’s remarks have already had a financial impact on Apple. The company’s stock has fallen more than 20 percent since the start of the year, with shares closing down 3.0 percent on Friday. Analysts attribute part of the decline to growing uncertainty over U.S. trade policy and its effects on Apple’s operations.

Apple CEO Tim Cook has previously voiced concerns about the volatility surrounding tariffs. Last month, he estimated that U.S. duties on Chinese goods could cost the company $900 million in the current quarter. At one point, those tariffs reached as high as 145 percent, although high-end tech products like smartphones were granted temporary relief.

Financial analysts warn that consumers may ultimately bear the cost if tariffs are imposed. “Prices of handsets look set to rise, given iPhones will end up being more expensive, if the threats turn into concrete trade policy,” said Susannah Streeter of Hargreaves Lansdown. She added that while Apple’s most loyal customers may continue to pay premium prices, middle-income buyers could be priced out in an economy already strained by inflation.

The tariff threat comes just a week after a temporary truce between the United States and China, in which both countries agreed to suspend further tariffs for 90 days. The fragile pause, however, may do little to ease fears among tech companies and investors as the administration continues to press its protectionist agenda.