The president floated a 25% tariff on iPhones imported into the U.S. on Friday, adding that Apple (AAPL) would foot the bill.

New figures from Canalys, now part of Omdia, show that iPhone imports from China into the US reached 900,000 units in April, marking a 76% year-on-year decrease.

Apple does not make iPhones in the US, and moving assembly units there would raise the cost of an iPhone by three times

That abrupt shift "from Tariff Man to global salesman," as investment strategist Ed Yardeni put it, revived an S&P 500 bull market in stocks.Just as the ride seemed to be smoothing out, markets got a jolt Friday morning as Trump threatened a 25% tariff on Apple iPhones if they're not manufactured and threatened 50% tariffs on the EU starting June 1.

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Donald Trump threatened Apple with a 25% tariff on iPhones made outside the U.S., reportedly triggered by Tim Cook's absence from Trump's Middle East trip. Trump publicly acknowledged Nvidia's CEO Jensen Huang's presence while pointedly noting Cook's absence.

Apple Inc. (NASDAQ:AAPL) is reportedly pushing forward with a major supply chain expansion in India through its top manufacturing partner, Foxconn, also known as Hon Hai Precision Industry Co. Ltd. (OTC:HNHAF).

If the U.S. is getting closer to a wide-ranging trade deal with India as reports suggest, it would be a positive for Apple (NASDAQ:AAPL) and its supply chain, Wedbush Securities said. “We continue to believe one of the biggest US trade and tariff deals on the table that the Street and tech investors are laser focused on is India,