U.S. President Donald Trump has issued a clear warning to Apple: manufacture iPhones in America—or pay the price.

In a post on his Truth Social account, Trump said that if Apple continues to produce iPhones outside the U.S., especially in India, the company will face a 25% tariff on devices brought into the country.

“I told Apple’s Tim Cook long ago that I expect iPhones sold in the United States to be made in the United States—not in India or anywhere else,” Trump stated. “If not, they’ll have to pay a 25% tariff.”

The statement immediately rippled through financial markets. Apple’s shares dropped by 2.5% in pre-market trading following Trump’s post, highlighting investor concerns about the potential impact on Apple’s global supply chain and pricing.

Apple had shifted much of its iPhone production to India in recent years, especially after earlier tariffs on Chinese goods prompted the tech giant to diversify its manufacturing base. The company had announced that a significant portion of iPhones sold in the U.S. would start arriving from India by the June quarter.

But Trump’s latest stance throws a wrench into Apple’s strategy. His administration is signaling a tougher approach to tech manufacturing and trade, pressuring companies to bring jobs and production back to American soil.