Apple(US:AAPL) 第一财经·2025-05-16 12:30Core Viewpoint - The article discusses the tension between U.S. President Trump and Apple CEO Tim Cook regarding Apple's manufacturing strategy, particularly the balance between production in the U.S. and India, with implications for Apple's supply chain and market strategy [3][4]. Group 1: U.S.-India Manufacturing Dynamics - Trump indicated that Apple would "increase production in the U.S." following his conversation with Cook, which may hinder Apple's expansion plans in India [4]. - Apple plans to import a significant portion of iPhones sold in the U.S. from India by the end of next year, reflecting a shift in its supply chain strategy [4][11]. - Analysts estimate that by the end of 2025, India could account for approximately 15%-20% of global iPhone production, with current production capabilities still lacking [11]. Group 2: Investment and Production Challenges - Apple announced a $500 billion investment in the U.S. over the next four years, which includes creating 20,000 jobs, but currently lacks a smartphone production line in the U.S. [9]. - The transition to increased U.S. production is expected to take years and require hundreds of billions in investment, as Apple has a complex supply chain that is difficult to alter [9][10]. - Cook stated that over 50% of iPhones sold in the U.S. will be imported from India, while Vietnam is set to become a major manufacturing hub for other Apple products [11]. Group 3: Trade Relations and Strategic Implications - The article highlights ongoing negotiations between India and the U.S. for a bilateral trade agreement, which could impact Apple's operations and market strategy [13]. - The Indian government is reportedly keen on ensuring mutual tariff reductions in any trade agreement with the U.S. [13]. - Analysts suggest that the impending trade agreement may explain Apple's focus on expanding its presence in the Indian market [13].