On May 23, Trump said Apple should make iPhones in the United States if it wanted to avoid a 25 percent import tariff on devices manufactured abroad. He told Apple CEO Tim Cook that only domestically produced iPhones should avoid levies, explicitly calling out the company's increased reliance on Indian manufacturing.

Stocks rose Tuesday after President Donald Trump did a 180-degree turn on his threat to place a massive 50% tariff on goods imported from the European Union. The Dow was up 640 points, or 1.54%. The broader S&P 500 rose 1.