May 23 - Several Apple (NASDAQ:AAPL) suppliers traded lower Friday after former U.S. President Donald Trump said the company would need to pay 25% tariffs on iPhones not manufactured in the U.S., according to a post on Truth Social.

Trump said he had told Apple CEO Tim Cook that iPhones sold in the U.S. should be built domestically, not in India or anyplace else. He added that if they aren't, Apple must pay a tariff of at least 25%.

The post followed earlier comments this month urging Cook to halt Apple's expansion in India.

Shares of Apple dropped about 3%. Semiconductor supplier Qualcomm (NASDAQ:QCOM) and RF component makers Qorvo (NASDAQ:QRVO) and Skyworks Solutions (SWKS) each fell about 2%. Broadcom (NASDAQ:AVGO) edged about 1% lower, while Analog Devices (NASDAQ:ADI) slipped roughly 1%.

Contract manufacturer Jabil (NYSE:JBL) also declined. In contrast, shares of Hon Hai Precision (HNHAF) and its unit Foxconn Technology (FXCOF) gained about 1% in Taiwan. Reports earlier in the day said Foxconn may bid for UTAC Holdings in a deal that could value the company around $3 billion.

This article first appeared on GuruFocus.

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