Trump warns Samsung of a 25 per cent import tariff, following Apple, urging all smartphone makers to manufacture in the U.S. or face steep penalties.

Even with a 25% tariff, the numbers still favor India. A $1,000 iPhone made in India would incur a $250 tariff. Add that to the $30 assembly cost, and the total is $280—still far cheaper than U.S. assembly alone.