Apple dips after Trump slaps 25% tariffs on India

Shares of iPhone maker Apple AAPL.O drop as much as 0.72% to $209.75 premarket after U.S. President Donald Trump says tariffs of 25% to be imposed on India on August 1, versus 26% announced earlier

Apple has a global supply chain and shifted production of U.S.-bound iPhones to India from China following rollout of U.S. tariffs on April 2, drawing more criticism from Trump

Reuters reported earlier that nearly all the iPhones exported by Apple's supplier Foxconn 23.17.TW from India went to the United States between March and May

Apple will report quarterly results on Thursday after markets close, with analysts expecting a 4.2% rise in revenue to $89.34 bln

Thirty-three of 50 brokerages rate the stock "buy" or higher, 14 "hold" and three "sell" or lower; their median PT is $235, according to LSEG data

Apple has been a laggard among other megacap stocks on Wall Street, down 15% this year compared with the Nasdaq 100 index's .NDX 11% rise as it struggles to catch up in the AI race