According to The Kobeissi Letter, President Trump declared that any iPhones Apple sells in the US must be manufactured domestically or will incur a tariff of at least 25%. This move could significantly impact Apple’s supply chain and profit margins, causing potential volatility for Apple stock ($AAPL) as traders react to higher production costs and possible price increases. The announcement may also trigger broader market uncertainty, with possible spillover effects into the cryptocurrency market as investors seek alternative assets amid tech sector disruptions (Source: The Kobeissi Letter, May 23, 2025).