Good morning from the Financial Times.
Today is Friday, April 25th, and this is your FT News Briefing.
Tariffs are pushing some iPhone assembly out of China,
and this trade war is also causing a downturn in Chinese manufacturing.
Plus, the Trump administration is trying to void paper checks.
Something that the non-U.S.
mind kind of struggles to comprehend why checks have remained so popular in the U.S.
I'm Mark Filippino, and here's the news you need to start your day.
Apple plans to shift to India for the assembly of all U.S. iPhones as soon as the end of next year.
That's according to FT sources.
The company currently assembles most of its phones in China.
But U.S.
President Donald Trump is targeting the country with massive tariffs, and those have hit Apple hard.
Apple still heavily relies on Chinese suppliers for earlier steps in the production process, though.
Now, the tech giant has already started diversifying its production to India,
but it needs to ramp up its capacity there even more in order to meet U.S. demand.
Of course, it's not just U.S. companies in China that have been bitten by tariffs.
Chinese factories are slowing production and furloughing some of their workers.
Many American companies are now canceling their orders and production lines are feeling the pressure.
I'm joined by the FT's Deputy Beijing Bureau Chief, Ryan McMurrow, who's been reporting on this.