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iPhone XS Max. Photo: Spencer Platt/Getty Images

iPhone assembler Foxconn says it has the capacity to manufacture Apple products outside of China if U.S.-China trade relations escalate, Bloomberg reports.

Why it matters, per Axios' Ina Fried: Nearly all iPhones are currently made in China, presenting a huge risk for Apple. Having a solid plan B is a good thing given the unpredictability of U.S.-China trade relations.

Driving the news: President Trump has threatened China with new tariffs on $300 billion worth of Chinese goods — which would inevitably affect Apple — if President Xi Jinping is a no-show at the upcoming G20 summit.

Backdrop: Apple is already feeling the effects of China's slumping economy. The company had to mark down its Q4 revenue expectations in January, attributing it in part to the ongoing trade war.

  • Foxconn, also known as Hon Hai Precision Industry Co., is Apple's most important manufacturer.
  • Board nominee and semiconductor division chief Young Liu said in an investor briefing in Taipei on Tuesday that the company will support Apple if it decides to move production, though no decisions have been made.
  • It's unclear which manufacturing plants would assume the majority of the company's relocated production. India's facility is currently running quality tests for Apple's iPhone XR series, per Bloomberg.

Go deeper: Corporations are fleeing global chaos

Go deeper

Updated 36 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

Dave Lawler, author of World
50 mins ago - World

Biden holds first phone call with Putin, raises Navalny arrest

Putin takes a call in 2017. Photo: Handout/Anadolu Agency/Getty

President Biden on Tuesday held his first call since taking office with Vladimir Putin, pressing the Russian president on the arrest of opposition leader Alexey Navalny and the Russia-linked hack on U.S. government agencies, AP reports.

The state of play: Biden also planned to raise arms control, bounties allegedly placed on U.S. troops in Afghanistan and the war in Ukraine, according to White House press secretary Jen Psaki, who said the call took place while she was delivering a press briefing. Psaki added that a full readout will be provided later Tuesday.

Biden signs racial equity executive orders

Joe Biden prays at Grace Lutheran Church in Kenosha, Wisconsin, on September 3, 2020, in the aftermath of the police shooting of Jacob Blake. PHOTO: Jim Watson/AFP via Getty Images

President Joe Biden on Tuesday signed executive orders on housing and ending the Justice Department's use of private prisons as part of what the White House is calling his “racial equity agenda.”

The big picture: Biden needs the support of Congress to push through police reform or new voting rights legislation. The executive orders serve as his down payment to immediately address systemic racism while he focuses on the pandemic.