Apple Inc

Apple iPhones Will Face Tariffs Soon and all Chinese Imports May be Next if Negotiations Don't Go Well in Upcoming Summit

2018-11-26

Author: Ophir Gottlieb

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The results here are provided for general informational purposes, as a convenience to the readers. The materials are not a substitute for obtaining professional advice from a qualified person, firm or corporation.

LEDE

After months of speculation, it turns out that Apple's iPhone may in fact be due to get hit by tariffs in the building trade war between the United States and China.

Story

CNBC reports that Donald Trump suggested he could place a 10% tariff on iPhones and laptops made (imported) in China, in an interview with the Wall Street Journal that came out after trading hours on Monday.

CNBC quotes President Trump, saying "[it is] highly unlikely" that he would delay an increase in tariffs just four days before a summit with Chinese President Xi, suggesting an imminent threat to Apple (NASDAQ:AAPL).

Bloomberg noted that Trump said "Maybe. Maybe. Depends on what the rate is. I mean, I can make it 10 percent, and people could stand that very easily."

Further, Trump reportedly told the Journal that it is 'highly unlikely' that the United States would hold off on an increase to 25% on $200 billion of goods and that if negotiations don't go well in the upcoming G-20 summit, that he would also levy tariffs on all remaining Chinese imports that have not been subject to the prior tariffs.

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The author is long shares of Apple, at the time of this writing.

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