“Apple shares dipped Friday on a Bloomberg report that President Donald Trump’s most recent list of proposed tariffs on Chinese goods would hit a wide range of Apple products,” Sara Salinas reports for CNBC.

“The stock shed 1 percent just before market close, after gaining as much as 1 percent earlier in the session,” Salinas reports. “Shares of Apple suppliers Qualcomm, Skyworks and Cirrus Logic also dropped on the report.”

“The latest round of proposed tariffs would affect the Apple Watch, AirPods and Apple Pencil, the company said in a letter to the government, according to Bloomberg,” Salinas reports. “The U.S. Trade Representative’s public notice and comment period for the proposed additional tariffs ended Thursday, White House spokesperson Lindsay Walters said in a statement to CNBC.”

Read more in the full article here.

“In a letter to U.S. Trade Representative Robert Lighthizer, Apple Inc. said that a proposed 25% tariff on $200 billion work of Chinese imports would cover a “wide range of Apple products,” including the Apple Watch,” Emily Bary reports for MarketWatch. “The tariffs would also affect the Apple Pencil, AirPods, Mac Mini, cables and chargers, testing equipment, and repair tools.”

“Apple shares dipped into negative territory toward the end of Friday’s trading session and closed down 0.8%,” Bary reports. “Shares are up 37% over the past 12 months.”

Read more in the full article here.

MacDailyNews Note: White House spokesperson Lindsay Walters said in a statement to CNBC, “USTR is conducting a thorough review of public submissions. However, potential scenarios like this only further reinforce the importance of how getting China to play by the rules and fix their unfair practices will be good for the US and global economy.”

I’m cognizant that in both the U.S. and China, there have been cases where everyone hasn’t benefited, where the benefit hasn’t been balanced. My belief is that one plus one equals three. The pie gets larger, working together. — Apple CEO Tim Cook, March 24, 2018

At least half of the popular fallacies about economics come from assuming that economic activity is a zero-sum game, in which what is gained by someone is lost by someone else. But transactions would not continue unless both sides gained, whether in international trade, employment, or renting an apartment. — Thomas Sowell, June 14, 2006

SEE ALSO:
Apple could be used as a ‘bargaining chip’ in the trade war, Chinese state-run media warns – August 7, 2018
Why the US-China trade war may not have much impact on Apple – July 17, 2018
Apple launches $300 million China Clean Energy Fund – July 13, 2018
What trade war? Markets shrug off US-China dueling tariffs – July 6, 2018
U.S. President Trump puts tech in trade war crosshairs with planned curb on China investment – June 25, 2018
The Trump administration told Apple it would not place tariffs on iPhones assembled in China – June 19, 2018
Chinese stocks end at 2-year low, Apple suppliers sink on trade-war concerns – June 19, 2018
Why Apple CEO Tim Cook is acting like tech’s top diplomat – June 18, 2018
Apple CEO Tim Cook doesn’t expect a full-blown trade war between the U.S. and China – June 5, 2018
President Trump and Apple CEO Cook meet at White House with trade the focus – April 25, 2018
Apple CEO Cook to meet with President Trump – April 25, 2018
Why Apple stock can withstand a Chinese trade war – April 5, 2018
Apple CEO Tim Cook heads to China as President Trump orders 25 percent tariffs on up to $60 billion in Chinese imports – March 23, 2018
BoA Merrill Lynch: Apple is prepping a ‘foldable’ iPhone; U.S. and China trade tensions not an issue for Apple – March 23, 2018
Designed in California. Assembled in China. How Apple’s iPhone skews U.S. trade deficit – March 21, 2018
President Trump blocks Broadcom-Qualcomm deal over China concerns – March 13, 2018
Elon Musk sides with President Trump on trade with China – March 8, 2018
Analyst: President Trump’s tariff impact on Apple would be just a ’rounding error’ – March 7, 2018