“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.”
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“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.”
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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.”
The United States is insisting that all countries that have placed artificial Trade Barriers and Tariffs on goods going into their country, remove those Barriers & Tariffs or be met with more than Reciprocity by the U.S.A. Trade must be fair and no longer a one way street!
— Donald J. Trump (@realDonaldTrump) June 24, 2018
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
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