“U.S. President Donald Trump’s limited trade deal with China removes a major hurdle for Apple and other technology stocks that have already surged this year to record highs,” Noel Randewich reports for Reuters:
The so-called Phase One deal announced, but still not signed, on Friday suspends the planned imposition of new 15% tariffs on Sunday that would have hit $160 billion in Chinese consumer goods just weeks before Christmas, including $115 billion worth of iPhones, laptops and other electronics.
If it is signed, Trump’s long-awaited deal will be a relief to Apple, among the U.S. companies with the most to lose in the trade war between the world’s two largest economies, along with chipmakers who make the components in its devices, which are mostly made in China.
Reflecting Wall Street’s mostly upbeat view toward Apple, BofA Global Research analyst Wamsi Mohan on Wednesday raised his price target on the company, predicting the eventual rollout of 5G would drive three years of robust iPhone sales.
MacDailyNews Take: It certainly hasn’t hurt Apple’s share price today which was up +1.36% in regular trading to hit new all-time intraday and closing highs.