Trump’s Tariffs on Apple iPhones Shake Tech Stocks
Former President Donald Trump's announcement of new tariffs targeting Apple iPhones has sent ripples through the technology sector, causing a significant drop in tech stocks. The tariffs, described as part of a broader strategy of 'reciprocal tariffs,' aim to level the playing field with countries imposing duties on American goods. Apple, a major player in the tech industry, saw its stock value plummet following the news, dragging other tech giants down with it.
The financial markets reacted swiftly to Trump's policy, with tech stocks leading the decline. Analysts are concerned about the potential impact on consumers and the broader economy, as the increased costs could lead to higher prices for popular electronics. The move has sparked a heated debate among policymakers, industry leaders, and economists about the effectiveness and consequences of such tariffs.
Market analysts are closely monitoring the situation, as the tariffs could influence future trade relations and economic strategies. The ongoing discussions highlight the delicate balance between protecting domestic industries and fostering global trade relations.
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How will Apple be affected by tariffs?
The company is already dealing with 20 percent tariffs on products imported from China, where Apple makes about 90 percent of the iPhones it sells around the world. Mr. Trump said that the rate would go to 34 percent under his new tariff plan. An Apple spokesman declined to comment.
What are reciprocal tariffs?
Sec. 2. Reciprocal Tariff Policy. It is the policy of the United States to rebalance global trade flows by imposing an additional ad valorem duty on all imports from all trading partners except as otherwise provided herein.
When did Trump's tariffs start?
On March 1, 2018, Trump announced his intention to impose a 25% tariff on steel and a 10% tariff on aluminum imports. In a tweet the next day, Trump asserted, 'Trade wars are good, and easy to win.' On March 8, he signed an order to impose the tariffs effective after 15 days.
Is Nvidia affected by tariffs?
Nvidia, TSMC, chip stocks fall after Trump announces sweeping reciprocal tariffs.
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