President Donald Trump suggested that Apple products made in China could face a 10% tariff. This news jolted after-hours market trading, causing the Apple stock to lose 1.6% of its value.
Apple Inc., which has lost a fifth of its value in a tech market rout since October, is poised for another setback after U.S. President Donald Trump suggested that 10 percent tariffs could be placed on mobile phones, like the iPhone, and laptops made in China.
The company already is facing reports of suppliers cutting forecasts, signaling the new iPhone models introduced in September aren’t selling as well as anticipated. Trump’s comments to the Wall Street Journal that he may include Apple’s signature product in another round of tariffs on Chinese imports are another blow.
Trump told reporters that he has yet to make up his mind regarding the Apple tariffs decision.
“Maybe. Maybe. Depends on what the rate is,” the president said, referring to mobile phones and laptops. “I mean, I can make it 10 percent, and people could stand that very easily.”