Markets

Apple supplier shares slide after Trump tweet

Apple supplier shares slide after Trump tweet

The latest battle between President Donald Trump and an American company pits the president against Apple.

Last Friday, Trump doubled down on his threats to impose higher duties on Chinese goods, saying he's ready to tax all imports at short notice.

San Francisco: Apple Inc. said proposed United States tariffs on $200 billion worth of products imported from China will raise prices for some of its popular consumer goods such as the Apple Watch and AirPods headphones.

This week, Apple said that a proposed new round of $200 billion in additional tariffs on Chinese imports would raise prices on some of its products, including the Apple Watch and the Mac mini.

Apple said its MacMini, a low-cost computer that comes without a keyboard or mouse, would be affected.

In response to Trump's recent comments, Chinese officials said September 10 they would "take countermeasures" if Washington escalates the tariff war.

Beyond the core products, Apple said accessories like the HomePod speaker, some Beats speakers, AirPort and Time Capsule internet routers, the Magic Mouse and Magic Trackpad, and leather cases for the iPhone, iPad, MacBook and Apple Pencil would be affected.

"The overall trend for the US economy remains positive", said Lachlan McPherson, Senior Investment Consultant at Charles Schwab Australia.

Chip giant Intel has also come out against the proposed tariffs, arguing they would "result in widespread harm to the us economy" that would affect CPUs, transmission devices, printed circuit boards, routers, switches, and optical fiber cables.

The factory will "reduce and evade" the impact of tariffs, management wrote, noting Trump hit e-bikes in August, with new border taxes planned for bicycles and their parts.




Fitness tracker maker Fitbit said increased tariffs would compromise its investments in USA -based innovation.

Agilent Technologies said the increased duties would financially impede its US operations and its end customers in the USA and overseas.

For now, Ford simply won't sell the vehicle in the U.S. Computer and phone makers are involved in a global supply chain that includes Chinese manufacturing, and that can't be easily excluded without harm to United States companies, Intel said in a letter to the trade representative.

Even though China is capable of relying on its own resources to advance its industrialization, it is still keen to seize development opportunities overseas and share its experiences and economic gains with its trading partners through imports and foreign direct investment, said Mei Xinyu, a researcher at the Chinese Academy of International Trade and Economic Cooperation in Beijing.

He went on to speculate that, "beyond 2 years, these tariffs will go away".

They also said consumer goods targeted under tariffs do not come under the scope of "Made in China 2025" program. The company recently told trade officials in a letter that the upcoming tariffs would affect the prices of a wide range of its products.

Tensions were already high after data last week showed that the USA deficit with China rose to a record high in July, a trend that looks set to continue when the latest United States numbers for August are released next month.

The tariffs, ranging from 5 percent to 25 percent, would apply to 5,207 products, and US actions will determine whether China adopts the additional duties, Beijing said at the time.

Also affected would be the MacMini, Apple adapters, cables and chargers, MacBook trackpads, memory modules, graphic cards, PCBAs, as well as components the firm uses for manufacturing and product repairs, testing equipment for Apple's labs, and data center equipment.

Carrier Transicold, a unit of Carrier Corp/United Technologies Corp, said it was concerned the proposed 10 percent additional duty on various industrial components will reduce its global competitiveness and undercut its USA operations.


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