Offbeat: Apple's November rout worsens after Trump says US could place 10% tariff on iPhones - - PressFrom - US
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OffbeatApple's November rout worsens after Trump says US could place 10% tariff on iPhones

15:55  27 november  2018
15:55  27 november  2018 Source:   cnbc.com

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Apple shares fell Tuesday in premarket trading after President Donald Trump suggested Monday the U . S . could place a 10 percent tariff on iPhones and Apple ' s products are currently exempt from the tariffs but that may change when Trump adds another 7 billion worth of tariffs on Chinese goods.

Apple ' s November rout worsens after Trump says US could place 10 % tariff on iPhones . Published Tue, Nov 27 2018 7:29 Apple shares fell in Tuesday trading, a day after President Donald Trump suggested the U . S . could place a 10 percent tariff on iPhones and laptops made in China.

Apple's November rout worsens after Trump says US could place 10% tariff on iPhones© Provided by CNBC LLC Tim Cook, CEO of Apple Inc.

Apple shares fell Tuesday in premarket trading after President Donald Trump suggested Monday the U.S. could place a 10 percent tariff on iPhones and laptops made in China.

Trump told the Wall Street Journal that "people could stand" that tariff rate "very easily."

Apple shares, which are already down 20 percent this month, fell by 1.9 percent in premarket trading Tuesday.

He also said it is "highly unlikely" he would delay an increase in overall tariffs at the beginning of next year to 25 percent from 10 percent. Trump is scheduled to meet with Chinese President Xi Jinping in three days at the G20 summit.

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President Donald Trump suggested he could place a 10 % tariff on iPhones and laptops imported from China, in an interview with the Wall Street Journal. Trump says GM 'better' add new facility in Ohio after cuts. Reuters. Ukraine demands action after Russia seizes ships.

President Donald Trump suggested he could place a 10 percent tariff on iPhones and laptops imported from China, in an interview with the Wall Street Journal published 1, just four days before a summit with Chinese President Xi. Apple stock was down nearly 2 percent in after -hours trading.

Apple's products are currently exempt from the tariffs but that may change when Trump adds another $267 billion worth of tariffs on Chinese goods.

Elsewhere on Tuesday, RBC Capital Markets lowered its Apple price target to $235 a share, saying there are "sustained datapoints around soft iPhone demand from supply-chain and others."

"While AAPL stock has substantially corrected (down 21% since the company reported vs. S&P500 down 2%), we think investors will wait for datapoints/noise level to stabilize before getting more positive on the name," RBC's Amit Daryanani said in a note to investors.

The drop in the stock has taken Apple to the cusp of losing its crown as the largest company by market value to Microsoft, which was poised to overtake the iPhone maker at the open on Tuesday.

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