Trump's tariffs on Chinese imports could raise Apple iPhone prices in the U.S.
If you live in the U.S. and end up having to pay much more for your next Apple iPhone, you might put the blame squarely on President Donald J. Trump. The president went against the advice of his rapidly changing staff (can't tell the players without a scorecard) and announced tariffs against imports from China. A 25% tariff will be added to as much as $50 billion worth of goods from the country. The majority of products affected are said to be from the high-tech sector.
If a 25% tariff is slapped on the iPhone, it will be up to Apple and individual retailers and carriers to decide whether or not U.S. consumers will end up paying for the entire amount. A 25% tariff applied to the 64GB Apple iPhone 8 could take its price to $873.75 from the current $699. The 64GB Apple iPhone 8 Plus would be priced at $998.75, compared to the current $799. The 64GB Apple iPhone X might run you $1,248.75 versus the pre-tariff price of $999. Apple's shares dropped by more than 2% on Thursday (including after-hours trading) to close at $167.70.
"We don't want a trade war with the United States, or with anybody else. But we are not afraid of it. If somebody tries to impose a trade war on us, we will fight."-Cui Tiankai, China's ambassador to the U.S.
Before the tariffs are put into place, the U.S. will release a list of 1,300 products that are affected. U.S. companies who buy some of these products will be able to appeal.
source: IBD
Things that are NOT allowed:
To help keep our community safe and free from spam, we apply temporary limits to newly created accounts: