Apple Inc. (NASDAQ: AAPL) released a letter to U.S. trade representative Robert Lighthizer in which the iPhone giant detailed that tariffs on its products would ultimately hurt its contribution to the U.S. economy.
The letter states that tariffs would weigh on Apple’s ability to be competitive on a global scale because its Chinese competitors would not be subject to the tariffs.
Apple says in the letter that all of its major products like the iPhone, Mac, iPad and more would be affected by the tariffs since they are produced in China.
As a result, Apple is considering shifting some of its production outside of China in anticipation of the tariffs, according to the Wall Street Journal.
The letter concludes by saying Apple urges the U.S. “not to proceed with these tariffs.”
Excluding Thursday’s move, Apple has outperformed the broad markets with its stock up about 25% year to date. In the past 52 weeks, the stock is only up about 5%.
Shares of Apple were last seen up about 0.7% at $199.19, with a 52-week range of $142.00 to $233.47.