Apple Pleads Against Tariffs
Apple released a letter to U.S. trade representative Robert Lighthizer where the iPhone giant detailed that tariffs on its products would ultimately hurt its contribution to the U.S. economy.
Apple Inc. (NASDAQ: AAPL | AAPL Price Prediction) 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.
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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.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
