Zinger Key Points
- Apple shares fall 3.12% after U.S. tariffs on Chinese goods raise concerns over supply chain disruptions and rising costs.
- Trump's new tariffs on China, Mexico, and Canada could lead to higher prices for consumer goods.
Apple Inc. AAPL shares are trading lower Monday after the U.S. imposed new tariffs on Chinese imports, sparking concerns about rising costs and supply chain disruptions.
What To Know: President Donald Trump announced a 10% tariff on Chinese goods, alongside a 25% duty on imports from Mexico and most Canadian goods, excluding crude oil, which will see a 10% tariff. The move, set to take effect Tuesday, is expected to impact American businesses and consumers.
Economists warn that the tariffs could lead to higher prices for electronics, automobiles, home appliances and other consumer goods. The U.S. Chamber of Commerce cautioned that the new duties may disrupt supply chains, while finance and economics professor Sung Won Sohn stated that “consumers are going to be clearly worse off.”
The U.S. imports nearly one-third of its goods from the three affected countries. In 2024, the country imported $46 billion in agricultural products from Mexico and $97 billion in oil and gas from Canada. The tariffs could raise construction costs by as much as $4 billion, increase prices for consumer goods and erase cost savings for U.S. automakers that produce vehicles in Mexico.
AAPL Price Action: Apple shares were down 3.02% at $228.86 at the time of writing, according to Benzinga Pro.
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