Stock markets endured major swings this week, with futures rising in after-hours trading on Monday after a volatile session. A brief rally was prompted by hopes of a delay in new tariffs, but those hopes were quickly dashed. Meanwhile, GameStop CEO Ryan Cohen, a vocal Trump supporter, is making headlines for his reaction to the latest developments.
What Happened: Cohen, who has publicly expressed his support for Donald Trump through several posts on X, published a sarcastic comment in response to the latest round of U.S. tariffs: "I can't wait for my $10,000 made in the USA iPhone."
His remark came on the heels of reports that electronics prices could increase significantly due to the trade uncertainties, with Reuters approximating iPhone prices could climb by as much as 43%.
See Also: ‘Trump Tariffs Could Blow Up Apple’: Analyst Estimates $39.5 Billion Impact
Why It Matters: The new tariffs are already impacting consumer goods and tech launches. Nintendo announced a postponement in pre-orders for its upcoming Switch 2, referencing the need to assess the "potential impacts of tariffs and evolving market conditions." For GameStop, a major retailer of consoles like the Switch, that delay could have noteworthy revenue implications. Cohen's viral reaction highlights the tension between political support and business consequences.
As the market continues to react to changing trade policy, CEOs like Cohen are discovering themselves at the center of the conversation. His online remarks, while made seemingly in jest, reflect the wider concerns over how tariffs may impact consumer prices and shape corporate strategy moving forward.
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