logo
Plus   Neg
Share
Email

Trump's New Tariffs Wont Affect Apple Watch, AirPods

Tech giant Apple Inc.'s (AAPL) smart watch and wireless headphones will not be affected by the Trump administration's latest tariffs on Chinese imports.

Apple Watches and AirPods has been added on a list of 300 products that are exempt from the latest tariffs.

The Trump administration has imposed a 10 percent import tariff on a total of more than $500 billion of goods made in China, which is set to increase to 25 percent in 2019. The tariffs will go into effect on September 24.

Early this month, Apple had said that Trump's China tariffs are going to hurt the company.

In a letter to U.S. Trade Representative Robert Lighthizer, Apple said that a proposed 25% tariff on $200 billion worth of Chinese imports would cover a "wide range of Apple products," including the Apple Watch. The proposed tariffs would also affect the Apple Pencil, AirPods, Mac Mini, adapters, cables and chargers, testing equipment and repair tools.

"Our concern with these tariffs is that the U.S. will be hardest hit, and that will result in lower U.S. growth and competitiveness and higher prices for U.S. consumers," the company said in its letter.

Meanwhile, some of the Apple products, including its MacMini, will still be affected.

AAPL is currently trading at $219.92, up $2.04 or 0.94%, on the Nasdaq.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Bank of America (BAC) reported that its third-quarter earnings per share was up 43% year-over-year to $0.66. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $0.62 for the quarter. Analysts' estimates typically exclude special items. Net income to shareholders... InterContinental Hotels Group plc said it will remove plastic straws from its global estate by the end of 2019, representing more than 5,400 hotels in nearly 100 countries. According to the UK-based company, it has already removed plastic straws from nearly 1,000 hotels in its Europe, Middle East, Asia & Africa or EMEAA region. Citigroup Inc. on Friday reported a 12 percent increase in profit for the third quarter from last year, as slightly lower revenues were more than offset by a lower tax rate as well as decline in cost of credit and expenses. Earnings per share beat analysts' expectations, while revenues missed estimates. Citigroup's effective tax rate was 24 percent in the quarter.
Follow RTT