Trump Cracks Down on Apple over Tariffs, Company's Stock Price Tumbles
One of the biggest companies in the world just got an even biggest message from the White House.
And it wasn’t what Apple executives wanted to hear at all.
In a tweet Friday morning, President Donald Trump announced that Apple’s request for parts of its new Mac Pro to be exempted from import tariffs on products made in China would be denied.
The request came Tuesday, according to Bloomberg.
Now the answer has come in no uncertain terms:
“Apple will not be given Tariff waiver, or relief, for Mac Pro parts that are made in China,” the president wrote. “Make them in the USA, no Tariffs!”
Apple will not be given Tariff waiver, or relief, for Mac Pro parts that are made in China. Make them in the USA, no Tariffs!
— Donald J. Trump (@realDonaldTrump) July 26, 2019
Apple’s stock dropped as soon as the announcement was made, according to The Hill.
“Trump has threatened to impose tariffs on another $300 billion worth of Chinese imports, which, if implemented, would affect the iPhone, iPad, Mac, AirPods, AppleTV and more,” the report said.
It’s debatable whether tariffs or restrictions on trade are a productive policy — conservative hero Milton Friedman, a Ronald Reagan supporter, certainly didn’t think so.
But what’s not debatable is that Trump’s use of tariffs, or threats of tariffs, have helped change the United States’ position in trade negotiations.
And for companies that have moved production from American soil to China — as Apple has done — those changes have consequences.
Trump’s announcement drew plenty of critics on Twitter, of course, but quite a few supporters, too.
Private profit margins should never be an excuse for ripping off the American People.
No one deserves special treatment, especially multi-billion dollar corporations that can easily afford more ethical practices.
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We,The People, Stand With You, Mr. President!— EyeTheSpy (@TrueEyeTheSpy) July 26, 2019
Thank you @realDonaldTrump
Yet ANOTHER campaign promise fulfilled
“No company will move its factories to Mexico and China and attempt to sell their product back into the US. If they do, they’re gonna pay a 25% tariff”
“The days of economic surrender are over”#AmericaFirst
— ✝️WalkedAway2016?? (@Trump2Usa) July 26, 2019
Good! Nothing special about Apple! They want American money? They can put their jobs on American soil! #MAGA
— Linda Suhler, PhD (@LindaSuhler) July 26, 2019
That was the message Trump was sending Friday.
And it’s a good chance that Apple wasn’t the only company that heard it – loud and clear.
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