US President Donald Trump has asserted his direct involvement in securing a relief for Apple as the tech giant’s stock experienced a surge of over 2%, propelling its market capitalisation back above the $3 trillion mark. The iPhone maker experienced this surge after the Trump administration announced temporary tariff exemptions on phones, computers and chips.
“I speak to Tim Cook . I helped Tim Cook, recently, and that whole business,” Trump said on Monday (April 14) in a briefing with reporters in the Oval Office, referring to Apple’s CEO.
“I don’t want to hurt anybody, but the end result is we’re going to get to the position of greatness for our country,” he added.
Donald Trump exempts phones, computers, and chips from newly imposed tariffs
Trump's comment underscored his administration’s decision to exempt phones, computers and chips (semiconductors) from newly-imposed tariffs, a move crucial for Apple, which manufactures the majority of its iPhones, iPads and MacBooks in China, India and other Asian countries. The President has urged Apple to shift its production locally.
However, administration officials have cautioned that these exemptions are temporary, leaving Apple's future tariff burden uncertain.
As per CNBC, analysts at Morgan Stanley indicated that the latest developments have reduced Apple's “annualised tariff cost burden” from $44 billion to $7 billion.
Apple again surpasses Microsoft as most valuable company
Nevertheless, Apple has reclaimed its position as the most valuable publicly traded US company, surpassing Microsoft. This followed a dip below the $3 trillion threshold on April 4, triggered by Trump's announcement of “reciprocal tariffs” that would significantly impact China and other manufacturing hubs.
Reports said that Apple transported over 1.5 million iPhones aboard six cargo planes from India to minimise the impact of tariffs. Projections indicated that the iPhones that cost $1,599 (top-end iPhone 16 Pro Max in the US) could have surged to $2,300 under the high tariff rate that had been in effect, if Apple imported the phones from China.
“I speak to Tim Cook . I helped Tim Cook, recently, and that whole business,” Trump said on Monday (April 14) in a briefing with reporters in the Oval Office, referring to Apple’s CEO.
“I don’t want to hurt anybody, but the end result is we’re going to get to the position of greatness for our country,” he added.
Donald Trump exempts phones, computers, and chips from newly imposed tariffs
Trump's comment underscored his administration’s decision to exempt phones, computers and chips (semiconductors) from newly-imposed tariffs, a move crucial for Apple, which manufactures the majority of its iPhones, iPads and MacBooks in China, India and other Asian countries. The President has urged Apple to shift its production locally.
However, administration officials have cautioned that these exemptions are temporary, leaving Apple's future tariff burden uncertain.
As per CNBC, analysts at Morgan Stanley indicated that the latest developments have reduced Apple's “annualised tariff cost burden” from $44 billion to $7 billion.
Apple again surpasses Microsoft as most valuable company
Nevertheless, Apple has reclaimed its position as the most valuable publicly traded US company, surpassing Microsoft. This followed a dip below the $3 trillion threshold on April 4, triggered by Trump's announcement of “reciprocal tariffs” that would significantly impact China and other manufacturing hubs.
Reports said that Apple transported over 1.5 million iPhones aboard six cargo planes from India to minimise the impact of tariffs. Projections indicated that the iPhones that cost $1,599 (top-end iPhone 16 Pro Max in the US) could have surged to $2,300 under the high tariff rate that had been in effect, if Apple imported the phones from China.
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