Quotes
China has filed a lawsuit under the WTO dispute settlement mechanism.
The Commerce Ministry added
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The global economy is fundamentally different today than it was yesterday." ... The tariffs clearly represent a significant risk to the global outlook at a time of sluggish growth."
Canadian Prime Minister Mark Carney didn’t mince words ... IMF Managing Director Kristalina Georgieva added
The tariffs give us great power to negotiate. Always have. I used it very well in the first administration, as you saw, but now we're taking it to a whole new level."
While some top officials insisted these tariffs were a long-term play, Trump later told reportersThese tariffs in their current form are a shut-off valve for US consumer sales or risk prices going up to levels that are hard to digest.”
The analyst said
No doubt that if the tariffs stick, it will have a negative impact on Apple's fundamentals, with downside to margin and earnings expectations,
CFRA Research analyst Angelo Zino wrote in a Thursday note
When you look at the reciprocal tariff to countries like markets like Vietnam, India, and Thailand, where Apple diversified its supply chain to, there's nowhere to escape,
Morgan Stanley analyst Erik Woodring told CNBC's "Closing Bell."The reality is it would take 3 years and $30 billion dollars in our estimation to move even 10% of its supply chain from Asia to the US with major disruption in the process,
Wedbush analyst Dan Ives wrote in a Thursday noteThe impact can be particularly significant if these restrictive measures apply to countries and regions where the Company derives a significant portion of its revenues and/or has significant supply chain operations,
Apple wrote in the filingI'm trying to be Secretary of Treasury, not a market commentator,
Bessent said on Bloomberg TV Wednesday nightThis whole China tariff thing is playing out right now completely contrary to our expectation that American icon Apple would be kid-gloved, like last time,
Barton Crockett, analyst at Rosenblatt Securities, said in a note
Our quick math on Trump's tariff Liberation Day suggests this could blow up Apple, potentially costing the company up to $40 billion,
Rosenblatt Securities' Crockett noted,If Apple cannot get exempted this time and assuming Apple gets hit by the accumulative 54% China tariffs and does not pass it through, we estimate about 9% negative impact to the company’s total gross margin,
wrote Citi in a note
We are monitoring the situation and don't have anything more to add than that."
When asked about the impact of Trump tariffs on its products and consumer demand in general, CEO Tim Cook had saidApple is going to spend $500 billion, they never spent money like that here,
Trump saidWe will supercharge our domestic industrial base, we will pry open foreign markets and break down foreign trade barriers,
Trump said during his speech