Apple shares fell by 1.5% on Tuesday after Donald Trump threatened to impose tariffs affecting iPhones made in China.
The US President said today that he may introduce a 10% tariff on iPhones and laptops made in China, which US consumers would be able to stand “very easily”.
Shares in the tech giant, which have already fallen 20% this month, dipped on opening.
Jose Castaneda, a spokesperson for the Information Technology Industry Council, said that if tariffs are added to Apple products it will affect consumers.
“Despite the pain Americans have felt in communities across the United States as a result of tariffs, the president has signalled he wants to continue this short-sighted trade war.”
“Imposing a new round of tariffs would cause a shock that will reverberate across America and the globe. It would further threaten global supply chains, leading to higher prices for the electronic devices people rely on every day and even the loss of American jobs.”
“It is deeply disappointing the president wants to undermine his opportunity to create meaningful progress before the discussions even begin. ITI urges him to give negotiations a chance and work toward an agreement that resolves this growing trade dispute,” he added.
Shares in Apple have fallen over the past few months since the group was the world’s first company to surpass the $1 trillion dollar mark.
Microsoft (NASDAQ: MSFT), which was worth $817.3 billion on Monday’s close, was expected to overtake Apple on Tuesday’s opening.
Shares in the group (NASDAQ: AAPL) are currently trading -0.49% at 173,76 (1656GMT).
