Apple Inc. slid as much as 5.6 per cent in late trading after President Donald Trump announced tariffs that target its overseas production hubs, potentially making the iPhone maker more vulnerable to the levies than anticipated.
The tariffs, announced during a White House event, would reach 34 per cent for China, the administration said Wednesday. Vietnam and India — two other manufacturing centers for Apple — would be 46 per cent and 26 per cent, respectively.
The announcement jolted investors, who have grown increasingly concerned that tariffs will hurt Apple’s bottom line. Though the company has begun to diversify its production away from China, the wide-ranging tariffs are poised to affect the very places it has shifted toward.
The shares fell as low as $211.32 in extended trading after closing at $223.89 on Wednesday. The stock was down 11 per cent this year through the close.
U.S. President Donald Trump’s reciprocal tariffs on trading partners are set to take effect today, a day he has proclaimed as “Liberation Day” for American trade. CTV News has extensive coverage across all platforms:
- CTVNews.ca has in-depth coverage, real-time updates, and expert analysis on what the tariffs will mean for Canadians.
- CP24.com has developments out of Queen’s Park and what the tariffs mean for the people of the GTHA.
- BNNBloomberg.ca has what this means for the business community, investors, and the market.
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