\n
Shares in the US tech giant were one of Wall Street\u2019s biggest casualties in the days immediately after Trump announced his reciprocal tariffs. About $700 billion was wiped off Apple\u2019s market value in the space of a few days.<\/p>\n
Earlier this week, Trump said he would consider excluding US companies from his tariffs, but added that such decisions would be made \u201cinstinctively.\u201d<\/p>\n
Chad Bown, a senior fellow at the Peterson Institute for International Economics, said the exemptions mirrored exceptions for smartphones and consumer electronics issued by Trump during his trade wars in 2018 and 2019.<\/p>\n
\u201cWe\u2019ll have to wait and see if the exemptions this time around also stick, or if the president once again reverses course sometime in the not-too-distant future,\u201d said Bown.<\/p>\n
US Customs and Border Protection referred inquiries about the order to the US International Trade Commission, which did not immediately reply to a request for comment.<\/p>\n
The White House confirmed that the new exemptions would not apply to the 20 percent tariffs on all Chinese imports applied by Trump to respond to China\u2019s role in fentanyl manufacturing.<\/p>\n
White House spokesperson Karoline Leavitt said on Saturday that companies including Apple, TSMC, and Nvidia were \u201chustling to onshore their manufacturing in the United States as soon as possible\u201d at \u201cthe direction of the President.\u201d<\/p>\n
\u201cPresident Trump has made it clear America cannot rely on China to manufacture critical technologies such as semiconductors, chips, smartphones, and laptops,\u201d said Leavitt.<\/p>\n
Apple declined to comment.<\/p>\n
Economists have warned that the sweeping nature of Trump\u2019s tariffs\u2014which apply to a broad range of common US consumer goods\u2014threaten to fuel US inflation and hit economic growth.<\/p>\n
New York Fed chief John Williams said US inflation could reach as high as 4 percent as a result of Trump\u2019s tariffs.<\/p>\n
Additional reporting by Michael Acton in San Francisco<\/i><\/p>\n
\u00a9 2025 The Financial Times Ltd<\/a>. All rights reserved<\/a>. Not to be redistributed, copied, or modified in any way.<\/em><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"Shares in the US tech giant were one of Wall Street\u2019s biggest casualties in the days immediately after Trump announced his reciprocal tariffs. About $700 billion was wiped off Apple\u2019s market value in the space of a few days. Earlier this week, Trump said he would consider excluding US companies from his tariffs, but added […]<\/p>\n","protected":false},"author":1,"featured_media":184000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11768],"tags":[72544,11209,5709,16712,16168,1175,72543],"dealstore":[],"offerexpiration":[],"class_list":["post-183999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-apple-2","tag-exempts","tag-market","tag-massive","tag-smartphones","tag-tariffs","tag-trump","tag-tumult"],"yoast_head":"\n
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