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Shares in Apple suppliers fall after Trump’s call to make iPhones at home
Link: https://www.rt.com/business/438098-apple-production-asia-trump/
Apple’s Asian suppliers are facing a sell-off in their stocks Monday after US President Donald Trump tweeted that the Californian company should move its production back to America.
Shares in the Chinese-based suppliers Luxshare Precision, Shenzhen Sunway Communication and Suzhou Dongshan Precision Manufacturing all plunged as much as 10 percent. Taiwan, camera lens-maker Largan Precision fell almost 8 percent, Foxconn, a major manufacturer of Apple products, plunged 3.4 percent, while assembler Pegatron lost nearly 4 percent. Apple is worried that a new round of Trump’s tariffs against China, on a further $267 billion of goods , will result in a price hike of its products. Trump tweeted “Apple prices may increase because of the massive Tariffs we may be imposing on China – but there is an easy solution where there would be ZERO tax, and indeed a tax incentive. Make your products in the United States instead of China.”
Apple manufactures some parts in the US.
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