A 10 percent tariff set to hit iPhones, Macs and other consumer electronics is to be delayed. The U.S. Trade Representative (USTR) said it will not be enforced until December 15. Apple’s stock price rose on the back of the announcement.
Tariff Delayed
U.S. President Donald Trump tweeted about the tariff on August 1.
In a new statement, the USTR said goods like phone and laptops were to be excluded from the 10 percent tariff.
As part of USTR’s public comment and hearing process, it was determined that the tariff should be delayed to December 15 for certain articles. Products in this group include, for example, cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing.
Stock Price Rises
Apple’s stock price rose on the back of the announcement. Its share price had increased by over four percent at the time of this writing. The stock price of suppliers such as Skyworks Solutions and Qorvo also increased in the aftermath of the news (via MarketWatch).
I am betting that “big retail” read him a riot act.