>> US consumers may want to brace themselves for potentially paying more for iPhones, other smartphones, and laptops. President Donald Trump telling the Wall Street Journal on Monday, he's likely to move ahead with additional tariffs. On $267 billion worth of goods, which could impact the Cupertino tech giant's gadgets.
Trump's comments pushed Apple shares down nearly 2% in after hours trading. The shares are down about 25% from a record high in early October when the company was valued at over $1 trillion. Now it's neck and neck with Microsoft for the title of Most Valuable Listed Company. The cloud business has given Microsoft a big boost.
Reuters tech correspondent, Stephen Nellis.>> So far, Apple has managed to avoid having tariffs hit any of its major products. In September, the company thought that it was going to be hit with a tariff on the Apple Watch and Air Pods. And several other of its products, it wrote a letter to the government, saying, we think these are going to be bad for consumers.
And are going to make the US less competitive. And the final list that the government put out for that round of tariffs actually didn't include those products from Apple. If Apple gets hit by tariffs on the iPhone. It's very likely that other smartphone manufacturers would also be hit with tariffs on their devices.
However, what's different for Apple is that the iPhone makes up about two-thirds of its revenue. So any hit to the iPhone is a very big hit to Apple overall.>> The US has already slapped 10% tariffs on $200 billion worth of goods from China. And the rate could be reset to 25% from January 1st.
On top of that, Trump is threatening new tariffs on $267 billion worth of goods. Trump is scheduled to attend the G20 Summit in Buenos Aires this week, where he would meet with Chinese President, Xi Jinping. In what's looking like the last, best chance to avoid a major escalation in the trade war.
Trump told the Journal, if there's no deal, he would move ahead with the new tariffs.