It was a volatile morning for Apple's stock, which quickly had a $17 swing during intraday trading.
Apple shares opened at $177.24 today, as the company's stock price has continued to drop since U.S. President Donald Trump last week announced steep new tariffs. The tariffs will significantly impact Apple, which still assembles the majority of iPhones and many other devices in China, which is facing a 54% tariff starting April 9.
About an hour into the trading session, however, Apple's stock briefly surged to as high as $194.14, following reports that the Trump administration was considering a 90-day pause on tariffs, in all countries except China. A spokesperson for the Trump administration later described that claim as "fake news," resulting in Apple's stock plunging below $180 again. As of writing, shares are trading around the $181 mark.
Many stocks have plummeted since Trump's announcement, amid fears of a prolonged trade war and economic downturn. Apple's stock price has dropped nearly 20% since closing at $223.89 last Wednesday. Trump threatened China with additional tariffs today, adding to the uncertainty that has sent shockwaves through global markets.
Apple has yet to publicly comment on the tariffs, as customers fear that the price of iPhones and other devices may eventually increase.
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Top Rated Comments
My rights have been taken away, I’m scared to travel to other states, employment isn’t secure.
Why is this happening?? Can’t Congress limit Mr. Trump’s powers?
[LIST=1]
* California declares independence
* Apple relocates to Europe
Yes they could, but they won’t. What Trump is doing is clearly illegal and unconstitutional but impeachment is not on the table any time soon. The Republican majority is beholden to the guy who got them back in control of the ship. Until there is enough pain on the ground that Trumps MAGA supporters turn on him and they get political pressure to do something, they won’t. So I expect things will get bad, before they get even worse.