Apple Stock (AAPL) Falls as Citi Warns of a 9% Gross Margin Impact from Reciprocal Tariffs on China
The reciprocal tariff of 34% on China announced by U.S. President Donald Trump on the “Liberation Day” could impact iPhone maker Apple’s gross margin by 9%, warned Citi. The 34% tariff is on top of the existing 20% tariffs on China. Citi explained that its estimate reflects a scenario where Apple fails to secure an exemption and does not pass through the higher costs to the customers.