Apple says proposed U.S. tariffs may hit Watch, does not name iPhone

Updated: Sat, Sep 08, 2018
02:26 am
Reuters
RELATED NEWS
Global Markets - Stocks rally on trade hopes, dollar set for first positive week of 2019 Global Markets - Stocks rally on trade hopes, dollar set for first positive week of 2019
Explainer - How pressing is Lebanon's financial challenge? Explainer - How pressing is Lebanon's financial challenge?
Lilly cancer drug fails key trial, will no longer be prescribed Lilly cancer drug fails key trial, will no longer be prescribed
Citi says female employees earn 29 percent less than men Citi says female employees earn 29 percent less than men
PBGC steps in to oversee Sears' two pension plans PBGC steps in to oversee Sears' two pension plans

A "wide range" of Apple Inc products including its Watch likely would be hit by proposed U.S. tariffs, the company told U.S. trade officials, but it did not name the iPhone as among the products affected.

AirPods headphones, some of Apple`s Beats headphones, and its new HomePod smart speaker also face levies as part of proposed 10 percent tariffs on $200 billion worth of Chinese goods, according to an unsigned letter the company submitted on Wednesday to U.S. officials as part of a public comment period.

"Our concern with these tariffs is that the U.S. will be hardest hit, and that will result in lower U.S. growth and competitiveness and higher prices for U.S. consumers," Apple said in the letter.

Apple has not responded to requests for comment.

The letter did not mention the iPhone, which accounted for about two-thirds of its $229 billion in revenue in its most recent fiscal year. Reuters had reported that the Apple Watch was likely to be affected by the tariffs.

Shares of the iPhone maker slipped 1 percent in extended trading.

Apple also said that computer parts for its U.S. operations would be hit by the tariffs. The company said that "main logic boards with microprocessing units" could face levies, along with equipment used for research and development.

On Apple`s most recent earnings call in July, Chief Executive Tim Cook said the company could face such tariffs "related to data centres."

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

By continuing to use the site, you agree to the use of cookies. You can find out more by clicking this link

Close