Trump, iPhone and Tariffs
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Trump's proposed 25% tariffs on Apple products made outside the US could erode gross margins by up to 490bps, invalidating my earlier margin expansion thesis. iPhone 16 Plus adoption rates are underperforming vs prior series,
A 25% tariff on iPhones imported into the United States is unlikely to drive Apple (NASDAQ:AAPL) to reshore its production, according to Morgan Stanley analysts.