AT&T, Texas Instruments and Enphase Energy fall premarket; Hasbro rises
Investing.com-- Apple Inc’s (NASDAQ:AAPL) Asian suppliers retreated on Monday, tracking losses in the technology giant after U.S. President Donald Trump threatened to impose tariffs on all iPhone imports to the United States.
Shares of audio equipment maker AAC Technologies (OTC:AACAY) Holdings Inc (HK:2018) fell 1% in Hong Kong trade, while China-listed Lens Technology Co Ltd (SZ:300433), Goertek Inc (SZ:002241), and Luxshare Precision Industry Co Ltd (SZ:002475) all fell up to 1%.
Taiwan’s TSMC (TW:2330) and Hon Hai Precision Industry Co Ltd (TW:2317) also retreated, while Japan Display Inc (TYO:6740) and Sharp (OTC:SHCAY) Corp (TYO:6753) fell in Tokyo trade.
Samsung Electronics Co Ltd (KS:005930), which Trump said will also be subject to tariffs on smartphones, rose 0.5% in South Korean trade.
Apple shares had fallen 3% on Friday.
Trump on Friday threatened to slap a 25% duty on all imported iPhones, demanding that the tech giant manufacture more devices domestically. He also threatened to tariff all smartphone imports.
Trump’s threats come amid repeated demands from the president for more U.S. manufacturing by tech firms, chipmakers, automakers, and pharmaceutical firms.
Apple has so far attempted to placate Trump by shifting the production of U.S.-sold iPhones to India from China. But Trump had earlier this month also rejected such a move.
Still, it was unclear if Trump would make good on his tariff threat, given that he has postponed a bulk of his promised tariffs due to their potential economic disruption. Trump had on Friday also threatened to impose 50% tariffs on the European Union by early-June, although he postponed this deadline to July 9, when several other of his reciprocal tariffs will take effect.