The Trump administration’s threat of massive new tariffs has sent Apple’s share price plummeting, but it also brought a short-term benefit: customers rushing to retail stores to buy iPhones. according to Bloomberg.
The article said employees from different Apple retail stores across the U.S. stores filled with customers over the weekend. One employee said their store was slammed with people panic-buying phones.
Bloomberg says that though stores didn’t necessarily see the kind of lines that come with an iPhone launch, the atmosphere was like the busy holiday season, employees said. “People are just rushing in worried and asking questions,” one told Bloomberg.
A 10% baseline tariff on all imports into the United States kicked in on Saturday. On April 9, the tariffs that Trump has labeled as “reciprocal” will kick in. This will raise the tariff rate on imports from China to 54% and imports from India to 27%. These two countries are home to manufacturers that make the bulk of iPhones, as well as other Apple products.
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