Toys, iPhones could be impacted by new China tariffs

News

(CNN) – Analysts are concerned that the surprise tariffs President Donald Trump announced on Thursday could hit American consumers and businesses hard.

One financial services firm forecasts the new 10% tariff could decrease iPhone sales by $8 million next year.

That’s because the tax would impact $300 billion worth of imports, including electronics, toys, clothing, and sneakers.

It would likely filter down to consumers more quickly than last year’s 25% tariffs which target industrial materials.

The president said Thursday that a new tariff could go up to 25% or beyond.

He claimed they would help bring more production jobs to the United States.

Many analysts believe Apple would move a portion of its iPhone production to India and Vietnam instead.

President Trump said the new tariffs will go into effect September 1 unless a trade agreement is reached with China.

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(This story was originally published on August 2, 2019)

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