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Apple’s suppliers see shares sink after Trump tweets about moving production to the US

Indices in China, Hong Kong and Taiwan fell as Asian suppliers took a hit

Apple logo on glass building
Apple is expected to announce three new iPhones at its upcoming presentation

Apple Inc (NASADAQ:AAPL) suppliers in Asia took a hit after US President Donald Trump tweeted that the tech titan should start making its products in the US to avoid tariffs on Chinese imports.

The company had submitted a letter to US trade officials outlining the impact of the proposed tariffs on Chinese goods.

READ: Apple expected to unveil three new iPhone models on September 12

"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," wrote Apple in the letter, as per a Reuters report.

While accessories like the Apple Watch and Airpods have been hit by the tariffs, iPhones have so far been exempt.

However, Trump threatened on Friday that he could place an additional US$267bn worth of tariffs at a moment’s notice.

The following morning the President tweeted that Apple’s prices may increase as a result of the tariffs unless production is moved to the US.

Indices in China, Hong Kong and Taiwan fell as Asian suppliers, especially in China and Taiwan, felt the ripple effect.

Shares of Apple barely budged, rising less than a percent to US$221.98 in Monday pre-market trading.

Apple is gearing up for its annual presentation on Wednesday and is expected to announce three new iPhones as well as a few other new products.

Quick facts: Apple Inc.

Price: 316.9 USD

Market: NASDAQ
Market Cap: $1.39 trillion

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