President Donald Trump announced this afternoon that the United States will place a 10% tariff on another $300 billion worth of goods imported from China. Following that news, AAPL stock is down over 2%. The company has previously said that such tariffs could affect “all of Apple’s major products.”

This new round of tariffs will begin on September 1, targeting the $300 billion worth of US imports from China not included in the previous round of 25% tariffs. Apple has largely escaped the effects of tariffs so far, with no Apple products (except some accessories) included in the imports currently being penalized.

As detailed by CNBC, however, this next round of 10% tariffs has the potential to affect all of Apple’s major products. In June, Apple sent a letter to US trade representative Robert Lighthizer, saying that proposed tariffs would affect “all of Apple’s major products” and “result in a reduction of Apple’s US economic contribution.”

The letter was sent in regards to the aforementioned 25% tariffs, and Apple products ended up not being included. At this point, it’s not clear which Apple products would be affected by the new round of 10% tariffs, and it’s possible that Apple could again make it through unscathed.

Tariffs going into effect on September 1 would significantly affect Apple’s release of the iPhone 11 and other new devices just several weeks later. On Trump’s announcement today, AAPL stock is down over 2%, erasing the gains it made earlier this week following its Q3 earnings report.

This news comes as Apple recently requested tariff waivers for Mac Pro parts and accessories made in China. Trump, however, took to Twitter to say that Apple would not receive any such waivers, and instead encouraged the company to manufacture its products in the United States.

During Apple’s earnings call on Tuesday, Tim Cook said that Apple wants to keep making the Mac Pro in the US, and is investing in the capacity to do so. This is despite previous reports that claimed Apple had reached an agreement with Quanta to assemble the Mac Pro in China.

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