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Trump's new tariffs ‘worse than the worst case scenario,' Wedbush's Dan Ives says [CNBC]

Apple Inc. (AAPL) More Company Research Source: CNBC

Last apple inc. earnings: 4/30 04:30 pm Check Earnings Report

US:NASDAQ Investor Relations: investor.apple.com

President Donald Trump's extensive tariffs rollout on Wednesday was worse than expected for the market, according to Dan Ives, global head of technology research at Wedbush Securities. On Wednesday, Trump announced plans to impose a 10% baseline tariff on all countries and even higher rates on some nations in particular, like a 34% duty on China, 20% on the European Union and 32% on Taiwan. U.S. stock futures plummeted following the announcement. Futures tied to the Dow Jones Industrial Average dropped about 1,000 points, or 2.3%, while S & P 500 futures declined more than 3% and Nasdaq-100 futures fell more than 4%. “We would characterize this slate of tariffs as ‘worse than the worst case scenario' the Street was fearing,” Ives wrote in a Wednesday note following the president's announcement. “While there are many details to be worked out and investors will focus on the specifics over the coming 24 hours, the jaw dropper was the China reciprocal tariff of 34%. Taiwan at 32% is the o [Read more]

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