Apple navigates Trump’s tariffs
Behind the Money
Topher Forhecz
4.4 • 350 Ratings
🗓️ 9 April 2025
⏱️ 21 minutes
🧾️ Download transcript
Summary
US President Donald Trump’s announcement of “reciprocal” tariffs caused havoc in the markets, notably hitting Big Tech stocks such as Apple. The company lost more than $300bn in market value the next day, and its path forward is complicated. The FT’s San Francisco correspondent Michael Acton explains why the iPhone maker is vulnerable, and what options it has to minimise the damage.
Clips from PBSNewshour, C-SPAN
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For further reading:
Apple loses more than $300bn in market value from Trump tariff hit
Apple and other US tech groups hit as Donald Trump targets suppliers
Fraying transatlantic ties will cost companies dearly
And for further listening:
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Follow Michael Acton on X (@MActon93). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
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Transcript
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| 0:26.6 | originally deposited and any profits you might have made. This is not a recommendation to offer |
| 0:30.3 | to buy, sell, or retain any specific investment or service. All right, Michael, now you cover |
| 0:36.9 | Apple here at the FT. So how would you describe right now how the company is doing? |
| 0:44.5 | Well, it's pretty dire. They're in a sort of weird transition period of waiting to see the full impact of the Trump tariffs. And we saw just in the day after U.S. President Donald Trump announced |
| 0:56.4 | these reciprocal tariffs, $300 billion wiped off Apple's market valuation. |
| 1:01.7 | So just like all of the biggest U.S. tech companies and indeed the market more broadly, |
| 1:05.9 | they really need to figure out what steps they need to take next to mitigate the impact of this |
| 1:10.0 | really sort of historic |
| 1:11.7 | tariff hike that's come from the White House. |
| 1:15.8 | Last week on what he dubbed Liberation Day, U.S. President Donald Trump unveiled tariffs of |
| 1:23.1 | more than 40% on some of America's biggest trading partners. |
| 1:28.6 | The news sent markets into a tailspin. |
| 1:31.0 | And some of the stocks hammered by this include the American tech companies known as the |
| 1:35.4 | Magnificent Seven. |
| 1:37.8 | Today on Behind the Money, we're looking into how Apple, one of the companies hit hardest, |
| 1:43.2 | is navigating this. |
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