In a letter to U.S. Trade Representative Robert Lighthizer, Apple Inc. said that a proposed 25% tariff on $200 billion worth of Chinese imports would cover a "wide range of Apple products," including the Apple Watch. The tariffs would also affect the Apple Pencil, AirPods, Mac Mini, cables and chargers, testing equipment, and repair tools. "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," the company said in its letter, which is dated from Wednesday. "Given the balance of Apple‘s economic footprint, the burden of the proposed tariffs will fall much more heavily on the United States than on China." The letter said that Apple found it "difficult to see how tariffs that hurt U.S. companies and U.S. consumers will advance the government‘s objectives with respect to China‘s technology policies." Apple shares dipped into negative territory toward the end of Friday‘s trading session and closed down 0.8%. Shares are up 37% over the past 12 months, while the Dow Jones Industrial Average of which Apple is a component, has gained 19%.
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