Apple Inc. (AAPL) - Get Apple Inc. (AAPL) Report shares pared gains Friday after President Donald Trump said the tech giant would not be granted waivers on tariffs placed on some of its planned China imports.
Earlier this week, Apple asked the Office of U.S. Trade Representative for relief on tariffs for parts and accessories thought to be linked to the upcoming Mac Pro, which are reportedly going to be made in China. The $6,000 computer, which Apple announced last month, will go on sale later this year.
Apple shares were marked 0.5% higher in early New York trading following the Trump statement and changing hands at $207.99 each, after hitting a session high of $209.73 following its move to purchase most of Intel's (INTC) - Get Intel Corporation (INTC) Report smartphone business for around $1 billion.
Last month, Apple asked the U.S. government not to accelerate tariffs on China-made goods imported into the United States, saying the move would hurt its global competitiveness. Apple also asked excluded or protected from President Donald Trump's threat to impose a 25% tariff on $300 billion worth of China-made goods, which include the flagship iPhone, later this summer
"U.S. tariffs on Apple's products would result in a reduction of Apple's U.S. economic contribution" and "weigh on Apple's global competitiveness," Apple wrote in comments published by the USTR. "A U.S. tariff would, therefore, tilt the playing field in favor of our global competitors."