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Stocks of several suppliers of Apple (NASDAQ:AAPL) fell premarket on Friday after President Donald Trump said the tech giant would have to pay 25% tariffs on iPhones not made in the U.S.
Shares of Broadcom (NASDAQ:AVGO) and Qualcomm (NASDAQ:QCOM) fell about 2% each, while Qorvo (NASDAQ:QRVO) and Skyworks Solutions (NASDAQ:SWKS) declined about 3% each. Qorvo and Skyworks make antenna tuners and radio frequency, or RF, related products for Apple. Meanwhile, Broadcom and Qualcomm provide chip related solutions used for the iPhone.
“I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else. If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.” Trump said in a post on social media platform Truth Social on Friday.
Earlier this month, Trump had urged Cook to stop building facilities in India.
Apple’s stock declined about 3% premarket.
Jabil, which is a contract manufacturer of electrical components, saw its stock dip about 1% premarket on Friday. However, shares of Hon Hai Precision (OTCPK:HNHAF) (OTCPK:HNHPF), also known as Foxconn Technology (OTCPK:FXCOF), rose about 1% in Taiwan. Earlier on Friday it was reported that Foxconn is among potential bidders for UTAC Holdings in a transaction that could value the Singapore-based semiconductor assembly and testing company at about $3B.
Shares of Analog Devices (NASDAQ:ADI), another Apple supplier, declined about 3%.
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