Expert warns of 'economic Armageddon,' $3,500 iPhones from tariffs
finance.yahoo.com
One of Wall Street's most unrelenting tech bulls now sees "dark days" ahead for the tech trade as the reality of expansive new tariffs sets in. It's a sign that as times change, people do too, Yahoo Finance's Myles Udland wrote.
"The concept of taking the US back to the 1980's 'manufacturing days' with these tariffs is a bad science experiment that in the process will cause an economic Armageddon in our view and crush the tech trade, AI Revolution theme, and overall industry in the process," Wedbush analyst Dan Ives wrote in a note to clients on Friday.
Ives offered another warning about the economic pain that these tariffs could bring to US consumers: He noted that the cost of an Apple ( AAPL) iPhone might triple.
"50% China tariffs, 32% Taiwan tariffs would essentially cause a shut-off valve from the US tech landscape and in the process cause every electronic to go up 40%-50% for consumers, iPhones made in the US would cost $3,500 (vs. $1,000), and the AI Revolution trade would be significantly slowed down by these head scratching tariffs that NEED to be negotiated to realistic levels." (Emphasis added.)
... finance.yahoo.com |
