Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Bay Area tech CEOs who sucked up to rump just got rocked by new tariffs
https://www.sfgate.com/tech/article/bay-area-tech-ceos-tariffs-20257283.phpAmid a wider stock market slump, Apple and other tech giants lost
By Stephen Council, Tech Reporter
April 3, 2025
When the upper brass of Bay Area tech flocked east to pay their respects to Donald Trump earlier this year, they surely expected some preferential treatment in return. But instead, the president just hit them where it hurts.
Trump revealed sweeping new tariffs on Wednesday, including a 10% baseline tax on all imports and double or triple that much for certain countries. He dubbed the non-baseline tariffs “reciprocal” and noted that some goods would not be subject to those levies, including semiconductor chips, in a win for Silicon Valley. Nonetheless, on Thursday, the very tech executives who kissed Trump’s proverbial ring watched as his tariff announcement slammed the very thing they’re duty-bound to protect: the value of their companies.
Apple, the Cupertino giant whose CEO, Tim Cook, personally donated $1 million to Trump’s inauguration fund, is on pace for its worst stock market day in five years, CNBC reported. The iPhone and Mac maker is heavily reliant on Chinese manufacturing but also builds devices in India, Vietnam, Thailand and Malaysia; all are getting new tariffs that range from 24% to 46% of goods’ values. Dan Ives, a well-known tech investment analyst, wrote that Apple is in the “eye of the tariff storm” — a “Category 5 hurricane.”
As of midday Thursday, Apple’s stock price was down more than 9%, knocking over $300 billion off its market cap, and paring down the net worths of Cook and every stock-paid Apple employee. Ives estimated that, if the tariffs stay in place, Apple’s “price points would move up so dramatically its hard to comprehend.”
Trump revealed sweeping new tariffs on Wednesday, including a 10% baseline tax on all imports and double or triple that much for certain countries. He dubbed the non-baseline tariffs “reciprocal” and noted that some goods would not be subject to those levies, including semiconductor chips, in a win for Silicon Valley. Nonetheless, on Thursday, the very tech executives who kissed Trump’s proverbial ring watched as his tariff announcement slammed the very thing they’re duty-bound to protect: the value of their companies.
Apple, the Cupertino giant whose CEO, Tim Cook, personally donated $1 million to Trump’s inauguration fund, is on pace for its worst stock market day in five years, CNBC reported. The iPhone and Mac maker is heavily reliant on Chinese manufacturing but also builds devices in India, Vietnam, Thailand and Malaysia; all are getting new tariffs that range from 24% to 46% of goods’ values. Dan Ives, a well-known tech investment analyst, wrote that Apple is in the “eye of the tariff storm” — a “Category 5 hurricane.”
As of midday Thursday, Apple’s stock price was down more than 9%, knocking over $300 billion off its market cap, and paring down the net worths of Cook and every stock-paid Apple employee. Ives estimated that, if the tariffs stay in place, Apple’s “price points would move up so dramatically its hard to comprehend.”
Included in the article are Google,/Alphabet, Meta, Nvidia .....
Looks like Tim Cook got real value from that $1 million bribe!
The White House downplayed the damage.
9 replies
= new reply since forum marked as read
= new reply since forum marked as read
I post a lot and do computer mash-ups, and follow Hacker News, so I put a lot of DU on "ignore" so that I have time for other stuff.
Hope you are holding up OK.
And I hope the cabal gets its just deserts (sic)
Figuratively, of course.
One way only. Oh, and be sure to walk backwards with continuous bowing when leaving Dear Leader’s glorious presence.
