Shares of Apple fell 5.23 percent on Monday, its worst day since May 13.
. The new tariffs will apply to, among other things, electronics used in products such as Apple's iPhone, iPad and Mac computers.
TF International Securities analyst Ming-Chi Kuo, regarded as one of the top Apple analysts, said Monday morning that theThe negative impact on Apple are limited and temporary because the profit from service business is growing, and non-Chinese production locations will gradually increase, " Kuo said. "We believe that Apple's non-Chinese production locations could meet most of the demand from the U.S. market after two years.
Apple's iPhone revenues have slowed in recent years as consumers hold on to devices longer and, despite an increase in services revenue, iPhone sales still accounted for $25.99 billion of the company's total $53.8 billion revenue in fiscal Q3.
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