Reciprocal tariffs on Apple assembly countries already above 25%, says Goldman

Goldman Sachs keeps a Buy rating and $253 price target on Apple (AAPL) after President Trump rump threatened the company with ‘tariff of at least 25%’ if iPhones are not built in U.S. The US reciprocal tariffs, excluding the current tariff suspensions, on Apple’s key final assembly countries are already above 25%, so Trump’s message is consistent with the current trade policy – including China at 34%, currently under a 90-day suspension until August 12, India at 26% under a suspension until July 9, and Vietnam at 46% under a suspension until July 9, though with that said, this may suggest a lower likelihood relative to investor expectations that smartphones as a category may be less likely to receive tariff exemptions, the analyst tells investors in a research note.