A Wall Street analyst is warning consumers will feel the “economic tariff Armageddon unleashed by Trump” soon.
Dan Ives, with Wedbush Securities financial group, said in an industry note that “the self-inflicted uncertainty from the China tariffs has turned the corporate capital expenditures world upside down”,
He adds the tariffs have “created mass uncertainty not seen since COVID, created a price shock that will impact the daily lives of US consumers with no end in sight, and unfortunately ripped the hearts and lungs out of the US Big Tech supply chain in the process with no minimal to no alternatives”.
Ives then said the tariffs will heavily impact the Magnificent 7 — Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — but especially Apple, which assembles and produces about 90% of its iPhones in China.
He warns “China holds a lot of cards in this game of poker” but says negotiations will be key.
