That was Wedbush’s Daniel Ives, who wrote that Trump’s intent to put a tariff of 34% on goods from China was “the jaw dropper” in Wednesday’s speech. The forthcoming tariff is said to be on top of the 20% tariff previously announced.

Apple's efforts to diversify its supply chain may have been for naught with the Trump administration's new tariffs that target

The iPhone maker spent years trying to move production of some products out of China to avoid tariffs. But now that may not matter.