Trump guide Hassett says ‘we don’t wish to hurt’ Apple with iPhone price lists

Nationwide Financial Council Director Kevin Hassett mentioned Tuesday that the Trump management does now not wish to “hurt Apple” with price lists.

“Everybody is trying to make it seem like it’s a catastrophe if there’s a tiny little tariff on them right now, to try to negotiate down the tariffs,” Hassett informed CNBC’s “Squawk Box” on Tuesday. “In the end, we’ll see what happens, we’ll see what the update is, but we don’t want to harm Apple.”

Hassett’s feedback come next President Donald Trump mentioned in a social media publish that Apple should pay a tariff of 25% or extra for iPhones made out of doors the U.S. Apple has traditionally manufactured its merchandise in international international locations together with China, Bharat and Vietnam.

“I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump wrote within the publish. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S. Thank your for your attention to this matter!”

By way of some estimates, a U.S.-made iPhone may just price up to $3,500.

“If you think that Apple has a factory some place that’s got a set number of iPhones that it produces and it needs to sell them no matter what, then Apple will bear those tariffs, not consumers, because it’s an elastic supply,” Hassett mentioned.

Hasset’s feedback proceed the management’s push to power firms to shoulder the price burden of Trump’s price lists, rather of elevating costs for customers.

Previous this era, Trump informed retail gigantic Walmart to “EAT THE TARIFFS” next the corporate warned it must cross the ones added prices on.

Stocks of Apple had been up greater than 1% Tuesday.

Apple didn’t straight away reply to CNBC’s request for remark.

WATCH: NEC Director Kevin Hassett on Trump’s iPhone tariff ultimatum: In any case, we don’t wish to hurt Apple