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As Tariffs Hit, Americans Are Racing to Buy Car Seats, iPhones and Christmas Gifts

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Many Americans have purchased foreign-made products out of fears that companies could start to raise prices soon.Emily Moen, a coffee shop manager in Omaha, was scrolling through TikTok earlier this week when she came across a video informing her that President Trump’s tariffs could lead to higher prices for essential baby products.Ms. Moen, who is 15 weeks pregnant, said that she had not planned to buy a car seat soon. But after watching the video, she researched the one made by Graco that she had been eyeing, and learned that it was manufactured in China. Worried that the $200 seat could get even more expensive, she bought the item on Amazon the same day.“It was like an awakening to get this done now,” said Ms. Moen, 29.As the Trump administration’s trade war with China escalates, many consumers have raced to purchase foreign-made products out of fear that companies could start to raise prices soon. Some have rushed to buy big-ticket items like iPhones and refrigerators. Others have hurriedly placed orders for cheap goods from Chinese e-commerce platforms.The White House this week imposed a minimum tariff rate of 145 percent on all Chinese imports to the United States, on top of other previously announced levies, including a 25 percent tariff on steel, aluminum, cars and car parts.And last week, Mr. Trump ordered the end of a loophole that had allowed goods from China worth less than $800 to enter the United States without tariffs.Early data show that consumers stocked up on goods after the Trump administration announced sweeping tariffs on nearly all trading partners.Angela Weiss/Agence France-Presse — Getty ImagesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Apple Leads Tech Stock Sell-Off After Trump Tariffs, Falling 9 Percent

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    On Thursday morning, Tim Cook, Apple’s chief executive, woke up to the worst day for his company’s stock in five years.Apple shares fell more than 9 percent in response to President Trump’s plan to put steep tariffs on products made abroad. The declines at the world’s most valuable company led a sharp sell-off in tech stocks as the Nasdaq composite index, which is loaded with technology companies, sank nearly 6 percent.Collectively, the largest tech companies, which have been at the forefront of the U.S. economy over the past decade, lost nearly $1 trillion in the day of trading. The declines at Apple, Nvidia, Microsoft, Meta, Alphabet and Amazon resulted in one of the industry’s worst-performing days since the Covid-19 pandemic turned the global economy upside down.Instead of “liberation day,” as Mr. Trump branded his tariff news conference, some market observers began calling it “obliteration day.” Richard Kramer, an analyst at Arete Research, said, “Today is an across-the-board disruption of the American economy, so anything with consumer exposure is getting creamed.”Apple was at the forefront of the tech industry’s drop because it makes almost all of its iPhones, iPads and Macs overseas. The company counts on the sale of those devices for three-quarters of its nearly $400 billion in annual revenue. It will either have to cover the costs of tariffs, cutting into its profits, or pass them on to customers by raising prices, which could reduce the number of devices it sells.The potential hit to the company’s profits triggered one of its steepest declines in its share price during trading since March 2020, when Apple fell 10 percent as fears of the coronavirus triggered a market sell-off. We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    in Economy

    Microsoft Tops Apple to Become Most Valuable Public Company

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    The shift is indicative of the importance of new artificial intelligence technology to Silicon Valley and Wall Street investors.For more than a decade, Apple was the stock market’s undisputed king. It first overtook Exxon Mobil as the world’s most valuable public company in 2011 and held the title almost without interruption.But a transfer of power has begun.On Friday, Microsoft surpassed Apple, claiming the crown after its market value surged by more than $1 trillion over the past year. Microsoft finished the day at $2.89 trillion, higher than Apple’s $2.87 trillion, according to Bloomberg.The change is part of a reordering of the stock market that was set in motion by the advent of generative artificial intelligence. The technology, which can answer questions, create images and write code, has been heralded for its potential to disrupt businesses and create trillions of dollars in economic value.When Apple replaced Exxon, it ushered in an era of tech supremacy. The values of Apple, Amazon, Facebook, Microsoft and Google dwarfed former market leaders like Walmart, JPMorgan Chase and General Motors.The tech industry still dominates the top of the list, but the companies with the most momentum have put generative A.I. at the forefront of their future business plans. The combined value of Microsoft, Nvidia and Alphabet, Google’s parent company, increased by $2.5 trillion last year. Their performances outshined Apple, which posted a smaller share price increase in 2023.“It simply comes down to gen A.I.,” said Brad Reback, an analyst at the investment bank Stifel. Generative A.I. will have an impact on all of Microsoft’s businesses, including its largest, he said, while “Apple doesn’t have much of an A.I. story yet.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More