(CNN) — Analysts are concerned the surprise tariffs President Trump announced Thursday could hit American consumers and businesses hard.
One financial services firm forecasts the new ten percent tariff could decrease iPhone sales by eight million dollars next year.
That’s because the tax would impact 300 billion dollars worth of imports, including electronics, toys, clothing and sneakers.
It would likely filter down to consumers more quickly than last year’s 25 percent tariffs — which target industrial materials.
The president also said Thursday a new tariff could go up to 25 percent or beyond.
He has claimed such duties would help bring more production jobs to the united states.
Many analysts believe apple would move a portion of its iPhone production to India and Vietnam instead.
Trump says the new tariffs will go into effect September first unless a trade agreement is reached with China.