US Stock Market Move | Apple Inc. (AAPL.US) fell more than 8%. Citigroup: New tariffs may cause Apple Inc.'s gross profit margin to suffer a 9% impact.

On Thursday, Apple Inc. (AAPL.US) fell more than 8%, closing at $205.36. On the news front, on April 2nd local time, the US announced comprehensive tariffs on imported goods. Citigroup said that if Apple Inc. is unable to fully pass on the costs of Trump's new tariffs, the company's gross margin could be impacted by 9%. Since over 90% of Apple Inc.'s manufacturing capacity is concentrated in China, its products imported from China could face cumulative tariffs of up to 54%. In addition, the 26% tariff on imported goods from India could further drag down the gross margin by about 0.5%.