Apple saw a surge in retail sales as customers hurried to buy iPhones before potential price hikes from Trump administration tariffs, according to Bloomberg. Multiple employees across U.S. stores described the atmosphere as akin to a holiday shopping season. Most iPhones are made in China, which is facing a 54% tariff. Apple’s valuation plunged by over half a trillion during a three-day stock rout, its worst since 2001. The company has ramped production in India and Vietnam to mitigate tariff exposure.
