California passed another rule in 2020 to phase out the sale of medium- and heavy-duty diesel vehicles, including box trucks, semitrailers and large pickups. Depending on class, zero-emission trucks will have to make up 40% to 75% of sales by 2035. The Biden administration approved that policy in 2023.
It would take several years and cost billions of dollars to build new plants in the U.S., burdening Apple with economic forces that could triple the price of an iPhone and torpedo sales of its marquee product.The turmoil has battered the stocks of tech’s “Magnificent Seven” -- Apple, Microsoft, Nvidia, Amazon, Tesla, Google parent Alphabet and Facebook parent Meta Platforms.
At one point, the Magnificent Seven’s combined market value had plunged by $2.1 trillion, or 14%, from April 2 when Trump unveiled sweeping tariffs on a wide range of countries. When Trump paused the tariffs outside of China on Wednesday, the lost value in those companies was pared to $644 billion, or a 4% decline.An electronics exemption would fulfill the kind of friendly treatment that industry was envisioning when Apple CEO Tim Cook, Tesla CEO Elon Musk, Google CEO Sundar Pichai, Facebook founder Mark Zuckerberg and Amazon founder Jeff Bezosduring his Jan. 20 inauguration.
That united display of fealty reflected Big Tech’s hopes that Trump would be more accommodating than President Joe Biden’s administration.Apple won praise from Trump in late February when the Cupertino, California, company committed
and add 20,000 jobs in the U.S. during the next four years. The pledge was an echo of a $350 billion investment commitment in the U.S. that Apple made during Trump’s first term when the iPhone was exempted from China tariffs.
An electronics exemption would remove “a huge black cloud overhang for now over the tech sector and the pressure facing U.S. Big Tech,” said Wedbush analyst Dan Ives in a research note. Ives amended that note after Lutnick’s comments Sunday, saying the confusing news out of the White House “is dizzying for the industry and investors and creating massive uncertainty and chaos for companies trying to plan their supply chain, inventory, and demand.”The boats capsized after a sudden rain and hail storm on the upper reaches of the Wu River, a tributary of the Yangtze, China’s longest river. In one video shared by state media, a man could be seen performing CPR on another person, while one of the vessels drifted upside down.
Initial reports said two tourist boats had capsized, but state media said on Monday that four boats were involved. The other two boats had no passengers, and the seven crew members were able to save themselves, CCTV said.AP correspondent Karen Chammas reports on four boats that capsized in China leaving 10 people dead.
Guizhou’s mountains and rivers are a major tourism draw, and many Chinese were traveling during a five-day national holiday that ended Monday.Chinese President Xi Jinping called for all-out efforts to find the missing and care for the injured, the official Xinhua News Agency said on Sunday. Seventy people were sent to a hospital, most with minor injuries.