<p><strong>苹果</strong>(AAPL -0.92%) 的股东们仍在庆祝上周华盛顿特区意外发生的事件。在经历了数月对进口商品（包括其至关重要的 iPhone）日益高涨的关税的担忧后，苹果现在（大部分）摆脱了困境。白宫在周三宣布，作为对美国制造其设备所需技术的额外 1000 亿美元投资的交换，苹果将免于总统唐纳德·特朗普最近威胁对任何运往美国的半导体征收 100% 进口关税。</p>
<p>然而，豁免的具体细节和苹果的计划仍不清楚，也不清楚它们是否会变得清晰。苹果似乎是在没有特朗普总统参与的情况下做出投资决定，但苹果首席执行官蒂姆·库克在总统周三从白宫宣布时仍在场。总统仅解释了新提议的芯片和半导体关税，称 “对像苹果这样的公司来说，好消息是，如果你在美国生产或承诺在美国生产，毫无疑问，承诺在美国生产，就不会有费用。”</p>
<p>然而，显而易见的是，苹果及其股东在蒂姆·库克与美国总统合作时的处境要比绕过他时要好。</p>
<h2>一个复杂的移动目标</h2>
<p>如果你觉得特朗普总统的关税总是在变化，那你并不是在想象。它们确实在变化。他正在根据公司们试图规避他之前施加的关税而进行调整。例如，在 2 月份宣布对中国制造的商品（大多数 iPhone 仍在中国组装）征收额外 10% 进口关税后，最终这一关税提高到了 54%，苹果很快开始努力将更多 iPhone 生产转移到印度。</p>
<p>特朗普在 4 月份以对从印度出口到美国的商品征收额外 26% 关税进行反击，并在 5 月份特别威胁对美国制造的 iPhone 征收 25% 关税，无论它们在哪里生产。与此同时，作为对该国继续从俄罗斯购买原油的回应，白宫对所有进口到美国的印度商品施加了额外 25% 的惩罚性关税。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg1NTkvc21hcnRwaG9uZXMtb24tZGlzcGxheS1pbi1tb2JpbGUtcGhvbmUtc2VydmljZS1zdG9yZS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg1NTkvc21hcnRwaG9uZXMtb24tZGlzcGxheS1pbi1tb2JpbGUtcGhvbmUtc2VydmljZS1zdG9yZS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>然而，苹果似乎将至少规避这些额外成本中的一部分。通过同意将其在美国制造技术组件的投资承诺从 5000 亿美元提高到 6000 亿美元，特朗普表示苹果不受其他芯片公司（如 <strong>英特尔</strong>）可能很快面临的 100% 进口关税的限制。尽管时间框架与豁免并不一定相关，苹果表示这项投资将在未来四年内投入，积极影响 79 家由 10 家制造合作伙伴管理的美国工厂，包括 <strong>康宁</strong>、<strong>德州仪器</strong> 和 <strong>博通</strong> 等。</p>
<p>对特朗普来说，最感兴趣的可能是苹果所谓的美国制造计划应该支持多达 450,000 个国内就业岗位。</p>
<h2>这对苹果股东意味着什么</h2>
<p>目前尚未有行政命令宣布苹果或任何其他公司免于特朗普的任何关税，仅有总统在周三新闻发布会上所作的口头声明，并未澄清进口的 iPhone 是否全部免税，还是仅仅是其中的芯片和半导体的价值。对于在美国制造的微芯片运送到海外组装商，然后再将成品运回美国的处理方式也没有明确的说明。因此，所有这些信息都需谨慎对待。</p>
<p>尽管没有这些细节，苹果在这里还是获得了一些可观的胜利。</p>
<p>其中一项胜利非常具体：最近支付的关税金额有所减少。该公司报告称，在 6 月结束的季度中，关税成本为 8 亿美元，预测在 9 月结束的三个月中关税支出将达到 11 亿美元。为了提供一些背景，苹果在一个相对典型的 6 月季度中将 940 亿美元的收入转化为 234 亿美元的净收入，并预计在当前进行的季度中报告 1015 亿美元的收入。尽管并非所有的进口成本都将消失，但可以推测其中相当一部分将会减少。得益于这一最新发展，苹果的盈利能力至少会有所提升，尽管不会有大幅度的增长。</p>
<p>更大的胜利是一个纯主观但极其重要的胜利。通过给总统一个高度可见的胜利以及一个他现在可以利用的关键谈话点，苹果及其首席执行官蒂姆·库克重新赢得了唐纳德·特朗普的好感。更重要的是，作为一家特朗普现在希望——甚至需要——蓬勃发展的高知名度美国公司，特朗普很可能会在未来的关税和行政命令中大致将苹果排除在外。</p>
<h2>购买的足够理由吗？</h2>
<p>但这是否足以成为购买苹果股票的理由？</p>
<p>说实话，尽管所有新引入的关税受到高度批评并引发了大量投资者的不安，但它们从来不是不持有苹果股票的理由。哦，它们当然是一个成本。也无可否认，苹果被卷入了最终是几个工业化国家领导人之间复杂的地缘政治斗争中。然而，这些关税从来没有对公司构成生存威胁。上个季度 iPhone 收入在关税重压下同比增长 13% 就说明了这一点。</p>
<p>不过，考虑到关税担忧曾经抑制了本应看涨的苹果股票，这种限制现在已经不复存在。看涨的论点现在更为强劲。尤其是考虑到公司重新整合的人工智能努力，这一点尤为明显。预计到明年，这些面向消费者的技术将达到真正的苹果水平，包括升级版的 Siri、支持人工智能的眼镜，以及一些在去年十月首次推出该平台时缺失的苹果智能的预期功能。</p>
<p>而且，潜在的机会无疑是巨大的。总体而言，全球洞察服务预计，面向消费者的人工智能市场这一细分领域将在 2034 年前以平均每年 22% 的速度增长。苹果强大的品牌名称以及其新改进的人工智能技术使其在这一市场的增长中占据更大的份额。关税豁免使得这一过程变得更加容易。</p>

苹果

<p>苹果已获得对半导体 100% 进口关税的豁免，前提是承诺在美国制造业再投资 1000 亿美元。这个决定是在没有特朗普总统参与的情况下做出的，预计将对 79 家美国工厂产生积极影响，并支持 45 万个国内就业岗位。虽然豁免的具体细节仍不明确，但苹果可能会看到关税成本的降低，从而提升其盈利能力。这一发展使苹果在与美国政府的关系中处于有利地位，并可能为股东带来更稳定的财务前景</p>

<p><strong>Apple</strong>(AAPL -0.92%) shareholders are still celebrating last week's unexpected turn of events in Washington, D.C. After months of worries over ever-costlier tariffs on imported goods -- including its all-important iPhone -- Apple is now (mostly) off the hook. The White House announced on Wednesday that in exchange for an additional $100 billion worth of investment in American manufacturing of the tech used in its devices, Apple would be exempt from the 100% import tariff President Donald Trump has recently threatened for any semiconductors shipped into the United States.</p>
<div class="lb-trans"><p><strong>苹果</strong>(AAPL -0.92%) 的股东们仍在庆祝上周华盛顿特区意外发生的事件。在经历了数月对进口商品（包括其至关重要的 iPhone）日益高涨的关税的担忧后，苹果现在（大部分）摆脱了困境。白宫在周三宣布，作为对美国制造其设备所需技术的额外 1000 亿美元投资的交换，苹果将免于总统唐纳德·特朗普最近威胁对任何运往美国的半导体征收 100% 进口关税。</p>
</div><p>The specifics of the exemption and Apple's plans still aren't clear, nor is it clear they ever will be. Apple also seemingly made the investment decision independent of President Trump's involvement, yet Apple CEO Tim Cook was still present when the president made the announcement from the White House on Wednesday. The president only explained of the newly proposed chip and semiconductor tariff that &#34;the good news for companies like Apple is if you're building in the United States or have committed to build, without question, committed to build in the United States, there will be no charge.&#34;</p>
<div class="lb-trans"><p>然而，豁免的具体细节和苹果的计划仍不清楚，也不清楚它们是否会变得清晰。苹果似乎是在没有特朗普总统参与的情况下做出投资决定，但苹果首席执行官蒂姆·库克在总统周三从白宫宣布时仍在场。总统仅解释了新提议的芯片和半导体关税，称 “对像苹果这样的公司来说，好消息是，如果你在美国生产或承诺在美国生产，毫无疑问，承诺在美国生产，就不会有费用。”</p>
</div><p>What is clear, however, is that Apple and its shareholders are better off with Tim Cook working with the U.S. president than they are by working around him.</p>
<div class="lb-trans"><p>然而，显而易见的是，苹果及其股东在蒂姆·库克与美国总统合作时的处境要比绕过他时要好。</p>
</div><h2>A complicated moving target</h2>
<div class="lb-trans"><h2>一个复杂的移动目标</h2>
</div><p>If it seems like President Trump's tariffs are forever changing, you're not imagining things. They are. He's maneuvering in response to companies' efforts to sidestep his previously imposed tariffs. For instance, after February's announcement of an additional 10% import tariff on goods made in China -- where most iPhones are still assembled -- was eventually pumped up to 54%, Apple soon began working to shift more iPhone production to India.</p>
<div class="lb-trans"><p>如果你觉得特朗普总统的关税总是在变化，那你并不是在想象。它们确实在变化。他正在根据公司们试图规避他之前施加的关税而进行调整。例如，在 2 月份宣布对中国制造的商品（大多数 iPhone 仍在中国组装）征收额外 10% 进口关税后，最终这一关税提高到了 54%，苹果很快开始努力将更多 iPhone 生产转移到印度。</p>
</div><p>Trump countered in April with an additional 26% tariff on goods exported from India to the United States, and in May specifically threatened a 25% tariff on U.S. iPhones regardless of where they were manufactured. In the meantime, in response to the country's continued purchases of crude oil from Russia, the White House has punitively imposed an additional 25% tariff on all of India's goods imported into the United States.</p>
<div class="lb-trans"><p>特朗普在 4 月份以对从印度出口到美国的商品征收额外 26% 关税进行反击，并在 5 月份特别威胁对美国制造的 iPhone 征收 25% 关税，无论它们在哪里生产。与此同时，作为对该国继续从俄罗斯购买原油的回应，白宫对所有进口到美国的印度商品施加了额外 25% 的惩罚性关税。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg1NTkvc21hcnRwaG9uZXMtb24tZGlzcGxheS1pbi1tb2JpbGUtcGhvbmUtc2VydmljZS1zdG9yZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828559%2Fsmartphones-on-display-in-mobile-phone-service-store.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>It seems Apple, however, will be sidestepping at least a significant chunk of these additional costs. By agreeing to raise its previous investment commitment in American manufacturing of technological components from $500 billion to $600 billion, Trump says Apple isn't subject to the 100% import tariff on semiconductors that other chip companies like <strong>Intel</strong> could soon be paying. Although the time frame isn't necessarily linked to the exemption, Apple says this investment will be deployed over the course of the coming four years, positively impacting 79 U.S. factories managed by 10 manufacturing partners including <strong>Corning</strong>, <strong>Texas Instruments</strong>, and <strong>Broadcom</strong>, just to name a few.</p>
<div class="lb-trans"><p>然而，苹果似乎将至少规避这些额外成本中的一部分。通过同意将其在美国制造技术组件的投资承诺从 5000 亿美元提高到 6000 亿美元，特朗普表示苹果不受其他芯片公司（如 <strong>英特尔</strong>）可能很快面临的 100% 进口关税的限制。尽管时间框架与豁免并不一定相关，苹果表示这项投资将在未来四年内投入，积极影响 79 家由 10 家制造合作伙伴管理的美国工厂，包括 <strong>康宁</strong>、<strong>德州仪器</strong> 和 <strong>博通</strong> 等。</p>
</div><p>Arguably of most interest to Trump is the fact that Apple's so-called American Manufacturing Program should support as many as 450,000 domestic jobs.</p>
<div class="lb-trans"><p>对特朗普来说，最感兴趣的可能是苹果所谓的美国制造计划应该支持多达 450,000 个国内就业岗位。</p>
</div><h2>What it means for Apple shareholders</h2>
<div class="lb-trans"><h2>这对苹果股东意味着什么</h2>
</div><p>There is no executive order yet declaring Apple or any other outfit exempt from any of Trump's tariffs, for the record -- only the president's spoken statements at Wednesday's press conference, which didn't clarify if the entirety of an imported iPhone is exempt, or only the value of the chips and semiconductors found inside it. There's also no clarity as to how microchips made within the United States that are shipped to overseas assemblers that then ship completed products back to the U.S. will be handled. As such, take all of it with a grain of salt.</p>
<div class="lb-trans"><p>目前尚未有行政命令宣布苹果或任何其他公司免于特朗普的任何关税，仅有总统在周三新闻发布会上所作的口头声明，并未澄清进口的 iPhone 是否全部免税，还是仅仅是其中的芯片和半导体的价值。对于在美国制造的微芯片运送到海外组装商，然后再将成品运回美国的处理方式也没有明确的说明。因此，所有这些信息都需谨慎对待。</p>
</div><p>Even without such details, though, Apple has scored a couple of respectable wins here.</p>
<div class="lb-trans"><p>尽管没有这些细节，苹果在这里还是获得了一些可观的胜利。</p>
</div><p>One of these wins is very specific: a reduction in the amount of tariffs it's been paying of late. The company reported $800 million in tariff costs for the quarter ending in June in the shadow of recent tariff hikes, and predicted $1.1 billion worth of tariff expenses for the three-month stretch set to end in September. For perspective, Apple turned $94 billion worth of revenue into net income of $23.4 billion in what was a relatively typical June quarter, and is expected to report a top line of $101.5 billon for the quarter currently underway. Although not all of this total import cost is going away, presumably a sizable chunk of it will be. Apple should be at least slightly more profitable thanks to this recent development, although not by leaps and bounds.</p>
<div class="lb-trans"><p>其中一项胜利非常具体：最近支付的关税金额有所减少。该公司报告称，在 6 月结束的季度中，关税成本为 8 亿美元，预测在 9 月结束的三个月中关税支出将达到 11 亿美元。为了提供一些背景，苹果在一个相对典型的 6 月季度中将 940 亿美元的收入转化为 234 亿美元的净收入，并预计在当前进行的季度中报告 1015 亿美元的收入。尽管并非所有的进口成本都将消失，但可以推测其中相当一部分将会减少。得益于这一最新发展，苹果的盈利能力至少会有所提升，尽管不会有大幅度的增长。</p>
</div><p>The bigger win here is a purely subjective but incredibly important one. By giving the president a highly visible win of his own as well as a key talking point he can now leverage, Apple and its CEO Tim Cook are back in Donald Trump's good graces. More to the point, by virtue of being a high-profile American company that Trump now wants -- and even needs -- to thrive, it's likely that the president will largely leave Apple out of the crosshairs of future tariffs and executive orders.</p>
<div class="lb-trans"><p>更大的胜利是一个纯主观但极其重要的胜利。通过给总统一个高度可见的胜利以及一个他现在可以利用的关键谈话点，苹果及其首席执行官蒂姆·库克重新赢得了唐纳德·特朗普的好感。更重要的是，作为一家特朗普现在希望——甚至需要——蓬勃发展的高知名度美国公司，特朗普很可能会在未来的关税和行政命令中大致将苹果排除在外。</p>
</div><h2>Enough reason to buy?</h2>
<div class="lb-trans"><h2>购买的足够理由吗？</h2>
</div><p>But is this reason enough to buy Apple stock?</p>
<div class="lb-trans"><p>但这是否足以成为购买苹果股票的理由？</p>
</div><p>Truth be told, while all the newly introduced tariffs were highly criticized and created a great deal of investor angst, they were never a reason not to own Apple shares. Oh, they're certainly a cost. There's also no denying Apple was caught in the middle of what was ultimately a complicated geopolitical battle between a handful of industrialized countries' leaders. These tariffs were never an existential threat to the company, however. Last quarter's 13% year-over-year improvement in iPhone revenue against a tariff-laden backdrop says as much.</p>
<div class="lb-trans"><p>说实话，尽管所有新引入的关税受到高度批评并引发了大量投资者的不安，但它们从来不是不持有苹果股票的理由。哦，它们当然是一个成本。也无可否认，苹果被卷入了最终是几个工业化国家领导人之间复杂的地缘政治斗争中。然而，这些关税从来没有对公司构成生存威胁。上个季度 iPhone 收入在关税重压下同比增长 13% 就说明了这一点。</p>
</div><p>Still, to the extent tariff worries were holding an otherwise bullish Apple stock back, that ceiling is no longer in place. The bullish argument is even stronger now. That's particularly true given the company's regrouped artificial intelligence efforts. It expects much of this consumer-facing tech to be of true Apple caliber by next year, including an upgraded version of Siri, AI-enabled glasses, and some of the anticipated features of Apple Intelligence that were missing when the platform was first launched in October of last year.</p>
<div class="lb-trans"><p>不过，考虑到关税担忧曾经抑制了本应看涨的苹果股票，这种限制现在已经不复存在。看涨的论点现在更为强劲。尤其是考虑到公司重新整合的人工智能努力，这一点尤为明显。预计到明年，这些面向消费者的技术将达到真正的苹果水平，包括升级版的 Siri、支持人工智能的眼镜，以及一些在去年十月首次推出该平台时缺失的苹果智能的预期功能。</p>
</div><p>And the underlying opportunity is big to be sure. All told, Global Insight Services expects this consumer-facing sliver of the artificial intelligence market to grow at an average annual pace of 22% through 2034. Apple's powerful brand name along with its new and improved AI tech position it to win more than its fair share of this market's growth. The tariff exemption only makes doing so even easier.</p>
<div class="lb-trans"><p>而且，潜在的机会无疑是巨大的。总体而言，全球洞察服务预计，面向消费者的人工智能市场这一细分领域将在 2034 年前以平均每年 22% 的速度增长。苹果强大的品牌名称以及其新改进的人工智能技术使其在这一市场的增长中占据更大的份额。关税豁免使得这一过程变得更加容易。</p>
</div>

What Does Trump's New Announcement With Apple Mean for Investors?

- 苹果公司因承诺增加对美国制造业的投资而免于 100% 进口关税。  
- 此次投资将支持 79 家美国工厂，创造约 450,000 个国内就业机会。  
- 尽管关税仍存在，苹果的盈利能力有望因减轻关税负担而提升。

特朗普与苹果的新公告对投资者有什么影响？