<p><strong>蘋果</strong>(AAPL -0.92%) 的股東們仍在慶祝上週華盛頓特區意外發生的事件。在經歷了數月對進口商品（包括其至關重要的 iPhone）日益高漲的關税的擔憂後，蘋果現在（大部分）擺脱了困境。白宮在週三宣佈，作為對美國製造其設備所需技術的額外 1000 億美元投資的交換，蘋果將免於總統唐納德·特朗普最近威脅對任何運往美國的半導體徵收 100% 進口關税。</p>
<p>然而，豁免的具體細節和蘋果的計劃仍不清楚，也不清楚它們是否會變得清晰。蘋果似乎是在沒有特朗普總統參與的情況下做出投資決定，但蘋果首席執行官蒂姆·庫克在總統週三從白宮宣佈時仍在場。總統僅解釋了新提議的芯片和半導體關税，稱 “對像蘋果這樣的公司來説，好消息是，如果你在美國生產或承諾在美國生產，毫無疑問，承諾在美國生產，就不會有費用。”</p>
<p>然而，顯而易見的是，蘋果及其股東在蒂姆·庫克與美國總統合作時的處境要比繞過他時要好。</p>
<h2>一個複雜的移動目標</h2>
<p>如果你覺得特朗普總統的關税總是在變化，那你並不是在想象。它們確實在變化。他正在根據公司們試圖規避他之前施加的關税而進行調整。例如，在 2 月份宣佈對中國製造的商品（大多數 iPhone 仍在中國組裝）徵收額外 10% 進口關税後，最終這一關税提高到了 54%，蘋果很快開始努力將更多 iPhone 生產轉移到印度。</p>
<p>特朗普在 4 月份以對從印度出口到美國的商品徵收額外 26% 關税進行反擊，並在 5 月份特別威脅對美國製造的 iPhone 徵收 25% 關税，無論它們在哪裏生產。與此同時，作為對該國繼續從俄羅斯購買原油的回應，白宮對所有進口到美國的印度商品施加了額外 25% 的懲罰性關税。</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>圖片來源：Getty Images。</p>
<p>然而，蘋果似乎將至少規避這些額外成本中的一部分。通過同意將其在美國製造技術組件的投資承諾從 5000 億美元提高到 6000 億美元，特朗普表示蘋果不受其他芯片公司（如 <strong>英特爾</strong>）可能很快面臨的 100% 進口關税的限制。儘管時間框架與豁免並不一定相關，蘋果表示這項投資將在未來四年內投入，積極影響 79 家由 10 家制造合作伙伴管理的美國工廠，包括 <strong>康寧</strong>、<strong>德州儀器</strong> 和 <strong>博通</strong> 等。</p>
<p>對特朗普來説，最感興趣的可能是蘋果所謂的美國製造計劃應該支持多達 450,000 個國內就業崗位。</p>
<h2>這對蘋果股東意味着什麼</h2>
<p>目前尚未有行政命令宣佈蘋果或任何其他公司免於特朗普的任何關税，僅有總統在週三新聞發佈會上所作的口頭聲明，並未澄清進口的 iPhone 是否全部免税，還是僅僅是其中的芯片和半導體的價值。對於在美國製造的微芯片運送到海外組裝商，然後再將成品運回美國的處理方式也沒有明確的説明。因此，所有這些信息都需謹慎對待。</p>
<p>儘管沒有這些細節，蘋果在這裏還是獲得了一些可觀的勝利。</p>
<p>其中一項勝利非常具體：最近支付的關税金額有所減少。該公司報告稱，在 6 月結束的季度中，關税成本為 8 億美元，預測在 9 月結束的三個月中關税支出將達到 11 億美元。為了提供一些背景，蘋果在一個相對典型的 6 月季度中將 940 億美元的收入轉化為 234 億美元的淨收入，並預計在當前進行的季度中報告 1015 億美元的收入。儘管並非所有的進口成本都將消失，但可以推測其中相當一部分將會減少。得益於這一最新發展，蘋果的盈利能力至少會有所提升，儘管不會有大幅度的增長。</p>
<p>更大的勝利是一個純主觀但極其重要的勝利。通過給總統一個高度可見的勝利以及一個他現在可以利用的關鍵談話點，蘋果及其首席執行官蒂姆·庫克重新贏得了唐納德·特朗普的好感。更重要的是，作為一家特朗普現在希望——甚至需要——蓬勃發展的高知名度美國公司，特朗普很可能會在未來的關税和行政命令中大致將蘋果排除在外。</p>
<h2>購買的足夠理由嗎？</h2>
<p>但這是否足以成為購買蘋果股票的理由？</p>
<p>説實話，儘管所有新引入的關税受到高度批評並引發了大量投資者的不安，但它們從來不是不持有蘋果股票的理由。哦，它們當然是一個成本。也無可否認，蘋果被捲入了最終是幾個工業化國家領導人之間複雜的地緣政治鬥爭中。然而，這些關税從來沒有對公司構成生存威脅。上個季度 iPhone 收入在關税重壓下同比增長 13% 就説明了這一點。</p>
<p>不過，考慮到關税擔憂曾經抑制了本應看漲的蘋果股票，這種限制現在已經不復存在。看漲的論點現在更為強勁。尤其是考慮到公司重新整合的人工智能努力，這一點尤為明顯。預計到明年，這些面向消費者的技術將達到真正的蘋果水平，包括升級版的 Siri、支持人工智能的眼鏡，以及一些在去年十月首次推出該平台時缺失的蘋果智能的預期功能。</p>
<p>而且，潛在的機會無疑是巨大的。總體而言，全球洞察服務預計，面向消費者的人工智能市場這一細分領域將在 2034 年前以平均每年 22% 的速度增長。蘋果強大的品牌名稱以及其新改進的人工智能技術使其在這一市場的增長中佔據更大的份額。關税豁免使得這一過程變得更加容易。</p>

蘋果

<p>蘋果已獲得對半導體 100% 進口關税的豁免，前提是承諾在美國製造業再投資 1000 億美元。這個決定是在沒有特朗普總統參與的情況下做出的，預計將對 79 家美國工廠產生積極影響，並支持 45 萬個國內就業崗位。雖然豁免的具體細節仍不明確，但蘋果可能會看到關税成本的降低，從而提升其盈利能力。這一發展使蘋果在與美國政府的關係中處於有利地位，並可能為股東帶來更穩定的財務前景</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>蘋果</strong>(AAPL -0.92%) 的股東們仍在慶祝上週華盛頓特區意外發生的事件。在經歷了數月對進口商品（包括其至關重要的 iPhone）日益高漲的關税的擔憂後，蘋果現在（大部分）擺脱了困境。白宮在週三宣佈，作為對美國製造其設備所需技術的額外 1000 億美元投資的交換，蘋果將免於總統唐納德·特朗普最近威脅對任何運往美國的半導體徵收 100% 進口關税。</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，豁免的具體細節和蘋果的計劃仍不清楚，也不清楚它們是否會變得清晰。蘋果似乎是在沒有特朗普總統參與的情況下做出投資決定，但蘋果首席執行官蒂姆·庫克在總統週三從白宮宣佈時仍在場。總統僅解釋了新提議的芯片和半導體關税，稱 “對像蘋果這樣的公司來説，好消息是，如果你在美國生產或承諾在美國生產，毫無疑問，承諾在美國生產，就不會有費用。”</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，顯而易見的是，蘋果及其股東在蒂姆·庫克與美國總統合作時的處境要比繞過他時要好。</p>
</div><h2>A complicated moving target</h2>
<div class="lb-trans"><h2>一個複雜的移動目標</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>如果你覺得特朗普總統的關税總是在變化，那你並不是在想象。它們確實在變化。他正在根據公司們試圖規避他之前施加的關税而進行調整。例如，在 2 月份宣佈對中國製造的商品（大多數 iPhone 仍在中國組裝）徵收額外 10% 進口關税後，最終這一關税提高到了 54%，蘋果很快開始努力將更多 iPhone 生產轉移到印度。</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 月份以對從印度出口到美國的商品徵收額外 26% 關税進行反擊，並在 5 月份特別威脅對美國製造的 iPhone 徵收 25% 關税，無論它們在哪裏生產。與此同時，作為對該國繼續從俄羅斯購買原油的回應，白宮對所有進口到美國的印度商品施加了額外 25% 的懲罰性關税。</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>圖片來源：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，蘋果似乎將至少規避這些額外成本中的一部分。通過同意將其在美國製造技術組件的投資承諾從 5000 億美元提高到 6000 億美元，特朗普表示蘋果不受其他芯片公司（如 <strong>英特爾</strong>）可能很快面臨的 100% 進口關税的限制。儘管時間框架與豁免並不一定相關，蘋果表示這項投資將在未來四年內投入，積極影響 79 家由 10 家制造合作伙伴管理的美國工廠，包括 <strong>康寧</strong>、<strong>德州儀器</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>對特朗普來説，最感興趣的可能是蘋果所謂的美國製造計劃應該支持多達 450,000 個國內就業崗位。</p>
</div><h2>What it means for Apple shareholders</h2>
<div class="lb-trans"><h2>這對蘋果股東意味着什麼</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佈蘋果或任何其他公司免於特朗普的任何關税，僅有總統在週三新聞發佈會上所作的口頭聲明，並未澄清進口的 iPhone 是否全部免税，還是僅僅是其中的芯片和半導體的價值。對於在美國製造的微芯片運送到海外組裝商，然後再將成品運回美國的處理方式也沒有明確的説明。因此，所有這些信息都需謹慎對待。</p>
</div><p>Even without such details, though, Apple has scored a couple of respectable wins here.</p>
<div class="lb-trans"><p>儘管沒有這些細節，蘋果在這裏還是獲得了一些可觀的勝利。</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>其中一項勝利非常具體：最近支付的關税金額有所減少。該公司報告稱，在 6 月結束的季度中，關税成本為 8 億美元，預測在 9 月結束的三個月中關税支出將達到 11 億美元。為了提供一些背景，蘋果在一個相對典型的 6 月季度中將 940 億美元的收入轉化為 234 億美元的淨收入，並預計在當前進行的季度中報告 1015 億美元的收入。儘管並非所有的進口成本都將消失，但可以推測其中相當一部分將會減少。得益於這一最新發展，蘋果的盈利能力至少會有所提升，儘管不會有大幅度的增長。</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>更大的勝利是一個純主觀但極其重要的勝利。通過給總統一個高度可見的勝利以及一個他現在可以利用的關鍵談話點，蘋果及其首席執行官蒂姆·庫克重新贏得了唐納德·特朗普的好感。更重要的是，作為一家特朗普現在希望——甚至需要——蓬勃發展的高知名度美國公司，特朗普很可能會在未來的關税和行政命令中大致將蘋果排除在外。</p>
</div><h2>Enough reason to buy?</h2>
<div class="lb-trans"><h2>購買的足夠理由嗎？</h2>
</div><p>But is this reason enough to buy Apple stock?</p>
<div class="lb-trans"><p>但這是否足以成為購買蘋果股票的理由？</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>説實話，儘管所有新引入的關税受到高度批評並引發了大量投資者的不安，但它們從來不是不持有蘋果股票的理由。哦，它們當然是一個成本。也無可否認，蘋果被捲入了最終是幾個工業化國家領導人之間複雜的地緣政治鬥爭中。然而，這些關税從來沒有對公司構成生存威脅。上個季度 iPhone 收入在關税重壓下同比增長 13% 就説明了這一點。</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>不過，考慮到關税擔憂曾經抑制了本應看漲的蘋果股票，這種限制現在已經不復存在。看漲的論點現在更為強勁。尤其是考慮到公司重新整合的人工智能努力，這一點尤為明顯。預計到明年，這些面向消費者的技術將達到真正的蘋果水平，包括升級版的 Siri、支持人工智能的眼鏡，以及一些在去年十月首次推出該平台時缺失的蘋果智能的預期功能。</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，潛在的機會無疑是巨大的。總體而言，全球洞察服務預計，面向消費者的人工智能市場這一細分領域將在 2034 年前以平均每年 22% 的速度增長。蘋果強大的品牌名稱以及其新改進的人工智能技術使其在這一市場的增長中佔據更大的份額。關税豁免使得這一過程變得更加容易。</p>
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What Does Trump's New Announcement With Apple Mean for Investors?

- 蘋果公司因承諾增加對美國製造業的投資而免於 100% 進口關税。  
- 此次投資將支持 79 家美國工廠，創造約 450,000 個國內就業機會。  
- 儘管關税仍存在，蘋果的盈利能力有望因減輕關税負擔而提升。

特朗普與蘋果的新公告對投資者有什麼影響？