Updated Jul 21, 2018

Apple Watches, Fitbit could see price hikes from Trump's tariffs

An employee helps a customer set up his newly purchased Apple Watch. Photo: Eric Thayer/Getty Images

Apple Watches, Fitbits, and Sonos speakers — built in China — are among the plethora of products likely to be hit with 10% tariffs through Trump's additional $200 billion in Chinese tariffs, Reuters reports citing government rulings.

Why it matters: The tech companies that could be hit with tariffs could also raise prices on some of their most popular products, Reuters explains, noting that phones and laptops have so far escaped damage from the proposed tariffs.

“The way the president has been using his trade authority, you have direct examples of him using his authority to target specific products and companies."
— Sage Chandler, vice president for international trade policy at the Consumer Technology Association, told Reuters

By the numbers: Reuters explains that "Sonos and Fitbit do not break out individual product sales, but collectively they had $2.6 billion in revenue last year. Bernstein analyst Toni Sacconaghi estimates that the Apple Watch alone will bring in $9.9 billion in sales this year, though that estimate includes sales outside the United States that the tariff would not touch."

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Fed temporarily lifts Wells Fargo's growth restrictions

Photo: Streeter Lecka/Getty Images

The Federal Reserve said Wednesday it will temporarily lift Wells Fargo’s growth restriction put in place following the bank’s customer abuse scandals.

Why it matters: One of the nation's biggest lenders said the Fed's asset cap prevented it from lending more to struggling small businesses as part of the government's aid package. Now Wells Fargo says it will reopen its application process and lend to a broader set of business owners.

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  5. Business updates: Roughly one-third of U.S. apartment renters didn't make April payments — The Fed will lift Wells Fargo's asset cap to help small business lending.
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