Smartphones Among Devices Most Likely Affected by Trump Tariffs: S&P Global
While the Trump administration has paused the most extreme of its proposed tariffs for now, they're still having a negative effect on the economy, S&P Global Warnings said Thursday. “We expect the PC and smartphone sectors will be most affected … while hardware issuers that focus on server, storage, and networking equipment products will be less affected,” S&P said. IT spending growth “will slow to 5%-7% in 2025 compared to our previous forecast of 9%.”
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S&P warned of “growing downgrade risks even if tariff rates are lowered over time.” The CEOs of AT&T (see 2504230045) and Verizon (see 2504220033) raised tariff concerns as they discussed quarterly earnings this week.