>>> Europe : Brokers Upgrades & Downgrades - 24th of April 2025 V3(++)

>>> Up
* ACS Raised to Neutral at Alantra Equities; PT 54.80 euros (+)
* Adidas Raised to Buy at BofA
* AF Gruppen Raised to Buy at ABG; PT 160 kroner
* AQ Group Raised to Buy at SEB Equities; PT 160 kronor
* Arendals Fossekompani ASA Raised to Buy at Pareto Securities (+)
* Assa Abloy Raised to Buy at Pareto Securities; PT 340 kronor
* Assa Abloy Raised to Hold at Handelsbanken; PT 300 kronor (+)
* Baloise Raised to Buy at Berenberg; PT 226.40 Swiss francs
* Bankinter Raised to Buy at Bestinver; PT 11.10 euros
* ContextVision AB Raised to Buy at Norne Securities; PT 7 kroner (+)
* Evotec Raised to Hold at Deutsche Bank; PT 7 euros (+)
* GE Aerospace Raised to Buy at President Capital Management
* J. Martins Raised to Buy at Bestinver; PT 24 euros
* OMV Raised to Add at AlphaValue/Baader
* Orion Raised to Buy at SEB Equities; PT 57 euros
* Partners Group Raised to Hold at Kepler Cheuvreux (+)
* Sika Raised to Outperform at BNPP Exane; PT 240 Swiss francs
* Syncona Ltd Raised to Buy at Jefferies
* Var Energi Raised to Buy at Fearnley; PT 39 kroner (+)

>>> Down
* Atea Cut to Neutral at Cantor; PT 137 kroner
* Autostore Cut to Hold at Arctic Securities; PT 6.50 kroner (+)
* Bunzl Cut to Hold at Peel Hunt; PT 2,500 pence (+)
* CaixaBank Cut to Hold at Bestinver; PT 6.70 euros
* Equinor Cut to Hold at Norne Securities; PT 260 kroner
* Fuchs Cut to Reduce at Baader Helvea; PT 39 euros
* KPN Cut to Hold at KBC Securities; PT 4.20 euros (+)
* LVMH Cut to Hold at HSBC; PT 575 euros
* Moncler Cut to Hold at HSBC; PT 60 euros
* Remy Cointreau Cut to Neutral at Oddo BHF; PT 43 euros
* Revenio Cut to Hold at SEB Equities; PT 26 euros
* Sabadell Cut to Hold at Bestinver; PT 2.57 euros
* Sampo Cut to Hold at SEB Equities; PT 9.40 euros
* Sinch Cut to Neutral at Cantor; PT 23 kronor
* Texas Instruments Cut to Hold at Summit Insights

>>> Initiation
* AF Gruppen Rated New Buy at SpareBank; PT 165 kroner
* Arkema Rated New Underperform at Bernstein; PT 53 euros
* Assa Abloy Rated New Equal-Weight at Oxcap; PT 308.60 kronor
* Basler Reinstated Buy at Hauck & Aufhaeuser; PT 12.40 euros (+)
* Seabird Exploration Rated New Buy at Arctic Securities

>>> Call
* Arkema in ‘Sticky Situation,’ New Underperform at Bernstein
* Jefferies’ Wood Says Best Over for US Stocks, Sees More Losses
* Oddo’s Zlowodzki Says Global Stocks Bottomed Out on April 7 (+)
* Sika Double Upgraded at BNPP Exane as Broker Sees Entry Point (+)
* Verallia Estimates Set to Drop Following Guidance Cut, Citi Says

>>> Europe : Brokers Upgrades & Downgrades - 24th of April 2025 V2(+)

>>> Up
* ACS Raised to Neutral at Alantra Equities; PT 54.80 euros (+)
* Adidas Raised to Buy at BofA
* AF Gruppen Raised to Buy at ABG; PT 160 kroner
* AQ Group Raised to Buy at SEB Equities; PT 160 kronor
* Arendals Fossekompani ASA Raised to Buy at Pareto Securities (+)
* Assa Abloy Raised to Buy at Pareto Securities; PT 340 kronor
* Assa Abloy Raised to Hold at Handelsbanken; PT 300 kronor (+)
* Baloise Raised to Buy at Berenberg; PT 226.40 Swiss francs
* Bankinter Raised to Buy at Bestinver; PT 11.10 euros
* ContextVision AB Raised to Buy at Norne Securities; PT 7 kroner (+)
* Evotec Raised to Hold at Deutsche Bank; PT 7 euros (+)
* GE Aerospace Raised to Buy at President Capital Management
* J. Martins Raised to Buy at Bestinver; PT 24 euros
* OMV Raised to Add at AlphaValue/Baader
* Orion Raised to Buy at SEB Equities; PT 57 euros
* Partners Group Raised to Hold at Kepler Cheuvreux (+)
* Sika Raised to Outperform at BNPP Exane; PT 240 Swiss francs
* Syncona Ltd Raised to Buy at Jefferies
* Var Energi Raised to Buy at Fearnley; PT 39 kroner (+)

>>> Down
* Atea Cut to Neutral at Cantor; PT 137 kroner
* Autostore Cut to Hold at Arctic Securities; PT 6.50 kroner (+)
* Bunzl Cut to Hold at Peel Hunt; PT 2,500 pence (+)
* CaixaBank Cut to Hold at Bestinver; PT 6.70 euros
* Equinor Cut to Hold at Norne Securities; PT 260 kroner
* Fuchs Cut to Reduce at Baader Helvea; PT 39 euros
* KPN Cut to Hold at KBC Securities; PT 4.20 euros (+)
* LVMH Cut to Hold at HSBC; PT 575 euros
* Moncler Cut to Hold at HSBC; PT 60 euros
* Remy Cointreau Cut to Neutral at Oddo BHF; PT 43 euros
* Revenio Cut to Hold at SEB Equities; PT 26 euros
* Sabadell Cut to Hold at Bestinver; PT 2.57 euros
* Sampo Cut to Hold at SEB Equities; PT 9.40 euros
* Sinch Cut to Neutral at Cantor; PT 23 kronor
* Texas Instruments Cut to Hold at Summit Insights

>>> Initiation
* AF Gruppen Rated New Buy at SpareBank; PT 165 kroner
* Arkema Rated New Underperform at Bernstein; PT 53 euros
* Assa Abloy Rated New Equal-Weight at Oxcap; PT 308.60 kronor
* Basler Reinstated Buy at Hauck & Aufhaeuser; PT 12.40 euros (+)
* Seabird Exploration Rated New Buy at Arctic Securities

>>> Call
* Arkema in ‘Sticky Situation,’ New Underperform at Bernstein
* Jefferies’ Wood Says Best Over for US Stocks, Sees More Losses
* Oddo’s Zlowodzki Says Global Stocks Bottomed Out on April 7 (+)
* Sika Double Upgraded at BNPP Exane as Broker Sees Entry Point (+)
* Verallia Estimates Set to Drop Following Guidance Cut, Citi Says

>>> Europe : Brokers Upgrades & Downgrades - 24th of April 2025

>>> Up
* Adidas Raised to Buy at BofA
* AF Gruppen Raised to Buy at ABG; PT 160 kroner
* AQ Group Raised to Buy at SEB Equities; PT 160 kronor
* Assa Abloy Raised to Buy at Pareto Securities; PT 340 kronor
* Baloise Raised to Buy at Berenberg; PT 226.40 Swiss francs
* Bankinter Raised to Buy at Bestinver; PT 11.10 euros
* GE Aerospace Raised to Buy at President Capital Management
* J. Martins Raised to Buy at Bestinver; PT 24 euros
* OMV Raised to Add at AlphaValue/Baader
* Orion Raised to Buy at SEB Equities; PT 57 euros
* Sika Raised to Outperform at BNPP Exane; PT 240 Swiss francs
* Syncona Ltd Raised to Buy at Jefferies

>>> Down
* Atea Cut to Neutral at Cantor; PT 137 kroner
* CaixaBank Cut to Hold at Bestinver; PT 6.70 euros
* Equinor Cut to Hold at Norne Securities; PT 260 kroner
* Fuchs Cut to Reduce at Baader Helvea; PT 39 euros
* LVMH Cut to Hold at HSBC; PT 575 euros
* Moncler Cut to Hold at HSBC; PT 60 euros
* Remy Cointreau Cut to Neutral at Oddo BHF; PT 43 euros
* Revenio Cut to Hold at SEB Equities; PT 26 euros
* Sabadell Cut to Hold at Bestinver; PT 2.57 euros
* Sampo Cut to Hold at SEB Equities; PT 9.40 euros
* Sinch Cut to Neutral at Cantor; PT 23 kronor
* Texas Instruments Cut to Hold at Summit Insights

>>> Initiation
* AF Gruppen Rated New Buy at SpareBank; PT 165 kroner
* Arkema Rated New Underperform at Bernstein; PT 53 euros
* Assa Abloy Rated New Equal-Weight at Oxcap; PT 308.60 kronor
* Seabird Exploration Rated New Buy at Arctic Securities

>>> Call
* Arkema in ‘Sticky Situation,’ New Underperform at Bernstein
* Jefferies’ Wood Says Best Over for US Stocks, Sees More Losses
* Verallia Estimates Set to Drop Following Guidance Cut, Citi Says

>>> What to look at today - 24th of April 2025

Asian stocks traded in a tight range Thursday as a brief global relief rally started to give up momentum after mixed signals from the Trump administration on its plans for China tariffs. A regional gauge of stocks edged up 0.1% as market enthusiasm got curbed after Treasury Secretary Scott Bessent cast doubt on a timely resolution to the US-China trade war. Shares in Hong Kong dropped 0.7%, the first time in four days. The yen flipped after two days of losses and the dollar weakened. Gold jumped 1.5% in increased demand for the safe-haven asset.
Global equities and long-dated Treasuries rose on Wednesday on signs US President Donald Trump is rethinking the most-aggressive elements of his stances on trade and the Federal Reserve. The brief rally after wild gyrations underscores the new reality for investors that US policies on trade tend to shift without forewarning, making it harder to come up with even short term forecasts on where the markets are headed.
Trump signaled that the US is going to have a fair deal with China, adding late Wednesday that the country may receive a new tariff rate in the next two to three weeks. The administration is also considering whether to reduce certain tariffs targeting the auto industry that carmaker executives have warned would deal a severe blow to profits and jobs.  Bessent said that Trump hasn’t offered to take down US tariffs on China on a unilateral basis. Asked if there was no unilateral offer from the president to de-escalate, he said “not at all.” The Treasury secretary said that the administration is looking at multiple factors with regard to China beyond just tariffs — including non-tariff barriers and government subsidies. He also said that the strongest relationship between Washington and Beijing is at the top, and that there was no timeframe for engagement. A full re-balancing of trade might take two to three years, he said. Investors should consider adding Chinese, Indian and European assets to re-balance their portfolios as the US stock market value has reached its peak and further corrections in equities, Treasury bonds, and the dollar are likely, according to Jefferies’ global head of equity strategy. The bearish view on US markets echoes the pessimism spreading across world markets that the era of American exceptionalism is ebbing with Trump’s chaotic tariff rollout.
A critical signal gleaned from market participants in recent days is the clear sensitivity of the Trump administration to the financial markets, wrote Kyle Rodda, senior market analyst at Capital.com. He cited the 90-day tariff pause and the backflip about firing Fed Chair Jerome Powell as examples. In Asia, China is set to issue the first batch of special sovereign bonds for the year on Thursday as part of the stimulus announced by authorities to soften the blow from simmering trade tensions with the US. The Ministry of Finance plans to raise 286 billion yuan ($39 billion) via a three-part issuance later in the day, according to Bloomberg calculations.  In commodities, oil held a decline as investors weighed the prospect of more OPEC+ supply and the fallout from trade tensions between the US and China. US After Hours PI +15.2%, CYH +14%, NOW +10.8%, TXN +4.8%, WHR +4%, LRCX +3.5% higher on earnings; FAST +2.3% on 2-for-1 stock split; RHI -15.3%, ALK -7.7%, IBM -6%, LUV -3.6%

Nikkei +0.56% Hang Seng -0.99% CSI +0.08% Shanghai +0.16% Shenzen -0.53%

Eur$ 1.134 CNH 7.3014 CNY 7.3006 JPY 142.81 GBP 1.3275 CHF 0.8283 RUB 82.8896 +0.42% TRY 38.31 WTI$ 62.63 -0.06% Gold 3,328 +1.22% BTC 93,225 -0.49% ETH 1,787 -0.50%

S&P -0.13% Nasdaq -0.19% EuroStoxx -0.22% FTSE -0.03% Dax -0.14% SMI +0.41%

Macro :
- Bessent Says No Unilateral Offer From Trump to Cut China Tariffs
- Trump to Exempt Carmakers From Some US Tariffs, FT Reports
- Jefferies’ Wood Says Best Over for US Stocks, Sees More Losses
- US Sec State Rubio: Politico story on Russian sanctions 'unequivocally false'; Have not spoken with special envoy Witkoff on lifting Russian sanctions - X Post

Keep an eye on :
- ABN NA : ABN Amro Says Next Strategic Plan to Be Presented in November
- ADEN NA : Robert Half Inc 1Q EPS Misses Estimates RHI -15% in After Hours
- ADS GY : Adidas Prelim 1Q Revenue Meets Estimates
- AI FP : Air Liquide 1Q Revenue Meets Estimates
- ALV GY : Pimco Plans Private Credit Fund Launch in Europe: FT
- AUTO NO : Autostore 1Q Revenue Misses Estimates
- CS FP : Axa to Propose Renewal of CEO Buberl’s Mandate
- AXFO SS : Axfood 1Q Adjusted Operating Profit Meets Estimates
- AZE BB : Azelis 1Q Revenue Misses Estimates
- BKT SM : Bankinter 1Q Net Income Beats Estimates
- BBVA SM : BBVA Investment Banking Push Is ‘Long-Term Vision,’ CFO Says
- BEIJB SS : Beijer REF 1Q Operating Profit Beats Estimates
- BEAN SW : Belimo Sess FY25 Sales Growth of 15-20% in Local FX Terms
- BB FP : BIC Cuts FY Net Sales Ex-FX Forecast
- BNP FP : BNP Paribas 1Q Net Income Meets Estimates
- BVI FP : Bureau Veritas 1Q Organic Revenue Beats Estimates
- 1211 HK : -1.10% in HK
- CEP US : Bitcoin SPAC Mints a New Meme Stock With 55% Jump: ECM Watch +55% yesterday
- CALT IM : UniCredit Is Said to Back Caltagirone List at Generali Meeting
- DHER GY : Delivery Hero 1Q Gross Merchandise Value Matches Estimates
- DOM SS : Dometic 1Q Net Sales Miss Estimates
- ENI IM : Eni 1Q Adjusted Net Income Beats Estimates, Eni Sees Lower Cash Flow, Maintains Buyback by Cutting Costs
- ERA FP : Eramet 1Q Sales EU742M
- EL FP : EssilorLuxottica Revenue Beats Estimates on Europe, Ray-Ban Meta ADR -1.3% in NY
- ESSITYA SS : Essity 1Q Revenue Misses Estimates
- EVT GY : Evotec Gets $75M Payments in Bristol Myers Squibb Collaboration
- EXO NA : Exor Says Tender Offer Part of €1b Buyback Oversubscribed
- FM CN : First Quantum Minerals 1Q Sales Revenue Beat Estimates
- FSKRS FH : Fiskars 1Q Comparable Ebit Beats Estimates, Fiskars Maintains FY Comparable Ebit Forecast
- FLOW NA : Flow Traders 1Q Net Trading Income EU140.2M Vs. EU127.1M Y/y, Flow Traders Says CEO Kuehnel to Leave Company End August
- FNAC FP : Fnac Darty 1Q Like-for-Like Sales Miss Estimates
- FUR NA : Fugro 1Q Adjusted Ebitda Misses Estimates
- GLPG NA : Galapagos 1Q Cash & Other Beats Estimates
- GALD SW : Galderma Maintains FY Core Ebitda Margin Forecast
- G IM : UniCredit Is Said to Back Caltagirone List at Generali Meeting
- GET FP : Getlink 1Q Revenue Misses Estimates
- GLEN LN : Glencore Fully Exited Russia’s Russneft, Tass Says
- HNSA SS : Hansa Biopharma Says Aguiar-Lucander Becomes New CEO
- 9660 HK : -7%
- HUH1V FH : Huhtamaki 1Q Adjusted Ebit Meets Estimates
- IBM US : IBM 2Q Revenue Forecast Beats Estimates: Snapshot -6% in After Hours
- IFCN SW : Inficon 1Q Operating Margin Beats Estimates
- INWI SS : Inwido 1Q Net Sales Beat Estimates
- ITP FP : Interparfums 1Q Sales EU339M
- KER FP : Kering 1Q Gucci Revenue on a Comparable Basis Misses Estimates ADR -2.31%
- KIN BB : Kinepolis 1Q Change in Attendance -11.6%
- LI FP : Klepierre 1Q Net Rental Income EU262.2M Vs. EU253.4M Y/y
- KNIN SW : Kuehne + Nagel 1Q Net Revenue Beats Estimates
- KPN NA : KPN 1Q Adjusted Ebitda After Leases Meets Estimates
- 9009 JP : Palliser Says It Doubled Keisei Stake, Nominates Board Members -3%
- MKS LN : M&S Moves Some Processes Offline After Cyber Incident
- MB IM : Mediobanca-Backed Polus Explores Strategic Options (Correct)
- MRK GY : Merck KGaA’s Beckmann Seen as CEO Candidate, Handelsblatt Says
- METSO FH : Metso 1Q Orders Beats Estimates
- MIPS SS : Mips 1Q Net Sales Meet Estimates
- MC US : Moelis & Co 1Q Adjusted EPS Beats Estimates
- NESN SW : Nestle 1Q Organic Revenue Beats Estimates (1)
- 7201 JP : Nissan bets big on China as EV strategy intensifies
- NOKIA FH : Nokia Gets Strategic 5G Ran Deal With T-Mobile in US
- NOKIA FH : Nokia 1Q Net Sales Meet Estimates
- NORION SS : Norion Bank 1Q Operating Profit Beats Estimates
- NVDA US : Nvidia Partner SK Hynix Warns of Tariff-Induced Volatility Ahead
- OMV AV : OMV Exits Hydrogen-Fueling Stations in Austria: Standard
- ORA FP : Orange 1Q Ebitda After Leases Matches Estimates
- ORY SM : Oryzon Genomics Offers Up to EU25 Million Shares
- PIRC IM : *CTS TO BUY DÄCKIA AB FROM PIRELLI
- PCELL SS : PowerCell 1Q Net Loss SEK15.7M
- 1913 HK : -1.36% in HK
- QTCOM FH : QT Group 1Q Net Sales Miss Estimates
- RNO FP : Renault Confirms Full-Year Outlook on Strong Electric-Car Demand, Renault May Delay Alpine’s US Launch Due to Tariff Uncertainty
- ROG Sw : Roche 1Q Avastin Sales Miss Estimates
- SPM IM : Saipem 1Q Revenue Misses Estimates
- SAN FP : Sanofi 1Q Business EPS Beats Estimates
- SCANFL FH : Scanfil 1Q Turnover EU192.6M
- SGSN SW : SGS 1Q Sales CHF1.68B Vs. CHF1.58B Y/y
- SHEL LN : Shell to Sell Stake in Blocks Shared with Ecopetrol: El Tiempo
- SNBN SW : SNB Reports First-Quarter Profit Thanks to Large Gold Gains
- TELIA SS : Telia 1Q Net Sales Miss Estimates
- HO FP : Thales 1Q Organic Sales Beat Estimates
- TELIA SS : Telia 1Q Adjusted Ebitda Meets Estimates
- TXN US : Texas Instruments Gains on Strong Results and Guide: Street Wrap +4.8% in After Hours
- UCG IM : UniCredit Board Meets After Italy Imposes Hurdles on BPM Deal
- UCG IM : UniCredit Is Said to Back Caltagirone List at Generali Meeting
- VRLA FP : Verallia Sees FY Adjusted Ebitda About EU800M, Est. EU842.7M
- VERK FH : Verkkokauppa.com 1Q Net Income Beats Estimates
- VONN SW : Vontobel Assets Under Management CHF235.1B Vs. CHF229.1B Q/Q
- VOS GY : Vossloh 1Q Ebit EU7.4M
- VU FP : VusionGroup 1Q Adjusted Sales Beat Estimates
- WLN FP : Worldline 1Q Organic Revenue Beats Estimates
- ZEAL DC : Zealand First Participant Enrolled in Phase 2B Zumpreme-2 Trial

>>> Stoxx 600 Pre-Market Indications

  • Adidas (ADS TH) +4.7%
    • Adidas Rises as Results Demonstrate Resilience: Street Wrap
  • Delivery Hero (DHER TH) +3.4%
    • Delivery Hero 1Q Gross Merchandise Value Matches Estimates
  • Sanofi (SNW TH) +2.6%
    • Sanofi Posts Strong Earnings as Dupixent Sales Keep Growing (1)
  • Assa Abloy (ALZC TH) +2.5%
  • Gerresheimer (GXI TH) +1.2%
  • OMV (OMV TH) +1%
  • BAE (BSP TH) +1%
  • Infineon (IFX TH) +1%
  • Leonardo (FMNB TH) -1%
  • Fortum (FOT TH) -1%
  • Hensoldt (HAG TH) -1%
  • Rheinmetall (RHM TH) -1.1%
  • Fresenius Medical Care (FME TH) -1.3%
  • Moncler (MOV TH) -1.5%
  • Var Energi (J4V TH) -1.6%
  • Neste (NEF TH) -2.2%
  • Thales (CSF TH) -3.1%
    • Thales Organic Sales Beat Estimates on Robust Defense Demand
  • Nokia (NOA3 TH) -5.2%
    • Nokia Says Reaching Guidance Top End ‘Challenging’ With Tariffs

>>> TradeGate Pre-Market Indications

DAX:
  • Adidas (ADS TH) +4.6%
    • Adidas Earnings Bolstered Again by Retro Sneaker Craze
  • Infineon (IFX TH) +1.7%
  • Porsche (P911 TH) +1%
  • Rheinmetall (RHM TH) -1.8%
MDAX:
  • Delivery Hero (DHER TH) +4%
    • Delivery Hero 1Q Gross Merchandise Value Matches Estimates
  • Evotec (EVT TH) +3.2%
    • Evotec Gets $75M Payments in Bristol Myers Squibb Collaboration
  • Gerresheimer (GXI TH) +2.3%
  • Hensoldt (HAG TH) -1%
  • RENK Group AG (R3NK TH) -1.3%
SDAX:
  • Schaeffler (SHA0 TH) +1%
  • Heidelberger Druck (HDD TH) -2.3%
  • Vossloh (VOS TH) -2.8%
  • Friedrich Vorwerk Group SE (VH2 TH) -5.9%

9to5 : Tim Cook pressed for details on how Apple obtained Trump tariff exemption

Tim Cook pressed for details on how Apple obtained Trump tariff exemptions


Apple CEO Tim Cook is being pressed for information on his collaboration with the Trump administration surrounding tariffs. In a letter sent today, Senator Elizabeth Warren said that Cook’s work with Trump “creates the appearance of impropriety.” This comes after Warren and other senators questioned $1 million donations made by Cook and others to Trump’s inauguration fund in January.

“The circumstances surrounding Apple’s exemptions raise fresh concerns about influence-peddling by huge well-connected corporations, and their ability to gain special favors from President Trump,” Warren wrote.


As we’ve covered extensively, Trump announced massive tariffs on China and the rest of the world, impacting almost every facet of Apple’s supply chain. Trump then enacted a 90-day pause on tariffs for most countries, while simultaneously increasing the tariff on imports from China. Apple raced to fly planes full of iPhones into the United States before those tariffs were enacted. Trump then announced wide-ranging exemptions covering smartphones, laptops, and other product categories.

A report from The Washington Post last week offered a glimpse at Cook’s communication with the Trump administration in seeking these tariff exemptions for Apple. Cook is said to have spoken with multiple senior members of the Trump administration “about the potential impact of the tariffs on iPhone prices.”

In the letter sent to Cook this week, spotted by Bloomberg, Warren wants details on these talks between Cook and the Trump administration:

At best, your work to eliminate the tariffs on Apple products, and President Trump’s subsequent decision to exempt certain Apple products, creates the appearance of impropriety. However, recent reporting also raises serious questions about the extent to which it is possible for massive corporate special interests to use their money and influence to secure tariff exemptions that are unavailable to Main Street small businesses.

Senator Warren specifically lays out four questions:

What was the nature of your discussions with Trump Administration officials with regard to proposed tariffs?
Please provide information on any meetings or conversations (including via telephone or email) that you or anyone acting as an agent of you or Apple had with Trump Administration officials about tariffs prior to the April 12 announcement.
When did Apple find out about the tariff exemptions announced by President Trump on April 12?
What is the value of the additional profits that Apple will obtain as a result of President Trump’s tariff exemption? Please explain your process for determining this estimate.
The Trump administration is expected to announce a broader plan for tariffs on products like smartphones and laptops within the next month or two.