** Shares of iPhone maker Apple AAPL.O slump 6% to $210.05 premarket after Trump announces reciprocal tariffs, including on China
** Trump said on Wednesday that he would impose a 10% baseline tariff on all imports to the U.S. and higher duties on dozens of other countries
** Jefferies expects $500 billion U.S. investment may help secure tariff exemptions; AAPL was exempted in 2018 during Trump's earlier administration
** In February, AAPL said it would spend $500 billion in U.S. investments in the next four years that also includes a giant factory in Texas for AI servers
** "We believe such a (investment) commitment will likely help AAPL obtain tariff exemption" - Jefferies
** Currently ~15% of iPhones (~35 million units) are assembled in India, 85% assembled in China, and about 33% of global iPhone sales are to the U.S. (76 million), Jefferies estimates
** However, in a worse case tariff scenario, brokerage projects AAPL's FY25 net profit would decline by 14%
** Up to last close, AAPL had fallen 10.5% YTD
(Reporting by Rashika Singh in Bengaluru)
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