Is Trump's Threat to Slap Tariffs on Apple Devices Serious?

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In an interview published in Monday's Wall Street Journal, President Trump asserted that the next phase of his trade war with China could mean heavy tariffs on Apple's (NASDAQ: AAPL) imported iPhones, computers, and other devices. That may be just a negotiating tactic, or it may be a genuine policy proposal -- it's impossible to know. But assuming it enters the realm of business reality, what would that mean for Apple, for the U.S. consumers who buy its products, and for its shareholders?