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Rani Molla

President Trump’s on-again, off-again tariffs aren’t exactly making companies move manufacturing to America, but it is getting them to try some interesting hijinks.

Apple airlifted 600 tons of iPhones — as many as 1.5 million devices — from India to the US to get ahead of Trump’s tariffs there, Reuters reports. Stepping up production in India, where the tariffs have always been poised to be lower than China (where most iPhones are produced), and pivoting where those phones are ultimately shipped was another way for Apple to avoid tariffs.

Hopes that these kinds of operational rerouting tactics will be employed en masse are one reason why stocks with massive exposure to China managed to have their second-best session on record Wednesday, even amid the escalation in levies between the US and China.

Bank of America wrote yesterday that it wouldn’t really be possible for Apple to completely produce iPhones in the US. Rather, the company could do final assembly here, and that would still drive up costs by 90%.

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Archer Aviation sinks after reporting better-than-expected Q3 loss, announces it will acquire LA’s Hawthorne Airport

Air taxi maker Archer Aviation reported its Q3 results on Thursday, and its shares climbed more than 6% before turning negative.

The company posted a loss per share of $0.20, better than the $0.30 loss analysts polled by FactSet expected.

Archer announced it would acquire Los Angeles’ Hawthorne Airport for $126 million as a strategic hub for its planned LA air taxi network.

Cash is vital for Archer, which is without revenue as it seeks FAA certification. The company ended its third quarter with $1.64 billion in cash (and equivalents), down from last quarter’s $1.72 billion but more than 3x the amount from the same period a year ago.

Archer’s rival Joby Aviation, which reported its third-quarter results on Wednesday, has a cash pile of $978.1 million.

Archer reported adjusted operating expenses of $121.2 million. Looking ahead, Archer said it expects adjusted earnings before interest and taxes to be a loss of between $110 million and $140 million for the fourth quarter. Wall Street expected a $120 million loss.

Earlier this week, Archer shares fell amid the IPO of its electric aircraft rival Beta Technologies. Archer shares are down about 9% this year as of Thursday’s close, far underperforming Joby’s growth of 76%.

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