周五盘中，惠普（HPQ）股价大跌5%，引发市场广泛关注。这一跌幅与特朗普政府最新宣布的关税政策密切相关，该政策预计将对美国科技硬件产业造成严重打击。
据摩根士丹利最新研报显示，特朗普政府的"对等关税"政策将使销往美国的科技产品面临25%-54%的关税。作为严重依赖海外生产的科技硬件公司之一，惠普将受到直接冲击。目前，惠普已将运往美国的笔记本电脑生产转移到泰国，而根据白宫公布的数据，美国将对自泰国进口的商品征收36%的关税。
更令人担忧的是，摩根士丹利预计，这些新增关税可能给惠普带来的额外成本几乎等同于公司2025年的预期利润。面对即将于下周生效的关税政策，科技硬件企业几乎没有有效的应对措施。提高产品价格可能是最现实的选择，但这无疑会对市场需求产生负面影响。在这种不确定性下，投资者对惠普未来盈利能力的担忧直接反映在了股价上。
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