Top fund managers expect it will be customers and not shareholders who wear the cost if the Trump administration follows through with threats to slap a 25 per cent tariff on Apple and Samsung in an attempt to bring the manufacture of the world’s most popular phones to the United States.

The threat, specifically mentioning iPhones, sent markets lower late last week. All three major Wall Street indices closed lower on Friday, with the Nasdaq falling 1 per cent and Apple shares dropping more than 3 per cent on the news. Apple is the largest company on the global sharemarket index.