Trump’s tariffs will cost Apple about $900 million in Q2, but Tim Cook says most iPhones sold in the US will come from India, meaning lower tariffs and, hopefully, no price hikes for you.
Apple CEO Tim Cook warned investors that, assuming no new duties are added, the company expects Trump’s tariffs to increase its costs by $900 million during Q2, ending in June.
Apple has long relied on Chinese manufacturers to build the iPhone. Although Trump exempted smartphones from his extra 125% tariff on Chinese imports, the devices still face another 20% duty. But in some good news for consumers, Cook told CNBC that Apple is already sourcing over half of US iPhones from factories in India, a country that’s been spared from most of Trump’s reciprocal tariffs.
