Apple (AAPL) CEO Tim Cook said the Trump administration’s tariffs, if they remain at their current levels, will cost Apple about $900 million in the current quarter that runs through June.
During the company’s quarterly earnings call Thursday, Cook said a majority of iPhones sold in the U.S. this quarter will come from India, rather than China, with iPad, Mac, Apple Watch, and other products coming mostly from Vietnam.
The comments come amid concerns the company could be particularly hurt by trade tensions with China, where Apple manufactured an estimated 90% of its products until recently. Most Apple products are exempt from President Trump’s 125% “reciprocal” tariffs on Chinese goods, but still affected by the 20% import tax the White House put in place earlier in the year to combat fentanyl trafficking, Cook noted.
Cook also warned the impact of tariffs to Apple’s results could change, given the company is “uncertain of potential future actions” the administration could take. Trump has said he expects tariffs on China “will come down substantially” in trade negotiations but not drop to zero.
Apple reported fiscal second-quarter revenue and earnings that surpassed analysts’ expectations, with higher-than-expected iPhone sales.
Shares of Apple fell about 4% in extended trading. The stock was down 15% for 2025 through Thursday’s close.
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