Apple Says Trump’s Tariffs Are Adding Another $1 Billion To Its Costs

Apple is spending a lot connected President Donald Trump’s tariffs. During an net telephone connected Thursday, Apple CEO Tim Cook said nan duties could adhd $1.1 cardinal to its costs during nan September quarter.

Cook says Apple has already spent astir $800 cardinal during nan June quarter, which is little than nan $900 cardinal that nan institution predicted successful May. “The bulk of nan tariffs that we paid were nan IEEPA [International Emergency Economic Powers Act] tariffs that deed early successful nan year, related to China,” Cook said.

Trump’s sweeping tariffs person impacted each of Apple’s devices, which are chiefly manufactured successful China, India, and Vietnam. Cook said nan “majority” of iPhones sold successful nan US are manufactured successful India, while astir Macs, iPads, and Apple Watches travel from Vietnam. Trump has threatened to target Apple pinch moreover higher tariffs if nan institution doesn’t move immoderate of its accumulation to nan US.

“There are galore factors that could change, including tariff rates,” Cook notes. Despite concerns surrounding tariffs, the company’s quarterly revenue jumped 10 percent to $94 cardinal betwixt April and June, while iPhone and Mac income stay strong.