Apple reported an $800 million cost from tariffs in the recent quarter, with an expected additional $1.1 billion in the upcoming quarter. CEO Tim Cook mentioned that these costs, while small relative to the company's $94 billion revenue and $23 billion profit, still impact the business. The bulk of the tariffs stemmed from IEEPA tariffs that began early in Trump's presidency, primarily affecting imports from China. Cook pointed out that tariffs could change and noted that the majority of iPhones sold in the U.S. are manufactured in India, while other products come from Vietnam.
During Apple's quarterly earnings call, CEO Tim Cook reported that the company incurred approximately $800 million in tariff-related costs in the April, May, and June quarter, with estimated additional costs of $1.1 billion in the current quarter.
Cook emphasized that despite the tariff costs being minor in relation to Apple's $94 billion revenue last quarter, they are still significant. He mentioned that the bulk of tariffs paid were associated with the IEEPA tariffs introduced early in Trump's term.
Cook noted that while the majority of Apple's products remain covered under the Section 232 investigation, the tariffs imposed were primarily affecting products sourced from China.
In discussing future impacts of tariffs, Cook stated that they are 'uncertain' and subject to change, highlighting that most iPhones sold in the U.S. are produced in India, while products like Mac computers come from Vietnam.
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