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 the duties could adhd $1.1 cardinal to its costs during the September quarter.

Cook says Apple has already spent astir $800 cardinal during the June quarter, which is little than the $900 cardinal that the institution predicted successful May. “The bulk of the tariffs that we paid were the IEEPA [International Emergency Economic Powers Act] tariffs that deed aboriginal successful the 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 the “majority” of iPhones sold successful the US are manufactured successful India, portion astir Macs, iPads, and Apple Watches travel from Vietnam. Trump has threatened to target Apple with adjacent higher tariffs if the institution doesn’t determination immoderate of its accumulation to the 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, portion iPhone and Mac income stay strong.