Apple CEO Tim Cook addressed the financial implications of President Trump’s imposed tariffs during Apple’s second-quarter earnings call on Thursday. According to Cook, the tariffs put in place by the administration led to a limited financial impact in the past March quarter, but their estimated effect in the upcoming June quarter could be around $900 million in additional costs—assuming no change in global tariff rates, related policies, or the introduction of new tariffs.
Cook clarified that Apple’s current estimate of a $900 million impact should provide investors context rather than serve as a projection for future quarters, cautioning investors against applying it broadly due to unique factors favoring the June quarter. He explained further details in a recent television interview, highlighting the limited impact thanks, in part, to Apple’s strategic sourcing decisions. For the U.S. market, roughly half of Apple’s iPhones are now produced in India, while the majority of other Apple products destined for American consumers originate from Vietnam.
When investors sought additional detail or forward-looking statements regarding tariffs, Cook emphasized uncertainty, noting, “I don’t want to predict the future, because I’m not sure what will happen with the tariffs.” He also avoided speculation about potential changes in Apple’s production mix moving forward.
Cook reassured investors, saying, “For our part, we will manage the company the way we always have—with thoughtful and deliberate decisions, prioritizing long-term investments, innovation, and enriching the lives of our users. Looking ahead, we remain confident that we will continue to deliver the world’s finest products and services and to run our business in a manner that consistently sets Apple apart.”
