Apple expects $900 mn tariff hit, US iPhone supply shifts to India
Apple yesterday reported first-quarter profit above expectations but warned that US tariffs could cost the company and were disrupting its supply chain.
Apple expects US tariffs to cost $900 million in the current quarter, even though their impact was 'limited' at the start of this year, chief executive Tim Cook said.
Cook said he expected 'a majority of iPhones sold in the US will have India as their country of origin,' adding that Apple's products were exempt from reciprocal tariffs for now.
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