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Home » CEO Tim Cook Warns U.S. Tariffs Could Cost Apple $900 Million in Q3

CEO Tim Cook Warns U.S. Tariffs Could Cost Apple $900 Million in Q3

In the March quarter, Apple saw only “limited impact” from tariffs, but Cook said that’s no guarantee the coming months will look the same

Joan Aimuengheuwa by Joan Aimuengheuwa
May 2, 2025
in DisruptiveTECH
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CEO Tim Cook Warns U.S. Tariffs Could Cost Apple $900 Million in Q3
Tim Cook, Apple CEO

Tim Cook, Apple CEO

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Apple CEO Tim Cook has warned that U.S. tariffs could drive up the company’s costs by as much as $900 million in the next quarter, pointing to trade policy as a major threat to Apple’s bottom line despite its strong financial performance.

In the March quarter, Apple saw only “limited impact” from tariffs, but Tim Cook said that’s no guarantee the coming months will look the same. If global tariffs don’t change and no new ones are introduced, Apple expects the extra cost to stay around the $900 million mark in Q3. That’s a big “if” in today’s volatile trade environment.

Investors, though relieved it wasn’t worse, didn’t exactly cheer. Apple posted $95.4 billion in revenue and $28.4 billion in net profit — figures that beat expectations.

Still, shares slid 4% after hours. Tariffs are only one piece of the puzzle; legal pressure is increasing too, especially after a recent antitrust ruling. Uncertainty, not profit, is what’s moving the market now.

When asked to give a more detailed outlook, Cook shut the door on speculation. “I don’t want to predict the future, because I’m not sure what will happen with the tariffs.” Apple isn’t gambling on trade policy. Instead, it’s changing its supply chain out of China at a fast pace.

About half of iPhones sold in the U.S. now come from India. Macs, iPads, and other devices are produced in Vietnam. That’s a deliberate strategy and a response to years of growing geopolitical issues.

After a meeting with former President Donald Trump, Apple managed to avoid the harshest tariff spikes. At one point, tariffs on Chinese imports were set at 145%, but electronics were spared. That exemption may not last. “Our estimate assumes current global tariff rates, policies, and applications remain in place for the rest of the quarter,” Cook warned. It’s not a promise, just a possibility.

To Cook, Apple’s game plan hasn’t changed: stay focused, stay calm, and invest for the long term. “For our part, we will manage the company the way we always have, with thoughtful and deliberate decisions, with a focus on investing for the long term, and with dedication to innovation and the possibilities it creates,” he told investors. 

“As we look ahead, we remain confident, confident that we will continue to build the world’s best products and services, confident in our ability to innovate and enrich our users’ lives, and confident that we can continue to run our business in a way that has always set Apple apart.”

Behind the positiveness, there’s realism. Apple’s tight supply chain has given it breathing room, but Cook didn’t offer illusions about what comes next.

With global trade dynamics changing, even the biggest players can’t control the laws. Apple’s doing what it can, adapting quickly, communicating cautiously, and staying alert. 

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