Apple chief executive Tim Cook has warned that Donald Trump’s tariffs will increase costs by $900mn in the quarter to the end of June, marking the latest sign of how the levies are cascading across corporate America.
Cook said in a call with analysts on Thursday evening that “assuming the current global tariff rates . . . do not change for the balance of the quarter, and no new tariffs are added, we estimate the impact to add $900mn to our costs”.
But he said the uncertain tariff environment had made it “very difficult to predict beyond June” how the levies would affect Apple’s costs.
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