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Apple projects tariff costs will hit $1.1B next quarter
That's an uptick from the $800 million hit last quarter.
Tariffs are projected to cost Apple $1.1 billion in the July-to-September quarter, an uptick from the previous period, CEO Tim Cook said during the company’s earnings call with investors Thursday. Cook said most of the tariffs levied against Apple stem from the International Emergency Economic Powers Act (IEEPA). Nearly half the iPhones sold in the U.S. are produced in India, while Macs, iPads, and watches bound for U.S. customers are made in Vietnam.
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