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Apple says most US-bound iPhones no longer made in China

The technology giant says US tariffs will add around $900m to its costs this quarter.

Shanti Kelemen, chief investment officer at M&G Wealth, told the BBC's Today programme: "There will still be tariffs that impact the supply chains [for Apple] and a cost to move them and build new factories. Apple shares had plummeted after Trump announced his administration would levy "reciprocal tariffs" on products imported to the United States, with the aim of persuading companies to manufacture more in the US. Amazon, another tech giant whose results were being closely watched for signs of tariff damage, likewise said sales were holding up, rising 8% year-on-year in its North America e-commerce business in the most recent quarter.

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