The smartphone maker’s supply chain is in the spotlight after President Donald Trump’s tariff announcements late Wednesday. Its stock has since fallen by more than 14% as of Friday’s close. Top of mind is whether the smartphone maker can score a tariff exemption,

President Trump's announcement of tariffs and retaliatory measures by China has seen Apple's shares drop to their lowest point since June 2024, as investors predict rising iPhone prices and falling sales.

Apple still produces many of its products in China, which, again, will now face a 54% tariff on goods shipped to the U.S. Apple has outsourced some manufacturing to Vietnam and India, both of which still face tariffs of 46 and 27 percent, respectively.