News

On May 1st local time, the U.S. Customs and Border Protection confirmed that auto parts manufactured in Canada and Mexico are part of the United States-Mexico-Canada Agreement (USMCA) and will be exempt from the 25% tariff, which will take effect on May 3rd.

On Thursday, Apple (AAPL.O) estimated that if global tariffs remain unchanged, costs for the fiscal quarter ending in June will increase by approximately $900 million. Apple (AAPL.O) CEO Cook stated during the earnings call that due to the company's shift in supply chain and inventory, Apple believes the impact of tariffs on the second fiscal quarter is "limited." "But for the quarter ending in June (the third fiscal quarter), assuming no changes in current global tariff rates, policies, and implementation for the remainder of this quarter, and no new tariffs, we estimate the impact will increase our costs by $900 million," Cook said. Additionally, Cook made it clear that the company is using U.S. suppliers. He expressed support for Apple's plan to spend $500 billion over four years, with part of the funds used to expand teams and facilities in Arizona, Nevada, Iowa, Oregon, North Carolina, and other locations. Cook stated, "We expect to procure over $19 billion worth of chips from more than a dozen states, including tens of thousands of advanced chips produced in Arizona this year."