AAPL · 10-K · 2025A · Full report
Tariffs and Other Measures
Apple Inc. · 2025-10-31 · Importance 63 · Surprise 60 · In source text
Beginning in Q2 2025 new U.S. tariffs were announced covering imports from China, India, Japan, South Korea, Taiwan, Vietnam and the EU; the filing notes reciprocal and threatened retaliatory measures by other countries and ongoing adjustments to tariff policy. Apple highlights potential material adverse impacts from tariffs on supply chain costs, availability of rare earths and other raw materials/components, pricing and gross margin, and cites a Commerce Department Section 232 investigation into semiconductors and related products. The company explicitly states the ultimate impact is uncertain and will depend on further actions, indicating tariff risk to product costs and margins across global manufacturing and sales. Tariff costs are also cited as a partial offset to product gross margin improvement in 2025.
Key facts
- Beginning in the second quarter of 2025, new U.S. Tariffs were announced, including additional tariffs on imports from China, India, Japan, South Korea, Taiwan, Vietnam and the EU. source
- The U.S. Department of Commerce has initiated an investigation under Section 232 into imports of semiconductors, semiconductor manufacturing equipment, and their derivative products. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | probable | — | Beginning in the second quarter of 2025, new U.S. Tariffs were announced, including additional tariffs on imports from China, India,… |
| operating_income | negative | contingent | — | The U.S. Department of Commerce has initiated an investigation under Section 232 into imports of semiconductors, semiconductor… |