AAPL · 10-K · 2026A · Full report

Tariffs and Other Measures

Apple Inc. · 2026-11-03 · Importance 40 · Surprise 42

Beginning in the second quarter of 2025, the U.S. announced new import tariffs, including additional tariffs on goods from China mainland, India, Japan, South Korea, Taiwan, Vietnam and the EU, and several countries imposed or threatened reciprocal tariffs and other retaliatory measures. On January 14, 2026, the U.S. Department of Commerce published initial results of its Section 232 investigation into semiconductor and related imports; those results imposed no additional tariffs affecting Apple’s products. On February 20, 2026, the U.S. Supreme Court struck down certain tariffs imposed under the International Emergency Economic Powers Act, and Apple applied to U.S. Customs and Border Protection for refunds of tariffs paid, recognizing refunds received as a reduction of products cost of sales. Apple says tariffs and other measures may materially adversely affect its business, results and financial condition through supply-chain effects, raw-material and component availability, pricing and gross margin; the ultimate impact depends on the scope, duration and reciprocal response to future measures, including potential Section 232 and Section 301 actions.

Key facts

• On February 20, 2026, the Supreme Court struck down certain tariffs previously imposed under the International Emergency Economic Powers Act of 1977, and Apple applied for refunds of tariffs paid. source
• New U.S. tariffs on imports were announced beginning in the second quarter of 2025, including additional tariffs on imports from China mainland, India, Japan, South Korea, Taiwan, Vietnam and the EU. source
• Further U.S. tariff changes could include additional Section 232 semiconductor measures, additional sector-based tariffs, further Section 301 actions or other measures. source
• On January 14, 2026, initial results of the U.S. Department of Commerce Section 232 semiconductor investigation were published, and the announcement imposed no additional tariffs affecting Apple’s products. source
• Apple recognized tariff refunds received as a reduction of products cost of sales. source
• Tariffs on Apple’s products or components can materially adversely affect its business, results, financial condition, supply chain, raw material and component availability, pricing and gross margin. source
• Apple said the ultimate tariff impact remains uncertain and depends partly on the magnitude and duration of measures and responses by other countries. source
• Retaliatory trade measures and international disputes could shift or reduce consumer spending and worsen sentiment toward Apple products and services, adversely affecting Apple’s business and results. source