AAPL · 10-Q · 2026Q1 · Full report

Tariffs and Other Measures

Apple Inc. · 2026-05-01 · Importance 53 · Surprise 60 · In source text

Apple describes a set of trade actions beginning in the second quarter of 2025, including new U.S. tariffs on imports from China, India, Japan, South Korea, Taiwan, Vietnam and the EU, and notes reciprocal threats or measures by other countries. The filing references the U.S. Department of Commerce Section 232 semiconductor sector investigation (initial results published January 14, 2026) and a U.S. Supreme Court ruling on February 20, 2026 striking down certain tariffs under IEEPA, and Apple states it is applying for refunds through U.S. Customs and Border Protection processes. The company notes ongoing modifications (including tariffs under Section 122 and potential further Section 232 or Section 301 measures) and that tariffs or retaliatory measures could materially affect supply chain availability (including rare earths), pricing and gross margin. Apple warns the ultimate financial impact is uncertain and will depend on whether additional measures are announced, their magnitude and duration, and retaliatory actions by other countries.

Key facts

• On February 20, 2026, the U.S. Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act of 1977 and the Company is applying for a refund of tariffs paid following U.S. Customs and Border Protection processes. source
• On January 14, 2026, initial results were published of the U.S. Department of Commerce investigation under Section 232 into imports of semiconductors and related products, and the announcement did not impose any additional tariffs affecting the Company’s products. source
• Beginning in the second quarter of 2025, new tariffs were announced on imports to the U.S., including additional tariffs on imports from China, India, Japan, South Korea, Taiwan, Vietnam and the European Union ("EU"). source

Impact estimates