AAPL · 10-Q · 2026Q1 · Full report

Export Controls / Regulatory Risk

Apple Inc. · 2026-05-01 · Importance 47 · Surprise 60

Apple describes a range of tariff developments since Q2 2025, including new U.S. tariffs and potential reciprocal measures from other countries, and references the Section 232 Commerce Department semiconductor investigation whose initial results did not impose additional tariffs on Apple products. The Company is seeking refunds for tariffs following changes in U.S. Supreme Court rulings and notes that further tariff modifications or measures could be applied, including under Section 122 and Section 301 authorities. Apple warns that tariffs and related measures could materially affect its supply chain, availability of rare earths and other raw materials, pricing and gross margin. Management emphasizes uncertainty around the ultimate impact, which will depend on the scope, duration and international responses to such measures.