AAPL · 10-Q · 2026Q2 · Full report

Tariffs and Other Measures

Apple Inc. · 2026-07-31 · Importance 63 · Surprise 60 · In source text

Apple reports new U.S. tariffs announced beginning in Q2 2025 affecting imports from China, India, Japan, South Korea, Taiwan, Vietnam and the EU and notes some countries have imposed or threatened reciprocal tariffs. The company references the January 14, 2026 initial Section 232 semiconductor investigation results (which did not impose additional tariffs on Apple products) and the February 20, 2026 U.S. Supreme Court ruling striking down certain IEEPA tariffs; Apple has applied for tariff refunds under CBP processes and recognizes received refunds as reductions to product cost of sales. Apple warns that further tariff changes (including additional Section 232 measures or Section 301 actions) or retaliatory measures could materially adversely impact its supply chain, raw material availability, pricing and gross margin. The company states the ultimate impact is uncertain and will depend on future government actions and the magnitude and duration of those measures.

Key facts

• Tariffs and other measures: initial results of Section 232 investigation into semiconductors published January 14, 2026; Supreme Court ruling February 20, 2026; Company has applied for tariff refunds and recognized refunds as a reduction of products cost of sales. source

Impact estimates