Neil Cybart 4/8/25 Neil Cybart 4/8/25

Apple and Tariffs (Part 2)

Hello everyone. The level of unknown surrounding the tariff situation continues to rise.

We continue our multi-day discussion on Apple and tariffs. Today’s update will keep us on Apple’s supply chain.

On our “to discuss” list for the rest of the week:

Pros and cons found with Apple passing tariff costs on to consumers.
More on what looks like a full-fledged game of who will blink first between the U.S. and China as 104% import tariffs go into effect.
Apple’s earnings power, and valuation implications, after considering both universal and reciprocal various tariffs.

Let’s jump right in.

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Neil Cybart 4/7/25 Neil Cybart 4/7/25

Apple and Tariffs (Part 1)

Hello everyone. We are going to take advantage of this daily newsletter’s format when it comes to analyzing Apple and tariffs. There will be a discussion that stretches across several updates. Today’s update will be “Part 1.”

My goal is to cover pretty much every nook and cranny that should be covered when it comes to Apple and tariffs. There is a lot of noise in terms of publications and people focusing on the wrong things. Accordingly, our discussion may have different focus areas compared to prevailing analysis circulating on social media.

For today’s discussion, we are going to start a bit big picture by laying out the situation. In the coming days, there will opportunity for us to go deeper on some points.

Let’s jump in.