Now, with large tariffs implemented on imports from China, Apple has begun to move some of its manufacturing to India in order to hedge its bets. However, this caught the ire of Trump, who said that Apple will face a 25% tariff on iPhone imports and that the products should be made in the United States in order to reshore manufacturing.

While a much-awaited AI update has been delayed at Apple, Citi analysts remain bullish on the company’s competitive positioning.

Apple’s stock has sold off on tariff fears, but the company still has a healthy business underpinned by a sticky ecosystem and robust array of services offerings.