The Cupertino, California-based company that makes over 90% of its products in China said it plans to shift production of iPhones to India to minimize the impact of President Donald Trump's trade war.

That is how much tariffs will add to Apple's costs this quarter, assuming existing policies remain in place, said Chief Executive Tim Cook. He forecast the hit could worsen further ahead. Shares in the iPhone maker fell nearly 3% in premarket trading.