July 31, 2025 – Yesterday (July 30), investment bank Evercore published a blog post, stating that even if a 25% tariff is imposed, Apple will have no choice but to continue assembling iPhones in India. And how Apple will deal with these additional costs in the future has become a major concern.
According to Evercore, India was once seen by Apple as a safe haven. However, the uncertain tariff policies are now posing a threat to this sense of security. The United States is set to levy a 25% tariff on goods imported from India starting August 1.
Evercore analysts pointed out that if the 25% tariff takes effect, Apple’s existing investments in India will make it difficult for the company to easily adjust its assembly and import operations. The analysts estimated that India accounts for approximately 20% of iPhone shipments, with most of these devices being sold in the US market, representing a value of around $40 billion.
The analysts also noted that once the 25% tariff is implemented, it will further squeeze Apple’s profit margins. Moreover, Apple has limited ability to shift these costs elsewhere. The company will likely have to absorb these costs, and there was no mention of whether this would lead to passing the costs on to consumers.
