Apple previously said in February it would spend $500 billion to expand many of its operations in the U.S., including assembling AI servers in Houston.

Apple CEO Tim Cook addressed how tariffs will affect iPhone pricing during the company’s quarterly earnings call on May 1. The question came up due to rumors last month that the iPhone would cost more than $2,

Apple CEO Tim Cook has gone on record about how tariffs could affect iPhone prices. But he fell short of any major reveals.