investment bank

Investment bank Stifel estimates the company sources 40% of its products from China and another 40% from Vietnam, both of which are subject to large tariffs.

"The primary question... is whether or not there will be negotiations," said Thierry Wizman, a global strategist at the investment bank Macquarie.

He set up Russia's first investment bank back in the early 1990s, and as founder of the country's prestigious business management school "Skolkovo" he enjoyed the reputation of a progressive visionary, a Western-friendly voice in Russia's business community in the 2000's.

But a 2019 investigation by the Organized Crime and Corruption Reporting Project said that employees of his investment bank built a financial system laundering billions of dollars in the mid-2000s.

The global investment bank Citi said: "If Apple cannot get exempted this time and assuming Apple gets hit by the accumulative 54% China tariffs and does not pass it through, we estimate about 9% negative impact to the company's total gross margin."