Is now a good time to upgrade your iPhone? Not since the lights nearly went out on TikTok have U.S. consumers been so rattled. That might be an overstatement, but President Donald Trump has shown he has the power to save or cause trouble for companies that don’t adhere to his political agenda — and Apple is no exception.

For now, most of Apple's most important products are exempt from tariffs after Trump gave phones and computers a tariff waiver — even from China — in April.

Apple (AAPL) shares closed down 3% on Friday after President Donald Trump said all iPhones built outside of the United States will be subject to a 25% tariff starting next month. According to Dan Ives,