Tariffs could add $900 million to Apple’s costs this quarter, Apple CEO Tim Cook said on Thursday, as he revealed the tech giant was shifting production of iPhones sold in the United States from China to India.

Apple shares fell nearly 3% on Friday after the iPhone maker trimmed its share buyback program and CEO Tim Cook warned of additional tariff-related costs of about $900 million this quarter amid a raging Sino-U.

For the June quarter, we do expect the majority of iPhones sold in the US will have India as their country of origin, and Vietnam to be the country of origin for almost all iPad, Mac, Apple Watch, and AirPods products also sold in the US. China would continue to be the country or original for the vast majority of total product sales outside the US.

Apple CEO Tim Cook said Thursday that the majority of iPhones sold in the U.S. in the current fiscal quarter will be sourced from India, while iPads and other devices will come from Vietnam as the company works to avoid the impact of President Trump's tariffs on its business.

Apple’s profit and revenue for the fiscal second quarter topped Wall Street’s expectations, but investors are waiting to hear what CEO Tim Cook has to say about the impact of tariffs and economic unce

Apple on Thursday reported first-quarter profit above expectations but warned that US tariffs could cost the company and was disrupting its supply chain.