Apple: Trump's tariffs will cost us a billion dollars

Apple CEO Tim Cook said that Donald Trump's tariffs are expected to cost the company $1.1 billion this quarter. "Assuming current tariffs remain unchanged for the remainder of the quarter and no new tariffs are added, we estimate the impact will increase our costs by approximately $1.1 billion," Cook said. This will be in addition to the approximately $800 million the tariffs cost the Silicon Valley giant in the recently concluded quarter, Apple executives said in a conference call with analysts.