Although Apple is an American company with its highest sales coming from the U.S. market, especially regarding iPhones, the tech giant produces most of its technology abroad. Around 80% of Apple's products are manufactured in China,

Analysts at JP Morgan are looking more favorably at Q2 results, predicting that Apple may actually see increased revenue in Q3 thanks to short-term effects of the ongoing U.S.-China tariff battle.

Apple has already stepped up production in India to beat U.S. President Donald Trump's tariffs, shipping some 600 tons of iPhones worth $2 billion to the United States in March.