On Thursday, Apple CEO Tim Cook said the Silicon Valley company could end up spending nearly $2 billion thanks to President Donald Trump’s tariffs.

Trump’s sweeping tariffs have impacted all of Apple’s devices, which are mainly manufactured in China, India, and Vietnam. Cook said the “majority” of iPhones sold in the

Apple said in an earnings call on Thursday, July 31, that its revenue for the quarter that ended in June went up by 10%, which CEO Tim Cook said was "better than expected." Still, Cook said, the company could see $1.