That’s not to say tariffs won’t hurt; CEO Tim Cook said tariffs will likely cost the company $1.1 billion this quarter. But analysts say Apple has bigger concerns, such as its future product strategy and approach to artificial intelligence, a burgeoning field that the tech behemoth is perceived to be behind in.

Many smaller countries’ exports have faced 10 percent tariffs since the president first announced, then suspended, an initial wave of policies in April. Others have staved off eye-watering rates after brokering deals with the United States that set their tariffs generally between 15 and 20 percent.

The US president is increasingly tying trade policy to geopolitics, using economic might to bend countries to his will

President Donald Trump’s trade war with the world came into force at midnight, with sweeping tariffs hitting scores of America’s commercial partners. But what happens next is profoundly unclear. The two critical questions: Are the tariffs working?