Tariffs from the pov of a small phone company. Basically China is the cheapest place to make 100% of the phone. The 54% tariff is going to be on top of the invoice price of the US portion of the shipment. For us that’s 20% of the devices. Components outside of China can be sourced from South Korea, Japan, Taiwan and US. The problem with sourcing them outside of China is that assembly will go up in costs as well. China does assembly integrated with the suppliers, so the iteration cycles are much faster. So assembly cost is 5% in China with China suppliers. Likely 20% anywhere else. Here is an old paper (https://www.technologyreview.com/2016/06/09/159456/the-all-american-iphone/) The big thing to watch is what Apple does. They have enough power to reorient supply chains around and reduce costs at scale. 🍿🍿🍿