Apple granted ‘much needed reprieve’ from 145% tariff, says UBS

UBS analyst David Vogt keeps a Buy rating on Apple (AAPL) with a $236 price target after the U.S. Customs and Border Protection Agency said smartphones, PCs, servers and other technology imported from China face a tariff of 20%, down from the prior 145%. “This 12th hour change provides relief for Apple (and others) that would have faced significant economic headwinds,” the analyst tells investors in a research note. UBS estimated the 145% tariff would have reduced Apple’s earnings power by 30% given that its supply chain is heavily reliant on China despite diversification efforts over the past decade. Given the exemptions announced for smartphones, the firm estimates Apple’s earnings impact from 20% tariffs on smartphones could be 34c per share, or a 5% headwind to its 2026 2026 estimate of $7.49.