While Trump promises new tariffs for tech products, Apple seems to have avoided the worst-case scenario, as smartphones are exempt from the current reciprocal tariffs against China.

Analysts projected iPhone prices could increase by more than 40% before the White House at least temporarily carved out smartphones from its most aggressive tariffs.

Make no mistake about it: tariffs are real and impactful, and they will cause volatility in the financial markets. A case in point is Apple (NASDAQ:AAPL) stock, which got slammed Monday, continuing last week’s deep decline.