President Donald Trump's announcement of new tariffs has threatened Apple Inc, causing the iPhone maker's stock price to plummet.
However, the good news is that customers are rushing to buy iPhones before the 54% tariffs are implemented with most of the products being made in China.
An Apple store employee shared a 'panic-buying' situation with many customers asking if the iPhone price will increase after this because of the tariffs.
Apple's US retail stores have seen higher sales in recent weeks than in previous years.
On May 1, Apple will report its fiscal second-quarter results to CEO Tim Cook and CFO Kevan Parekh to discuss the impact of the tariffs.
Last week, the impact of the tariffs hit Apple hard, with more than half a trillion dollars in the company's value falling in the last two trading days of last week.
Apple is taking steps to prepare for the further impact of the tariffs, including stockpiling inventory.
At the same time, Apple is also shifting more production to Vietnam, which has lower tariffs than China.
According to Bloomberg News, Apple will implement several measures such as setting lower margins to keep prices from continuing to rise.
This situation could improve Apple's third-quarter results.
