Trump's tariffs will cost Apple about $900 million in Q2, but Tim Cook says most iPhones sold in the US will come from India, meaning lower tariffs and, hopefully, no price hikes for you.

Apple will be sourcing almost its entire line of iPhones sold in the US -- about 60 million phones a year -- from assembly facilities in India, CEO Tim Cook said Thursday. The planned move comes against the backdrop of the Trump administration imposing tariffs against China of up to 145%.

Apple on Thursday reported first-quarter profit above expectations but warned that US tariffs could cost the company and were disrupting its supply chain.