For Carrin Harris, CEO of Michigan-based manufacturing company Blitz Proto, the tariffs have already created significant challenges. Her company, which makes prototypes for products including toys, medical devices and car parts, has been grappling with rising costs since January.

That’s not to say tariffs won’t hurt; CEO Tim Cook said tariffs will likely cost the company $1.1 billion this quarter. But analysts say Apple has bigger concerns, such as its future product strategy and approach to artificial intelligence, a burgeoning field that the tech behemoth is perceived to be behind in.