Even though the markets have become mostly numb to the current administration's tariff see-saw, one analyst is worried that Apple may have to maintain India iPhone imports regardless.

India has overtaken China to become the top source of smartphones sold in the US, after Apple Inc. shifted to assemble more of its iPhones in the South Asian country.

The number of smartphones assembled in India and imported to the U.S. skyrocketed this year, accounting for 44 percent of phones imported to the U.S. in the second quarter of 2025. The total volume of smartphones made in India increased by 240 percent from last year.