Jefferies has warned that Apple (AAPL) may face difficulties meeting U.S. demand for the iPhone 17 from production in India, highlighting potential supply constraints in its global manufacturing strategy. Additionally, a possible 130% tariff on Chinese imports could reduce Apple’s 2026 earnings per share by nearly 5%, posing significant financial headwinds amid ongoing geopolitical tensions.

On the product front, Apple is preparing to begin pre-orders for the iPhone Air in China on October 17. The device, priced at 7,999 yuan ($1,121.56), will be the only model supporting eSIM services, signaling Apple’s continued push for advanced connectivity features in its smartphone lineup.

These developments underscore Apple’s balancing act between supply chain management, regulatory risks, and product innovation as it navigates a complex global market.