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%.

That is how much tariffs will add to Apple's costs this quarter, assuming existing policies remain in place, said Chief Executive Tim Cook. He forecast the hit could worsen further ahead. Shares in the iPhone maker fell nearly 3% in premarket trading.