Apple increased its exports of iPhones from India to the United States in April, with industry data showing a 76 percent increase compared to previous months. The jump came amid President Donald Trump's threats of a 25 percent tariff on iPhones made outside the U.

Apple and India have invested years and billions of dollars in teaming up against China. India sees it as a strength. To President Trump, it looks like leverage.

Apple's (AAPL) strategy of pulling phone shipments into the March and June quarters – part of its “tariff actions” – is helping bridge the gap until the iPhone 17 launch, according to Loop Capital analyst Ananda Baruah.