US trade policy uncertainty continues to affect trade flows and investment decisions. Amid the US announcement of reciprocal tariffs, China's overall cell phone exports dropped 21% y-o-y in April, among which, smartphone shipments to the US declined by 70% y-o-y (based on HS code 851713), despite the reciprocal tariff exemptions for some consumer electronics (though they were only announced mid-April). iPhones are primarily produced and assembled in China, but reportedly Apple is looking to shift production ...