(CNN) — Apple CEO Tim Cook should be breathing a sigh of relief.

The White House on Wednesday ratcheted tariffs on Indian imports up by an additional 25%, raising the total levies on one of the United States’ most crucial trading partners to 50% when they kick in later this month.

But smartphones are exempt from President Donald Trump’s new levies on India, marking a crucial win for the tech giant as it approaches its most important time of the year: its annual September iPhone launch followed by the holiday season. Apple will also dodge incoming new tariffs on semiconductors, since it’s committed to building iPhone components in the United States, Trump said Wednesday.

That’s not to say tariffs won’t hurt; CEO Tim Cook said tariffs will likely cost the company $1.1 billion this

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