New Delhi, April 9 -- As Donald Trump's Liberation Day tariffs approached, Apple Inc apparently tried stocking up on iPhones in the US to cushion the blow that was to come. The iPhone-maker is reported to have airlifted as many as five plane-loads from India of its products over just three days in the last week of March in anticipation of barriers going up.

With a 26% tariff declared for Indian exports from 9 April onwards, Apple's late scamper looks clever in hindsight. What happens next is the question.

Chinese exports face US levies of 54% (with another 50% threatened), so India will have a relative advantage as Apple's sourcing base. This could divert the bulk of iPhone production from China to India.

What the White House wants, th...