But some analysts say the risk of trade wars is greater, and other tech names that have ties to China could be at risk. The tariffs are expected to hit companies unevenly, but analysts stress it's not clear exactly how they will be impacted.
"The belief that Apple is somehow immune to this is delusional. ... Whose to say China doesn't put tariffs on Apple?" said Peter Boockvar, chief investment strategist at Bleakley Advisory Group. "Some analysts have been concerned that U.S. companies could be boycotted or given a hard time with regulations or other issues, even if they are not affected by tariffs."
"China clearly will retaliate. It's not going to be positive for the market. The real problem is as tough as this talk sounds. The bulk of the tariffs don't currently affect the consumers directly but these will and retaliation will. China first came after the farmer. Now they'll go after the consumer," said Art Hogan, chief market strategist at B. Riley FBR.
Hogan said it makes sense that the consumer would be hit next. "That's what we're trying to price into the market...A lot of the manufacturing comes out of Asia. That would be an import. That could be tariffed. The flip side is we export our technology. That gets manufactured in iPhones and largely built over there. When it comes back, it's an import again. it's a pretty complicated supply chain. We certainly importing more than we export. You're certainly going to see major chip players taking a hit here," Hogan said.
However, Scott Kessler, head of equity research at CFRA, does not expect most tech names to take a major hit on tariffs. "There's no question there will be some issues. For most companies, it's relatively minimal. There's a handful of exceptions. Apple is probably a notable exception. About a quarter of its revenues have been from China, but I think that it's not as much as an issue for the tech sector, it's more for many other sectors."
Kessler said one way the industry could be impacted is by stricter regulation of mergers, meaning Chinese buyers could face even stiffer scrutiny if they were to seek to buy a U.S. chip maker. Qualcomm's plan to buy NXP Semiconductors, meanwhile, was scuttled after Chinese regulators failed to approve the $43 billion merger.