Trump proposed a 25% tariff on raw steel and a 10% tariff on raw aluminum on Thursday.
Shares of Apple gained 0.69% to $176.21, after dropping 1.75% on Thursday.
The good news for Apple is that the tariffs would apply to raw materials brought into the U.S., Gene Munster of Loup Ventures observed.
"The only thing they make in the U.S. right now is the high-end Mac Pro," Munster said, adding that he is not sure if the aluminum used in the round, desktop computer is made the in the U.S.
Macs represent about 12% of total sales, the analyst said. The Mac Pro accounts for probably 1%, he estimates, and only about half of those sales are in the U.S.
"At most a half a percent of sales is impacted," he said. Costs on that sliver of Apple's revenue might go up by 10%.
"It's almost an immeasurable impact on the business," Munster said.