PREVIEW: Apple dips ahead of earnings; tariffs in focus

** Apple AAPL.O shares dipping 0.2% on Thurs ahead of qtrly results after the bell, as investors focus on tariffs, Chinese competition and AI

** Trump on Weds imposed a 25% tariff on goods imported from India starting Aug 1, just as the total volume of Indian-made smartphones has jumped 240%, largely driven by AAPL shifting production there, per research firm Canalys

** Analysts expect qtrly rev up 4% to $89.53 bln, adj EPS seen at $1.43 vs $1.40 yr-ago, per LSEG

** AAPL stock recently at 27 times expected earnings, in line with its avg forward PE of 27 over past five years, suggesting it may be fairly valued

** Stock has dipped about 17% year-to-date, compared to a 10% rise in Nasdaq .IXIC, under pressure from concerns about U.S. President Donald Trump's global trade policy, and also from worries the iPhone maker has been slow to adopt AI