Unlike Delta Air Lines CEO Ed Bastian, who warned the tariff war is hurting bookings, Capuano is not seeing a significant impact at the world’s largest hospitality company. He notes that global travel demand is strong and most properties are locally owned.

Apple is heavily reliant on China, which has seen its tariff rates continue to ramp up to a cumulative 145%. While the company has been working to diversify its supply chains, analysts say its left without any clear short-term options to quickly reduce tariff impacts.

President Donald Trump’s administration has been predicting its barrage of tariffs targeting China will push Apple into manufacturing the iPhone in the U.