Washington [US], April 4: Your favorite iPhone could soon become much pricier, thanks to tariffs.
U.S. President Donald Trump imposed a series of sweeping tariffs on countries around the world that could drastically alter the landscape of global trade, and consumer goods like iPhones could be among the hardest hit, analysts said on Thursday, with increases of 30% to 40% if the company were to pass on the cost to consumers.
Shares of the company closed down 9.3% on Thursday, hitting their worst day since March 2020.
Apple sells more than 220 million iPhones a year; its biggest markets include the United States, China and Europe.
The cheapest iPhone 16 model was launched in the U.S. with a sticker price of $799, but could cost as much as $1,142, per calculations based on projections from analysts at Rosenblatt Securities, who say the cost could rise by 43% - if Apple is able to pass that on to consumers.
A more expensive iPhone 16 Pro Max, with a 6.9-inch display and 1 terabyte of storage, which currently retails at $1599, could cost nearly $2300 if a 43% increase were to pass to consumers.
Source: Fijian Broadcasting Corporation