President Trump’s sweeping tariffs could completely change global trade and consumer goods like the iPhone. Apple products in the U.S. could become 30-40% more expensive, as Apple’s manufacturing is based in China and other Asian countries that are now subject to Trump’s steep tariffs, Reuters reports. The iPhone 16, which was originally priced at $799, could now rise to $1,142.
The iPhone 16 Pro Max, which retails for $1599, will see a 43% increase that could bring its price to nearly $2300. Most iPhones are made in China, where a 54% retaliatory tariff has been imposed. Apple shares fell 9.3%, the company’s biggest drop in five years. Trump’s decision to impose tariffs on almost the entire world triggered the biggest U.S. stock market crash in years, with U.S. companies losing nearly $3 trillion in value in just an hour.