If Apple can move its production to India, which is currently excused from reciprocal tariffs, that could potentially help offset some of the price increase. That same analysis from UBS found that the cost of an iPhone 16 Pro 128 GB, costs $999 when made in India, could increase to $1,119, a more modest rise of 12%.

The products that won’t be subject to Trump’s new tariffs also include machines used to make semiconductors. That would be important for Taiwan Semiconductor Manufacturing Co., which has announced a major new investment in the US as well as other chipmakers.