Apple iPhones could become even pricier under President Trump's reciprocal tariffs on roughly 90 foreign nations, which were slated to take effect Wednesday, but are now on hold for 90 days, with the exception of levies on China.

The disincentives for Apple shifting its production domestically include a complex supply chain that it began building in China during the 1990s.

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%.