Apple CEO Tim Cook escorts President Donald Trump as he tours Apple’s Mac Pro manufacturing plant with Treasury Secretary Steven Mnuchin looking on in Austin, Texas, November 20, 2019

Even if iPhones could be assembled in America, much of what goes into an iPhone comes from countries around the world, all of which have received tariffs.
The vast majority of parts in an iPhone are made in Asia. The processor is manufactured by TSMC in Taiwan, the display is produced by South Korean companies like LG or Samsung, and the majority of the other components are made in China.
Apple would face tariffs on most of those parts, according to Mohan of Bank of America Securities, unless it could secure waivers for individual parts. Semiconductors, which are among the most valuable parts inside an iPhone, are exempt from tariffs at the moment.
Trump on Wednesday put a 90-day pause on most of his tariffs, but if the pause comes to an end, a Yankee-made iPhone 16 Pro Max could increase in price by 91% thanks to tariffs and increased labor costs, Mohan wrote.
“While it may be possible to move final assembly to the U.S., moving the entire iPhone supply chain would be a much bigger undertaking and would likely take many years, if even possible,” Mohan wrote.

“While it may be possible to move final assembly to the U.S., moving the entire iPhone supply chain would be a much bigger undertaking and would likely take many years, if even possible,” Mohan wrote.
Though Jobs shut down the idea of an America iPhone flat out with Obama, Cook hasn’t taken the same unvarnished approach.
Instead, Cook has led Apple’s strategy to engage with Trump, including attending his inauguration in January. Apple also announced that it will spend $500 billion within the U.S., including on some AI server production in Houston. Trump regularly cites the investment with approval.
During the first Trump administration, Cook’s strategy worked.
Although Trump talked about stars-and-stripes iPhones and Apple building plants in the U.S., the tech company was able to secure temporary exemptions for many of its products made in China. That meant Apple didn’t have to pay tariffs on important devices like the iPhone.
The charm offensive during Trump’s first term culminated in the fall of 2019 when Apple extended its commitment to assembling the $3,000 Mac Pro in a Flex factory outside Austin, Texas. Trump toured the factory with Cook.
Before Apple commits to a red, white and blue iPhone, it may produce some lower-volume products or accessories in the U.S. to charm Trump, Wall Street analysts say.
“Given we now know that the Trump administration is willing to negotiate, we wouldn’t be surprised to see Apple commit to some small-volume production in the US (HomePod? AirTags?), similar to its September 2019 commitment to manufacture the new Mac Pro in Austin, TX, to try and win an exemption,” Morgan Stanley analyst Erik Woodring wrote in a Thursday note.
Apple declined to comment.