The price of iPhones could triple under Donald Trump’s new tariffs, analysts claimed today as Apple fans consider boycotting the firm which has seen its stock plummet.

The cost of a 256GB iPhone 16 Pro could soar from $1,100 (£850) to as much as $3,500 (£2,715), experts warned after the President’s ‘Liberation Day’ crackdown.

Most iPhones are still made in China, which faces a 54 per cent tariff on US exports – and Apple will now be looking at how much it can absorb the extra expense.

But tech fans are outraged by the possible price hike, with some claiming it is time to say: ‘Goodbye iPhone, hello Samsung’. One said it was ‘Trump’s masterstroke to promote Android phones’ and another advised: ‘Just buy a Samsung problem solved.’

It comes as the UK’s FTSE 100 plunged to a one-year low this morning, despite Sir Keir Starmer promising new measures to support under-pressure manufacturers.

Analysts have warned that the scale of disruption in global financial markets is one of the worst to be felt in decades. The FTSE index dropped by about 5 per cent in early trading in London today as a sharp sell-off kicked in shortly after markets opened.

The panicked mood was felt across Europe, with Germany’s Dax index recording a drop of about 6.5 per cent, and France’s Cac 40 down around 5.3 per cent in the morning. Overnight, Asian stocks across the board were also sinking to new lows.

Now, the cost of producing the iPhone is set to increase from $580 (£450) to $850 (£660), TechInsights analyst Wayne Lam told The Wall Street Journal.

And with many of these costs expected to be passed on to the consumer, at least in America, some Apple customers are now preparing to abandon the US tech giant.

Apple sells more than 220 million iPhones a year – and its biggest markets include the US, China and Europe. However, shares of the company closed down 9.3 per cent last Thursday, losing $311 billion in market value on their worst day since March 2020.

Apple iPhone 16 models are displayed at a store in London

Apple CEO Tim Cook is among the Silicon Valley chief executives who turned to Donald Trump in the run up to his election victory, buoyed by his promises to cut regulation and taxes

President Donald Trump explains his ‘Liberation Day’ crackdown at the White House last week 

The cheapest iPhone 16 was launched in the US for $799 (£619), but could cost as much as $1,142 (£885), based on projections from analysts at Rosenblatt Securities, who say the cost could rise by 43 per cent – if Apple can 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 (£1,239), could cost nearly $2,300 (£1,782) if a 43 per cent increase were to be passed to consumers.

This could also have an impact on prices in the UK, if Apple decides to increase the price by the same amount in Britain – or it could increase both UK and US prices by a smaller amount.

But Angelo Zino, equity analyst at CFRA Research, said the company will have a tough time passing on more than 5 to 10 per cent of the cost to consumers.

He added: ‘We expect Apple to hold off on any major increases on phones until this fall when its iPhone 17 is set to launch, as it is typically how it handles planned price hikes.’

Any price rises for Apple could also give South Korea’s Samsung an edge, as the country faces lower tariffs than China, where all iPhones sold in the US are made.

Currently, the cost of assembly is around $30 in China, but this would soar by ten times if production moved to the US, Mr Lam explained.

Apple declined the WSJ’s request for comment on any potential price increases related to the newly imposed tariffs.

However, if analysts’ predictions are correct, the introduction of tariffs makes it likely that the cost of an iPhone will increase. 

On social media, tech fans appeared to be braced for the worst with one commenter remarking: ‘Apple users about to find out what real inflation feels like.’

Another joked: ‘Trump helping to make the iPhone 16e look like a good deal lol’.

Worryingly for Apple, several former customers have already said they will refuse to pay the increased price and are calling on others to do the same.

On X, one commenter suggested: ‘Stop buying iPhones?’

‘Stop buying these expensive phones’, another said.

One commenter chipped in: ‘Don’t buy it. You don’t need it. It’s A LUXURY’.

While another complained that the iPhone ‘wasn’t worth it to begin with’.

Similarly, one tech fan complained: ‘Not sure why people spend so much for an iPhone anyway. Get an Android.’

Even those who might be thinking about buying an iPhone suggested that they would either avoid making the purchase or delay upgrading to the newer model.

A potential Apple customer wrote: ‘I was just about to get one too. I’ll have to wait a little bit and see how it all plays out.’

‘No one needs to buy an iPhone every year,’ added another.

Mr Trump claims his tariffs will encourage domestic manufacturing by increasing the price of foreign products.

Experts have warned that the cost of a 256GB iPhone 16 Pro will surge from $1,100 (£850) to an eye-watering $3,500 (£2,715) 

But since Apple would still need to import the raw materials used to make its devices, experts say there is not an economical way to make iPhones on US soil.

Moving iPhone production to America would be a ‘massive, mammoth undertaking,’ Mr Crockett told the WSJ.

‘It’s not clear you can make a competitively priced smartphone here,’ he told the outlet.

Mr Trump imposed tariffs on a wide range of Chinese imports in his first term as president to pressure US companies to bring manufacturing either back to America or to nearby countries such as Mexico, but Apple secured exemptions or waivers for several products. This time, he has not yet granted any exemptions.

‘This whole China tariff thing is playing out right now completely contrary to our expectation that American icon Apple would be kid-gloved, like last time,’ Barton Crockett, analyst at Rosenblatt Securities, said in a note.

The iPhone 16e, launched in February as a cheaper entry point for Apple’s suite of artificial-intelligence features, costs $599. A 43 per cent price hike could push that cost to $856. Prices of other Apple devices could jump as well.

Many customers pay for their phones over a period of two or three years through contracts with their cellular providers.

However, other analysts noted that iPhone sales have been floundering in the company’s major markets, as Apple Intelligence, a suite of features that helps summarize notifications, rewrite emails and give users access to ChatGPT, has failed to enthuse buyers.

Expert reviews have suggested that the features, while innovative, do not provide enough of a compelling reason to justify upgrading to newer models.

The stagnation in demand could put additional pressure on Apple’s bottom line, especially if costs rise due to tariffs.

Even with some production moving to Vietnam and India, most iPhones are still made in China, and those countries were not spared from tariffs either, with Vietnam getting a 46 per cent levy and India’s coming in at 26 per cent.

Apple would need to raise its prices by at least 30 per cent on average to offset import duties, according to Counterpoint Research co-founder Neil Shah.

‘Our quick math on Trump’s tariff Liberation Day suggests this could blow up Apple, potentially costing the company up to $40billion,’ Rosenblatt Securities’ Crockett noted, adding that negotiations between Apple, China and the White House are likely.

‘It’s hard for us to imagine Trump blowing up an American icon…but this looks pretty tough.’

Silicon Valley chief executives turned to Trump in the run up to his election victory, buoyed by his promises to cut regulation and taxes.

Jeff Bezos, chairman of Amazon, Mark Zuckerburg, Meta chief executive, Tim Cook, Apple boss, and Sundar Pichai of Alphabet all attended Trump’s inauguration in January, publicly backing the President.

Meta and Amazon both gave $1million to Trump’s inauguration, while Apple’s Tim Cook personally donated another million.

But the love in has come to an end after Trump unveiled sweeping tariffs last week, wiping billions off the tech giants share prices.

Russ Shaw of Tech London Advocates, said: ‘It was always an odd bromance to begin with, I think it was opportunism on both sides.

‘Biden never reached out to the tech giants so Trump took advantage. A sobering reality has kicked in now.’

Particularly badly hit from the fallout was Apple.

Trump imposed crushing tariffs not only on China, where the majority of Apple’s iPhones are made, but also on countries such as Vietnam and India, where Cook has quietly moved parts of its production in recent years in anticipation of further Chinese tensions.

In response to Trump’s Liberation Day, Chinese President Xi Jinping declared the country will tack on an additional 34 per cent tariff on all US imports

Vietnam where Apple now makes AirPods, iPads and Apple Watches was one of the worst hit, receiving a new tariff rate of 46 per cent, while India is facing a rate of 26 per cent.

Trump’s tariffs could lead to the price of an iPhone rising by up to 43 per cent, meaning the most expensive iPhone would cost $2300, up from $1599 today.

Mr Shaw added: ‘It’s particularly bad if the company is making hardware like Apple. It relies on the world’s supply chains to produce phones and computers. ‘

Treasury Secretary Scott Bessent said last week that a market decline was a sign of investors correcting for months of AI hype and over-priced tech stocks, calling it a ‘Mag 7 problem, not a MAGA problem,’ a reference to the ‘Magnificent Seven’ tech stocks Apple, Amazon, Tesla, Alphabet, Microsoft, Meta and chip-maker Nvidia.

On ‘Liberation Day’, Mr Trump declared that foreign trade and economic practices have sparked a national emergency.

All nations will be faced with at least 10 per cent tariffs on all US imports starting on Saturday.

But more than 90 countries will be hit with additional reciprocal tariffs in order to make the US ‘wealthy again’ by April 9.

Reciprocal tariffs, according to the White House , are the rates ‘necessary to balance bilateral trade deficits between the US and each of our trading partners.’

Several countries – including China – will be subjected to these individualized taxes, which are calculated by the White House while factoring in those nation’s trade policies.

In response to Mr Trump’s Liberation Day, Chinese President Xi Jinping declared the country will tack on an additional 34 per cent tariff on all US imports.

The new tariff, which comes into effect on April 10, matches the rate of the ‘reciprocal’ 34 per cent levy imposed by Trump. The levies are in addition to the existing tariffs already imposed on US goods.

‘China’s new tariffs stop short of full-blown trade war, but they mark a clear escalation – matching Trump blow-for-blow and signalling that Xi Jinping won’t sit back under pressure,’ Craig Singleton, senior China fellow at the Foundation for Defense of Democracies, told the Associated Press.

Prior to Wednesday’s announcement, Mr Trump had already hit China with two rounds of 10 per cent importing tariffs.

‘The longer this drags, the harder it becomes for either side to deescalate without losing face,’ Mr Singleton warned.