Apple is worth $1tn less than three months ago – why is it so hard-hit by Trump tariffs? - The iPhone maker has seen an outsize impact on its share price in 2025

Investment bank Morgan Stanley has told investors that while Apple may have brought forward some iPhone 16 production ahead of Trump's new tariffs, there is little more it can do to mitigate a $33 billion cost increase it is about to incur.

The Trump administration’s threat of massive new tariffs has sent Apple Inc.’s share price plummeting, but it also brought a short-term benefit: customers rushing to retail stores to buy iPhones.

The latest cycle of iPhone software, iOS 18, is compatible with all iPhones from the iPhone Xs from 2018 onwards. That means the iPhone Xs, iPhone Xs Max and iPhone Xr and all iPhones after that, including the iPhone SE in both its second- and third-generation models. And all members of the iPhone 16 series are included, right up to the iPhone 16e.

The Apple iPhone has always been an expensive device to own, but users are now sweating about the possible price increase due to the White House tariffs. That has led to a surge in sales over the last few days,

Trump dumped other countries' tariffs for now but bumped China up to 125%. Experts advise against panic-buying if it puts you in debt.