Your next iPhone could be three times more expensive

A new iPhone currently costs around $1,000

Transcript

00:00If you were planning on getting a new iPhone anytime soon, you might want to speed up that

00:04process. According to one prominent tech analyst, the price of Apple's biggest moneymaker could

00:09more than triple. Speaking with CNN, Dan Ives of Wedbush Securities said the new iPhone could

00:14cost as much as $3,500. That's because moving and replicating the current production of phones

00:20made in China here to the U.S. would be incredibly expensive for Apple. Ives went on to say that

00:25moving just 10% of Apple's iPhone production to the States would take three years and cost roughly

00:31$30 billion. He also addressed Apple's 20% stock drop over the past seven days, saying, quote,

00:38that's why I think you see what's happened to the stock, because no company is more caught up in

00:42this tariff front and center in this Category 5 storm than Cupertino and Apple. That'll do it

00:47for your daily briefing. From New York City, I'm Lauren Torres with The Street.