AAPL - MORGAN STANLEY: 25% TARIFF WON’T RESHORE IPHONE PRODUCTION Morgan Stanley says a 25% tariff on imported iPhones won’t push Apple to move production to the U.S., citing high costs and long timelines. Building U.S. plants would take over two years and cost billions. A U.S.-made iPhone would be 35% more expensive—far more than the 4–6% price hike needed to offset the tariff. The firm warns that Apple’s continued shift to India could strain its relationship with the administration and risk higher tariffs. Still, Apple may offset the impact through increased U.S. investment under its 500B plan.