Bank of America has revealed that Apple may have to increase the prices of its products due to customs tariffs. The tariffs imposed by President Donald Trump are expected to directly impact technology companies. Bank of America, one of the leading banks in the US, announced that Apple will need to raise prices on its iPhone and other products due to the customs tariffs. Bank analysts reviewing Apple’s tariff scenario stated that all products will face at least a 10% customs duty. Emphasizing that the 10% customs duty is only for China, analysts highlighted the mutual threat of customs tariffs to other countries like India. The bank indicated that millions of devices sold in the US will be affected by customs tariffs, stating, “Apple will be negatively affected even if they do not raise prices in the US.” Additionally, the bank reported that due to the customs tariffs, Apple will have to meet iPhone demand from China. As part of diversifying the supply chain, Apple had already started producing iPhones in India. Mutual trade tariffs are expected to come into effect as of April.