Even just moving the final assembly of an Apple iPhone to the US would increase the cost by more than 90%, Bank of America Global Research figured in a note today.

“In our opinion, while Apple can find labor to assemble iPhones in the U.S., a significant portion of the sub-assemblies would still be manufactured elsewhere, assembled in China, and imported to the U.S. This is because, while it may be possible to move final assembly to the U.S., moving the entire iPhone supply chain would be a much bigger undertaking and would likely take many years, if even possible,” BofA wrote.

Researchers believe Apple would still have to pay tariffs on imports of parts and subassemblies from places like China, in addition to US labor costs (which by themselves would increase production costs by 25%), in order to put the phone together in the US. That would bring the total cost of producing an iPhone 16 Pro Max to $1,242. For context, the iPhone 16 Pro Max currently has a starting price of $1,199.

Yesterday, when asked if President Trump thought iPhones could be made in the US, White House Press Secretary Karoline Leavitt responded, “Absolutely. He believes we have the labor, we have the workforce, we have the resources to do it.”