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US President Donald Trump declared that “jobs and factories will come roaring back” as he rolled out unprecedented global tariffs during his “Liberation Day” address.With the sweeping tariffs now in effect, steep price increases on goods ranging from clothing to electronics are expected to largely fall on American consumers. A prominent tech analyst has now warned that the price of an Apple iPhone could skyrocket to around $3,500 if they were manufactured in the US.The president and his economic team have insisted that the tariffs will eventually lead to the "reshoring" of numerous manufacturing jobs to the US, employing millions of Americans.However, Dan Ives, global head of technology research at Wedbush Securities, told CNN’s Erin Burnett that this notion is a “fictional tale.”US-made iPhones could cost more than triple their current price of around $1,000, Ives said, because replicating the complex production ecosystem that now exists in Asia would be extremely expensive.“You build that (supply chain) in the US with a fab in West Virginia and New Jersey. They’ll be $3,500 iPhones,” he said, referring to fabrication plants, or high-tech facilities where computer chips are manufactured.Even then, moving just 10% of Apple's supply chain to the US would cost around $30 billion and take about three years, Ives noted. CNN has reached out to Apple for comment.Smartphone manufacturing and assembly moved to Asia decades ago, while US companies increasingly focused on software development and product design — areas with higher profit margins. This shift helped make Apple one of the most valuable companies in the world and a dominant player in smartphones.Since Trump’s inauguration in late January, Apple’s stock has fallen by about 25% amid fears that tariffs could severely disrupt its supply chain, which is heavily reliant on China and Taiwan. Roughly 90% of iPhones are assembled in China.“That’s why you see what’s happening to the stock, because no company is more caught up in this tariff front and center in this category five storm than Cupertino and Apple,” Ives said. “It’s an economic Armageddon, especially for the tech industry.”iPhone chips are primarily made in Taiwan, while screen panels come from South Korea. Other components are produced in China, with final assembly mostly taking place there.