Would you pay $2,300 for an iPhone? President Donald Trump imposed 20% tariffs on China after taking office in January. Under a sweeping new plan aimed at stimulating U.S. manufacturing announced Wednesday,

"Our quick math on Trump's tariff Liberation Day suggests this could blow up Apple, potentially costing the company up to $40 billion," Rosenblatt Securities' Crockett noted, adding that negotiations between Apple, China and the White House are likely.

Your favorite iPhone could soon become much pricier, thanks to tariffs. President Trump imposed a series of sweeping tariffs on countries around the world that could drastically alter the landscape of global trade,