A new iPhone currently costs around $1,000
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00:00If you were planning on getting a new iPhone anytime soon, you might want to speed up that
00:04process. According to one prominent tech analyst, the price of Apple's biggest moneymaker could
00:09more than triple. Speaking with CNN, Dan Ives of Wedbush Securities said the new iPhone could
00:14cost as much as $3,500. That's because moving and replicating the current production of phones
00:20made in China here to the U.S. would be incredibly expensive for Apple. Ives went on to say that
00:25moving just 10% of Apple's iPhone production to the States would take three years and cost roughly
00:31$30 billion. He also addressed Apple's 20% stock drop over the past seven days, saying, quote,
00:38that's why I think you see what's happened to the stock, because no company is more caught up in
00:42this tariff front and center in this Category 5 storm than Cupertino and Apple. That'll do it
00:47for your daily briefing. From New York City, I'm Lauren Torres with The Street.