Bank of America has announced that Apple may need to increase the prices of its products due to customs duties. The tariffs imposed by US President Donald Trump are expected to directly impact technology companies. One of the leading banks in the US, Bank of America, stated that Apple will need to raise prices on iPhone and other products due to customs duties. Analysts at the bank who reviewed Apple’s tariff scenario noted that all products could face at least a 10% customs duty. They emphasized that the 10% tariff is only for China, but there is a mutual threat of customs duties for other countries like India. The bank highlighted that millions of devices sold in the US will be subject to customs duties, and even though Apple doesn’t raise prices in the US, it will still be negatively affected. Additionally, the bank reported that due to customs duties, Apple will need to fulfill iPhone demand from China. As part of diversifying the supply chain, Apple had already begun producing iPhones in India. The mutual trade tariffs are expected to come into effect as of April.