President Donald Trump’s reciprocal tariffs could lead Apple to raise the price of the iPhone 16 Pro Max by as much as $350 in the U.S., UBS analysts estimated Monday.

The iPhone 16 Pro Max is Apple’s highest-end iPhone on the market, and currently retails for $1,199. UBS is predicting a nearly 30% increase in retail price for units that were manufactured in China.

Apple’s $999 phone, the iPhone 16 Pro, could see a smaller $120 price increase, if the company has it manufactured in India, the UBS analysts wrote.

Shares of Apple have plummeted 20% over the past three trading days, wiping out nearly $640 billion in market cap, on concern that Trump’s tariffs will force the company to raise prices just as consumers are losing buying power.

“Based on the checks we have done at a company level, there is a lot of uncertainty about how the increased cost sharing will be done with suppliers, the extent to which costs can be passed on to end-customers, and the duration of tariffs,” UBS analyst Sundeep Gantori wrote in the note.

Apple, which does the majority of its manufacturing in China, is one of the most exposed companies to a trade war. China has a potential incoming 54% tariff rate — before new increases were proposed Monday. Smaller tariffs were also placed on secondary production locations, such as India, Vietnam and Thailand.

JPMorgan Chase analysts predicted last week that Apple could raise its prices 6% across the world to offset the U.S. tariffs. Barclays analyst Tim Long wrote that he expects Apple to raise prices, or it could suffer as much as a 15% cut to earnings per share.

If Apple were to relocate iPhone production to the U.S. — a move that most supply chain experts say is impossible — Wedbush’s Dan Ives predicts an iPhone could cost $3,500.

Morgan Stanley analysts on Friday said Apple could absorb additional tariff costs of about $34 billion annually. They wrote that although Apple has diversified its production in recent years to additional countries — so-called friendshoring — those countries could also end up with tariffs, reducing Apple’s flexibility.

After last week’s “reciprocal tariff announcement, there becomes very little differentiation in friend shoring vs. manufacturing in China — if the product is not made in the US, it will be subject to a hefty import tariff,” Morgan Stanley wrote.

Last week, the firm estimated that Apple may raise its prices across its product lines in the U.S. by 17% to 18%. Apple could also get exemptions from the U.S. government for its products.

WATCH: Apple plummets on Trump tariffs

Elon Musk’s younger brother, Kimbal, took to the social network X on Monday to lambaste President Donald Trump’s tariffs, calling them a “structural, permanent tax on the American consumer.” He also said Trump appears to be the “most high tax American President in generations.”

“Even if he is successful in bringing jobs on shore through the tariff tax, prices will remain high and the tax on consumption will remain the form of higher prices because we are simply not as good at making things,” Kimbal Musk wrote on X, one of the companies in his brother’s extensive portfolio.

The younger Musk owns a restaurant chain called The Kitchen, is a board member at Tesla and a former director at SpaceX and Chipotle. He has also co-founded and invested in other food and tech startups, including Square Roots, an indoor farming company, and Nova Sky Stories, a creator of drone light shows that he bought from Intel.

Elon Musk is a top advisor to Trump, overseeing the so-called Department of Government Efficiency, or DOGE, an effort to drastically cut federal spending, largely through layoffs, and consolidate or eliminate agencies and regulations. However, his relationship with some key figures in the Trump administration has been showing signs of strain in recent days as the president’s sweeping tariffs have led to a dramatic selloff in stocks, including for Tesla, which is down 42% this year and just wrapped up its worst quarter since 2022.

Over the weekend, Elon Musk took aim at Trump trade advisor Peter Navarro, disparaging his qualifications in a post on X.

“A PhD in Econ from Harvard is a bad thing, not a good thing,” Musk wrote, after Navarro told CNN on Saturday that “The market will find a bottom” and that the Dow will “hit 50,000 during Trump’s term.” It’s currently at about 38,200.

Musk also said that Navarro hasn’t built “sh—.” Navarro told CNBC on Monday that Musk is “not a car manufacturer” but rather a “car assembler,” dependent on parts from Japan, China and Taiwan.

Tesla was seeking a more moderate approach to trade and tariffs in a recent letter to the U.S. Trade Representative.

According to Federal Election Commission filings, Kimbal Musk this year has contributed funds to the Libertarian National Committee and Libertarian Party of Connecticut. In 2024, while his brother became the biggest financial backer and promoter of Trump, Kimbal donated to Unite America PAC, a group that markets itself as a “philanthropic venture fund that invests in nonpartisan election reform to foster a more representative and functional government.”

A representative for Kimbal Musk didn’t immediately respond to a request for comment.

WATCH: Tesla Q1 deliveries worse than expected

Apple has triumphed over an effort from the U.K. government to keep details secret of its appeal against an order to create a “backdoor” to iPhone users’ data.

The U.K.’s Investigatory Powers Tribunal on Monday published a ruling dismissing the government’s attempt to prevent details from a hearing on the appeal from being made public. The government had tried to keep the information secret on the grounds it posed risks to national security.

Judges Rabinder Singh and Judge Jeremy Johnson said in their ruling that the U.K. government’s request to keep details of the hearing private “would be the most fundamental interference with the principle of open justice.”

“It would have been a truly extraordinary step to conduct a hearing entirely in secret without any public revelation of the fact that a hearing was taking place,” they said.

Britain’s Home Office was not immediately available for comment when contacted by CNBC.

The ruling relates to an appeal made by Apple against a demand from the U.K. government to allow officials to access iPhone users’ encrypted data via a technical “backdoor.”

This backdoor would allow the government to access information secured by Apple’s Advanced Data Protection (ADP) system, which applies end-to-end encryption to a wide range of iCloud data.

Governments in the U.S., U.K. and EU have long expressed dissatisfaction with end-to-end encryption, arguing it enables criminals, terrorists and sex offenders to conceal illicit activity.

In the U.K., the Investigatory Powers Act of 2016 empowers the government to compel tech companies to weaken their encryption technologies through so-called “backdoors” — a heavily controversial policy for both the tech industry and privacy campaigners.

Apple — which is known for its pro-privacy stance — has pushed back on efforts to weaken its encryption tools, saying this would undermine its security and put users at risk.

As a result of the government’s order, Apple withdrew its ADP system for U.K. users in February. In a blog post at the time, the tech giant said it has “never built a backdoor or master key to any of our products or services and we never will.”

“We are deeply disappointed that our customers in the UK will no longer have the option to enable Advanced Data Protection (ADP), especially given the continuing rise of data breaches and other threats to customer privacy,” Apple said in the post.

“Apple remains committed to offering our users the highest level of security for their personal data and we are hopeful that we will be able to do so in the future in the United Kingdom.”