Analysts projected iPhone prices could increase by more than 40% before the White House at least temporarily carved out smartphones from its most aggressive tariffs.

Smartphones and laptops are among items exempt from recent China tariffs, but Commerce Secretary Howard Lutnick says more focused tariffs are on their way.

Before the latest exemption, the iPhone maker had a plan: adjust its supply chain to make more U.S.-bound iPhones in India, which would have been subject to far lower levies.