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.

Apple has created a loyal fan base of customers willing to pay premium prices for their products, like iPhones. The company’s strategy has long revolved around product differentiation, brand equity, and perception of value—but one longtime observer warns that a sudden jolt from large tariff-fueled price increases would deter even the most staunch Apple loyalist.