There has been a lot of speculation about how high Apple might raise iPhone prices in response to Trumps tariffs. A new report from The Wall Street Journal, however, offers the most realistic look yet at what it currently costs Apple to make the iPhone 16 Pro and how that could change thanks to Trumps tariffs.How Trumps tariffs will impact iPhone pricesThe report cites data from TechInsights and iFixit to craft a breakdown of Apples costs, commonly referred to as the bill of materials, for an iPhone 16 Pro with 256GB of storage:A18 Pro chip: $90.85Display: $37.97Battery: $4.105G cellular modem: $26.62Memory: $21.80Storage: $20.59Rear camera array: $126.95Main enclosure: $20.79All other components: $200.06Pre-tariff total: $549.73Pre-tariff total with testing and assembly: $580Notably, this doesnt account for things like research and development, marketing, and other non-hardware costs for Apple. Even when you factor those in, the WSJ says theres still a healthy profit margin for Apple.Right now, Apple charges $1,099 for a 256GB version of the iPhone 16 Pro. While those components come from around the world, all final assembly occurs in China before the phones are imported into the United States. Trump has announced a 54% tariff on goods from China. Apple will pay that on the total cost of the components, not the $1,099 retail price of the iPhone 16 Pro.Accounting for the 54% tariff, Apples cost to make an iPhone 16 Pro with 256GB of storage increases to roughly $847. Thats a major hit to its profit margin, particularly when you factor in the other costs like marketing, research and development, packaging, shipping, and more.This report (Apple News+ link) from Joanna Stern at The Wall Street Journal is the most pragmatic look yet at how Trumps tariffs will impact Apples costs for the iPhone 16 Pro. Apple, meanwhile, still hasnt commented on how it plans to respond. The company is highly unlikely to eat the entire 54% tariff. The company may stomach part of the burden, but price increases for consumers seem inevitable.My advice from last week stands: if you need an iPhone now or think you might need one soon, now is the time to buy.My favorite iPhone accessories:Follow Chance:Threads,Bluesky,Instagram, andMastodon.Add 9to5Mac to your Google News feed. FTC: We use income earning auto affiliate links. More.Youre reading 9to5Mac experts who break news about Apple and its surrounding ecosystem, day after day. Be sure to check out our homepage for all the latest news, and follow 9to5Mac on Twitter, Facebook, and LinkedIn to stay in the loop. Dont know where to start? Check out our exclusive stories, reviews, how-tos, and subscribe to our YouTube channel