“Can you imagine most prices at all the retailers doubling almost overnight?”
The manufacturing cost is quite often a small percentage of the US selling price. An iPhone might cost $100 to make in China. Paying $125 in tariffs might raise its price by a like amount, or Apple might swallow most or all of the tariff increase.
Good point. So what is the actual cost of the phone at the point of importation, on which the tariffs are applied?