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"If you aren't planning to upgrade in the next year, there is no need to rush out to buy a new smartphone," Shawn DuBravac, chief economist at IPC, a manufacturing trade association, said in an email. "Technology is naturally deflationary, meaning that over time performance goes up and prices generally go down for products of similar quality."

An expert has warned the prices of iPhones will increase drastically as a result of tariffs introduced by Donald Trump.