comparisons. Apple sets prices centrally and the product is identical worldwide - so price differences reflect taxes, tariffs, distribution costs, and currency effects, making it an excellent barometer of trade and fiscal policy. Japan ($1,121, -5% vs US) offers the cheapest iPhone amidst yen South Korea (2nd cheapest) remains among the cheapest globally, amidst Turkiye at 2.4x the US price reflects high taxes and the lira's -92% collapse Brazil (2.1x) also shows the impact of taxes designed to encourage local Taxes also raise the relative price of an iPhone in Hungary (27% VAT). Switzerland ($1,385) is the cheapest European economy in our sample Hong Kong (0% VAT, +9% premium) serves as a useful benchmark for Apple's base distribution margin outside the US.
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