The comment came a day after the company's letter to U.S. Trade Representative Robert Lighthizer was revealed, which said Trump's proposed tariffs on $200 billion worth of imported Chinese goods would affect the Apple Watch, AirPods, Mac mini and Apple Pencil.
As a result, analysts — including Bank of America Merrill Lynch's Wamsi Mohan and Loup Ventures' Gene Munster — analyzed the potential negative impact to Apple from Trump's proposed tariffs on China.
Apple shares fell 1.3 percent Monday after the reports.
Mohan also said the tech giant may respond to pressure from Trump by asking its partners to bring some iPhone assembly operations into the U.S., leading to higher iPhone prices.
"The conclusion was for the iPhone (not currently impacted by Tariffs) moving production (100% of final assembly) to the U.S. would need 20% price increases to offset the incremental labor costs," he said.
Apple shares are up 31 percent this year through Friday versus the S&P 500's 7 percent gain.
Last month Apple became the first publicly traded U.S. company to reach $1 trillion in market value.
The company did not respond to a request for comment.