iPhones are not cheap. Like almost all Apple products, they are expensive compared to comparable competing products. Several studies have shown that iPhones cost 2-3 times the cost of the components from which they are assembled. Apple claims huge profits and over $200 billion stashed overseas to avoid US taxes.
https://www.macrumors.com/2015/09/30/iphone-6s-plus-componen...
Apple reported an astonishing $2,136,273 in revenues per employee in 2015. http://www.businessinsider.com/revenue-per-employee-at-apple...
Apple contracts a lot of work out to H1-Bs through firms like Wipro. This may well result in larger profits for Apple, but it certainly does not translate to cheaper products for Americans or jobs for Americans.