Apple CEO Tim Cook, Center, watches at the inauguration of President Donald Trump, right and Vice President JD Vance, left in the Rotunda of the U.S. Capitol in Washington on January 20, 2025.
Shawn Thew | AFP | Getty Images
apple Sliding more than 6% in late Wednesday trading and led to technology stocks President Donald Trump New tariffs of 10% to 49% were announced for imported goods.
Most of Apple’s revenue comes from equipment produced mainly in China and other Asian countries. NvidiaNew chips are produced in Taiwan and assembled their AI systems in Mexico and elsewhere, while electric vehicle companies are down about 4% Tesla It fell by 4.5%.
In the rest of the Megacap universe, letter,,,,, Amazon and Yuan All fell between 2.5% and 5%, and Microsoft It fell almost 2%.
If Apple’s aftermarket losses matched in regular trading on Thursday, that would be the biggest decline in stocks since September 2020.
Trump said Wednesday afternoon that the new tax on imported goods would be the country’s “declaration of economic independence.” Trump said he announced blanket tariffs on all import duties, blanket tariffs for specific countries (including 34% of China, 20% of European countries and 24% of Japan) based on their tariffs on exports to the United States.
“We will strengthen our domestic industrial base, we will pry open foreign markets and break foreign trade barriers,” Trump said in his speech. “Ultimately, more production will mean stronger competition and lower consumer prices.”
Stocks have been widely hit by Trump’s announcement. one Exchange-traded funds Tracking S&P 500 S&P 2.8% while ETF Follow the Nasdaq 100 Loss exceeds 3%.
In the speech, Trump praised Apple, Meta and Nvidia for spending money and invest In the United States.
“Apples will spend $500 billion, they never had money like this,” Trump said. “They will build plants here.”
Nasdaq just finished its worst quarter since 2022, down 10% in the first three months of the year, although the technology-heavy index rose in the first two days of the second quarter.
watch: President Trump signs enforcement order for reciprocity tariffs
