The technology sector suffered particularly heavy losses due to the newly-imposed substantial reciprocal tariffs by US President Donald Trump with Magnificent Seven – Apple , Microsoft, Alphabet, Amazon, Tesla, Nvidia and Facebook parent Meta – hit the most, a report has said.
According to news agency Reuters, about $760 billion in market capitalisation was lost by these companies cumulatively within hours of the trading session's close, with Apple among the hardest-hit.
How tech companies’ stocks lose after Trump announced tariffs
Apple led a significant downturn among major technology companies, plunging nearly 6% in extended trading. Should Apple's after-hours losses carry through to Thursday's regular trading session, it would mark the company's most severe single-day decline since September 2020, CNBC said.
The iPhone maker, whose revenue predominantly relies on devices manufactured in China and several other Asian countries, faced the most substantial decline. Manufacturing hubs in China and Taiwan faced tariffs exceeding 30%, resulting in a staggering total tariff of 54% on imports from China.
Nvidia shares dropped approximately 4% amid concerns about its Taiwan-based chip manufacturing and Mexico-assembled AI systems. Tesla also suffered, with its stock falling 4.5% in after-hours activity. The selloff extended across other technology giants, with Alphabet, Amazon and Meta experiencing declines between 2.5% and 5%. Microsoft showed more resilience but still fell by almost 2%.
Trump says next taxes a “declaration of economic independence”
Trump said the new tariffs on imported goods will be a “declaration of economic independence” for the US. He announced a 10% blanket tariff on all imports, and higher duties for specific countries based on what tariffs they charge on US exports, Trump highlighted.
“We will supercharge our domestic industrial base, we will pry open foreign markets and break down foreign trade barriers. Ultimately, more production at home will mean stronger competition and lower prices for consumers,” Trump said.
According to news agency Reuters, about $760 billion in market capitalisation was lost by these companies cumulatively within hours of the trading session's close, with Apple among the hardest-hit.
How tech companies’ stocks lose after Trump announced tariffs
Apple led a significant downturn among major technology companies, plunging nearly 6% in extended trading. Should Apple's after-hours losses carry through to Thursday's regular trading session, it would mark the company's most severe single-day decline since September 2020, CNBC said.
The iPhone maker, whose revenue predominantly relies on devices manufactured in China and several other Asian countries, faced the most substantial decline. Manufacturing hubs in China and Taiwan faced tariffs exceeding 30%, resulting in a staggering total tariff of 54% on imports from China.
Nvidia shares dropped approximately 4% amid concerns about its Taiwan-based chip manufacturing and Mexico-assembled AI systems. Tesla also suffered, with its stock falling 4.5% in after-hours activity. The selloff extended across other technology giants, with Alphabet, Amazon and Meta experiencing declines between 2.5% and 5%. Microsoft showed more resilience but still fell by almost 2%.
Trump says next taxes a “declaration of economic independence”
Trump said the new tariffs on imported goods will be a “declaration of economic independence” for the US. He announced a 10% blanket tariff on all imports, and higher duties for specific countries based on what tariffs they charge on US exports, Trump highlighted.
“We will supercharge our domestic industrial base, we will pry open foreign markets and break down foreign trade barriers. Ultimately, more production at home will mean stronger competition and lower prices for consumers,” Trump said.
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