Apple shares fell more than 6% at the close of trading on Wednesday, April 2, leading a broader decline in the technology sector after US President Donald Trump announced new tariffs on imported goods. 

According to CNBC, a significant portion of Apple's revenue comes from devices manufactured primarily in China and a number of other Asian countries.

  • Shares of Nvidia, which makes new chips in Taiwan and assembles its artificial intelligence systems in Mexico and other countries, fell about 4%, and Tesla lost 4.5%.
  • Among other major tech companies, Alphabet, Amazon and Meta fell 2.5% to 5%, and Microsoft lost nearly 2%.
  • If Apple's stock falls again in trading on Thursday, April 3, it will be the biggest drop since September 2020.

New US tariffs on imported goods

Trump announced the new tariffs on Wednesday afternoon, calling them a "Liberation Day in America." He imposed a 10 percent tariff on imports from the majority of countries, with higher rates for certain countries: 34 percent for China, 20 percent for European countries, and 24 percent for Japan. Trump explained that these tariffs were based on the tariffs these countries apply to American exports.

During his speech, Trump also praised Apple, Meta, and  Nvidia for spending money and investing in the United States.

Stock markets reacted to Trump's comments by plummeting. The exchange-traded fund tracking the S&P 500 index lost 2.8%, and the fund tracking the Nasdaq 100 fell more than 3%.

The Nasdaq is coming off its worst quarter since 2022, losing 10% in the first three months of the year, although the tech index showed growth in the first two days of the second quarter.