Apple faces its largest decline since 2020, leading the race of significant drops in technology stocks as President Donald Trump announced a 10% tariff on all imported goods and higher duties targeting specific countries,

Apple extends losses after shares of the iPhone maker lost $313.5 billion in market cap on Thursday after President Donald Trump announced tariffs on U.S. trading partners, while Tesla and Nvidia tumble after China says it will impose a 34% retaliatory tariff on all imported goods from the U.

The company counts on the sale of devices for three-quarters of its nearly $400 billion in annual revenue, and it makes almost all of its iPhones, iPads and Macs overseas.

Apple has warned that tariffs could hurt its business, prompt it to increase prices and potentially force it to stop offering certain products altogether.

Despite gaining some market share in the US, where iPhone sell-through was down roughly 1%, the overall decline in the US smartphone market by about 5% YoY overshadowed this minor victory. Vogt noted that promotional activities were relatively mild, which may have contributed to the lackluster performance.

The “Magnificent Seven” group of megacap stocks is headed for a record one-day loss of market capitalization as tariff fears slam the tech sector.

London shares fell on Thursday as investors worldwide abandoned risky assets following U.S. President Donald Trump's announcement of aggressive reciprocal tariffs, stoking widespread fears of a global recession.

Trump announced sweeping tariffs Thursday, which caused markets to plummet, but the president believes they'll help the country going forward.