President Trump has announced new tariffs affecting multiple nations, hitting tech companies hard as stock prices plummet. The tariffs are set at 10% baseline on all imports, with reciprocal tariffs as high as 46% for Vietnam and 34% for China on top of existing tariffs. Following the announcement, stock prices for major tech firms like Apple and NVIDIA took significant hits, raising fears of increased operational costs and disruptions to supply chains reliant on overseas manufacturing. Overall, the tech sector saw a drastic $1.8 trillion market value loss over two days.
As a result of the tariffs announcement, NVIDIA's stock had fallen by nearly 8%, while Amazon and Meta dropped by 9% each, showcasing the immediate adverse effects on tech giants.
The 'Magnificent Seven' lost a combined $1.8 trillion in market value over two days, reflecting the heightened fears of operational cost increases and disrupted supply chains due to tariffs.
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