Apple leads drop in tech stocks after Trump tariff announcement
Summary
Apple slid more than 6% in late trading on Wednesday and led a broader decline in tech stocks after President Donald Trump announced new tariffs of between 10% and 49% on imported goods. Nvidia , which manufactures new chips in Taiwan and assembles its artificial intelligence systems in Mexico and elsewhere, fell about 4%, while electric vehicle company Tesla dropped 4.5%. If Apples post-market loss is matched in regular trading on Thursday, it would be the steepest decline for the stock since September 2020. Trump on Wednesday afternoon said the new taxes on imported goods would be a "declaration of economic independence" for the country. During his speech, Trump praised Apple, Meta, and Nvidia for spending money and investing in the United States.
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