US President Donald Trump has announced a new series of tariffs targeting imports from a broad range of countries, with rates ranging from a base level of 10% to as high as 49% for certain nations. The announcement has now resulted in the financial market taking a hit, with Apple leading a sharp decline in major technology stocks. Other tech giants, including Nvidia, Tesla, Alphabet, Amazon, and Meta, also saw notable losses following the news.
There is now a blanket 10% tariff on all imports, with additional tariffs targeting countries that Trump claims have maintained unfair trade practices against the United States. China, one of the primary targets of the policy, will face a 34% tariff, while European Union nations will be subject to a 20% import duty. India would be tariffed at 26%, Japan will see a 24% tariff, and South Korea’s imports will face a 25% levy. Among the hardest-hit countries, Vietnam will be subject to a 46% tariff, while Cambodia and Laos will see rates as high as 49% and 48%, respectively.
During his speech, Trump framed the policy as a necessary step to protect domestic industries and strengthen the U.S. economy. “We will supercharge our domestic industrial base, we will pry open foreign markets and break down foreign trade barriers,” he stated. He characterized the move as a “declaration of economic independence,” arguing that it would lead to increased production within the US and ultimately lower prices for consumers.
The financial markets reacted sharply to the announcement, with major tech stocks bearing the brunt of the impact (which is expected, given that these tariffs will increase production costs for tech companies heavily reliant on global supply chains). Apple, which relies heavily on manufacturing in China and other Asian countries, saw its stock price decline by more than 6% in after-hours trading. If this loss carries over into regular trading, it would mark the company’s steepest decline since September 2020. Other major tech firms also suffered losses.
Nvidia, which produces semiconductors in Taiwan and assembles artificial intelligence systems in Mexico and elsewhere, saw its stock price fall by approximately 4%. Tesla, another company with global supply chains, dropped 4.5%, while Alphabet, Amazon, and Meta experienced declines ranging between 2.5% and 5%. Microsoft also slipped by nearly 2%. And to add to this, the broader market also felt the impact of the tariff announcement. An exchange-traded fund tracking the S&P 500 index fell 2.8%, while an ETF following the Nasdaq 100 dropped more than 3%. The Nasdaq, which had already endured its worst quarter since 2022, was particularly affected by the announcement of the tariffs.
Crypto markets also experienced turbulence following the announcement. Bitcoin, the largest digital asset, initially remained stable but later declined by as much as 4% to approximately $82,000. Other cryptocurrencies, including Ether and XRP, also saw losses, while Solana at one point fell more than 9% Meanwhile, gold, often considered a safe-haven asset and exempt from the new tariffs, saw its value surge to a record high of nearly $3,160 per ounce.
Content originally published on The Tech Media – Global technology news, latest gadget news and breaking tech news.
