Apple stock hit hard as China retaliates to President Trump’s new slate of U.S. import tariffs

On Friday, major U.S. tech companies, banks, and oil firms saw their losses deepen after Beijing responded with an additional 34% tariff on U.S. goods. This came in retaliation to President Trump’s announcement of broad U.S. import tariffs designed to enforce fair and reciprocal trade.
Reuters:
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Beijing’s tariffs are set to go into effect April 10. The country also announced controls on exports of medium and heavy rare-earths, and added 11 U.S. entities to the “unreliable entity” list.
Shares of Tesla and Apple – among companies with the biggest revenue exposure to China – both slumped more than 6%. Alphabet, Microsoft, and Meta also fell sharply.
Banks’ shares extended their declines following the countermeasures. The industry has been clouded by fears that a trade dispute could temper consumer confidence, reduce spending, weaken loan demand and pressure fees from advising on deals.

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MacDailyNews Take: AAPL is now sub-$200 in premarket trading (down $8.69, or -4.25%, to $194.50).