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Wall Street’s Magnificent Seven stocks plunged in after-hours trading Wednesday following President Donald Trump’s announcement of sweeping new U.S. trade tariffs. Apple (NASDAQ:AAPL) and Tesla (NASDAQ:TSLA) led the sell-off, with Apple dropping 6.7% and Tesla falling 6% by 8:19 PM ET.
Trump unveiled a 10% universal tariff on all U.S. imports and announced reciprocal tariffs targeting countries with large trade surpluses or high duties on U.S. goods. China, a key player in global manufacturing, was hit hardest—total U.S. tariffs on Chinese imports now reach 54%.
Tech giants were among the biggest losers. Amazon (NASDAQ:AMZN) dropped 5.5%, Nvidia (NASDAQ:NVDA) fell 4.4%, Meta (NASDAQ:META) slipped 4%, and Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) each lost 2.5%.
Apple faces significant exposure due to its reliance on China, Taiwan, Japan, and South Korea for production. The new tariffs could disrupt its supply chain and increase costs. Tesla’s global sales may be affected by retaliatory tariffs, and CEO Elon Musk recently acknowledged the potential impact of these measures on the company, which still imports critical components, mainly from China.
Stock index futures also declined sharply amid growing fears of global recession and inflation. Analysts warned the tariffs were more aggressive than expected and could trigger widespread disruption across global trade channels. The new costs will likely be passed on to U.S. consumers, raising inflationary pressures.
Trump did offer exemptions for sectors like pharmaceuticals, copper, gold, energy, lumber, and certain critical minerals. The tariffs are set to take effect in the coming week.
This development adds fresh volatility to markets and raises uncertainty for multinational companies deeply embedded in international supply chains.
