Apple stock dropped another 4% in early trading today, following yesterday’s trend after China announced tit-for-tat tariffs in response to U.S. President Trump’s trade policies.
The latest decline follows Thursday’s dramatic 9% plunge that erased nearly $300 billion from Apple’s market value – the company’s worst single-day performance in five years, notes MacRumors.
China announced it will impose reciprocal tariffs on US good after President Donald Trump unveiled huge customs taxes yesterday. The reciprocal tariff on US goods will be 34 per cent, the Ministry of Commerce said on Friday.
As of April 2, America has a 54% tariff on Chinese goods entering the US.
“The US practice is inconsistent with international trade rules, seriously damages China’s legitimate rights and interests, and is a typical unilateral bullying practice,” China’s Ministry of Commerce said.
