Apple Suffers Major Loss After Tariffs
The stock market in the United States has been hard pressed to find a win over the last week following tariffs introduced against other nations.
The tariffs, which hit major trade partners and allies, sent the stock market into a nosedive and few companies have been hit by the tariffs and concerns of consumers like Apple. As of Tuesday afternoon, Apple took a 23% plunge over the last four trading days which left it in an unfortunate spot.
According to CNBC, Apple's massive downturn saw it passed as the most valuable public company. As of Tuesday’s close, Microsoft was worth $2.64 trillion, while Apple’s market cap stands at $2.59 trillion.
While Apple is getting crushed by the tariffs, it's being hardest hit in its reliance on China to make its products. According to CNBC, UBS analysts on Monday predicted that the price of the iPhone 16 Pro Max could jump as much as $350 in the U.S.
Before a recent sell-off, both Apple and Microsoft along with tech chipmaker Nvidia were all valued over $3 billion, but have seen significant losses over the past week.
In a response to White House Press Secretary Karoline Leavitt about the technology giant bringing its iPhone manufacturing to America, Needham analyst Laura Martin claimed, “I don’t think that’s a thing."
She suggested Apple’s costs would skyrocket if it began building its major products in the United States, with one warning from Wedbush analyst Dan Ives who believes the iPhone would cost $3,500 if produced in the country.
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