Apple Inc. slid as much as 5.6% in late trading after President Donald Trump announced tariffs that target its overseas production hubs, potentially making the iPhone maker more vulnerable to the levies than anticipated.
The tariffs, announced during a White House event, would reach 34% for China, the administration said Wednesday. Vietnam and India — two other manufacturing centers for Apple — would be 46% and 26%, respectively.
LIBERATION DAY RECIPROCAL TARIFFS 🇺🇸 pic.twitter.com/ODckbUWKvO
The announcement jolted investors, who have grown increasingly concerned that tariffs will hurt Apple's bottom line. Though the company has begun to diversify its production away from China, the wide-ranging tariffs are poised to affect the very places it has shifted toward.
The shares fell as low as $211.32 in extended trading after closing at $223.89 on Wednesday. The stock was down 11% this year through the close.
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