Apple faces its largest decline since 2020, leading the race of significant drops in technology stocks as President Donald Trump announced a 10% tariff on all imported goods and higher duties targeting specific countries,

Apple (AAPL) shares dropped by about 8 percent in early trading Thursday after new tariffs announced by the Trump administration targeted countries where the tech titan produces its products. The stock decline was part of a broader sell-off that saw the S&P 500 down more than 4 percent and the Nasdaq down nearly 6 percent.

U.S. President Donald Trump imposed a series of sweeping tariffs on countries around the world that could drastically alter the landscape of global trade, and consumer goods like iPhones could be among the hardest hit,