President Donald Trump’s recent announcement of new tariffs has triggered a wave of selling in the stock market, hitting the technology sector hard. The so-called “Liberation Day tariffs” include levies of up to 54 percent on Chinese imports, fueling fears of a global trade war and prompting investors to retreat from tech stocks.
Apple suffered a loss of more than $300 billion in market capitalization due to its significant dependence on manufacturing in China and Southeast Asia. Other leading technology companies, such as Amazon and Nvidia, also experienced significant declines.
The tech-heavy Nasdaq index fell 5.8 percent, entering bear market territory after losing more than 20 percent from its recent peak. This decline reflects investors’ growing concerns about the impact of tariffs on global supply chains and profit margins of technology companies.
Industry analysts warn that these tariffs could cause higher electronics prices for U.S. consumers and lower profits for technology companies, potentially pushing the economy toward stagflation or recession. The situation remains fluid, with global markets awaiting further developments in U.S.-China trade tensions.
The article Black Friday for the tech world comes from TheNewyorker.
