On Tuesday November 27, Apple's stock dropped 1.9% in response to President Donald Trump's proposed new iPhone tariffs.
In an interview with the Wall Street Journal that was posted the night before on November 26, Trump commented that tariffs could potentially be placed on Chinese-made mobile phones, such as the iPhone, and laptops. "I mean, I can make it 10%, and people could stand that very easily," the President reported.
This move would be the latest in the ongoing US-China trade war which has been escalating in the last half of the year. In September, Trump levied $200bn worth of tariffs on imports from China but chose to spare Apple products. However, Trump's comments suggest he may have had a change of heart in his decision to exclude the iPhone maker.
The latest drop in value has come as a blow to the already-down company as Apple has already lost the trillion-dollar value it received in August this year and on November 26 briefly gave up its title as the world's most valuable company to Microsoft.
Apple's sliding value adds to an already-volatile stock market which has turned on tech giants over the last couple of months. At the end of October, after it became the second company to join the trillion-dollar club, Amazon lost $250bn in eight weeks, while Spotify hit its lowest share price.