Tech stocks declined in late trading on Apr. 2, after President Donald Trump announced new tariffs on imports, ranging from 10% to 49%.

Apple led the drop, falling over 6%, while Nvidia, Tesla, Alphabet, Amazon, and Meta saw losses between 2.5% and 5%.

Apple, heavily reliant on manufacturing in China and Asia, could face significant challenges from the new tariffs. Nvidia, which produces chips in Taiwan and assembles systems in Mexico, saw a 4% decrease, and Tesla’s stock fell 4.5%.

Trump’s announcement included a 10% tariff on all imports, with higher rates for specific countries: 34% on China, 20% on European nations, and 24% on imports from Japan.

The broader stock market also reflected the negative sentiment, with an ETF tracking the S&P 500 dropping 2.8% and the Nasdaq 100 ETF falling more than 3%.

The Nasdaq had its worst quarter since 2022, dropping 10% in the first three months of the year.