Apple lost more than $250 billion in market value Thursday, with shares down as much as 8.5% as a result of President Donald Trump’s tariff spree. 

The iPhone maker took one of the biggest hits on Wall Street, where tech stocks dropped as investors shifted money away from volatile assets. Tesla, Nvidia, and Meta were down 6%, and Amazon shares fell by 7.2%. 

Trump unveiled sweeping tariffs Wednesday afternoon of at least 10% across the board, and even higher for some countries – China’s total tariff rate soared to 54% – that will go into effect April 5. Wedbush Securities analysts said the tariffs are “worse than a worst case scenario” for tech investors. 

The White House insists the tariffs aren’t a negotiation tactic but a necessity to boost domestic manufacturing. The president called them a move to “liberate” the American economy.

Trump’s huge tariffs on imported goods to the U.S. affect all of Apple’s biggest suppliers and manufacturing hubs in Asia, from China to Taiwan, India to Vietnam, despite CEO Tim Cook’s efforts to court the administration. That means every model of iPhone, iPad, Mac, and accessory that Apple sells will be impacted. 

Cook will either choose to hike up the cost for consumers or have Apple take the losses, wiping out tens of billions in potential profits.