Apple shares slip 5.6% as Trump tariffs threaten to hit production hubs

Apple Inc slid as much as 5.6% in late trading after President Donald Trump announced tariffs that target its overseas production hubs, potentially making the iPhone maker more vulnerable to the levies than anticipated.

The tariffs, announced during a White House event, would reach 34% for China, the administration said Wednesday. Vietnam and India — two other manufacturing centres for Apple — would be 46% and 26%, respectively.

The announcement jolted investors, who have grown increasingly concerned that tariffs will hurt Apple’s bottom line. Though the company has begun to diversify its production away from China, the wide-ranging tariffs are poised to affect the very places it has shifted toward.

The shares fell as low as $211.32 in extended trading after closing at $223.89 on Wednesday. The stock was down 11% this year through the close.

Catch all updates from Trump's announcement here