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Apple (AAPL) stock is usually seen as a relatively defensive name among its “Magnificent 7” peers and tends to fall less than other Big Tech companies in a market crash. Notably, AAPL was the best-performing stock of the coveted group in 2022 when tech stocks crashed. While the stock closed in the red, the drawdown was less than that of other Magnificent 7 stocks, which fell sharply that year.
However, President Donald Trump’s reciprocal tariffs – which took effect today, April 9 – have disproportionately impacted Apple, as it gets most of its revenues from sales of gadgets whose imports are now subject to tariffs. The fact that China, where the bulk of its products are made, is slapped with a104% tariff, makes things only worse for Apple.
