It turns out the world’s largest company and richest man are vulnerable to tariff shocks just like everyone else. That became clear on Monday when President Donald Trump’s planned levies spooked markets, and caused shares of Apple and Elon Musk’s Tesla to be hit hardest among America’s tech giants.
While markets breathed a sigh of relief after Trump agreed to pause tariffs on the country’s North American allies, Tesla’s stock stayed flat even as other auto stocks rebounded more strongly. Though China hit back at the U.S. with counter tariffs Tuesday morning, Apple’s stock gained 2% by midday as investors considered how the iPhone maker can adjust production if trade tensions persist.
