The escalating U.S.-China trade war has made Apple the biggest victim, causing its stock to plummet by about 20% over three days and erasing approximately $640 billion in market value.
On Monday, Apple’s stock tumbled 3.67% on the New York Stock Exchange, closing at $181.46. The previous day, Apple had already experienced a nearly 4% drop.
Consequently, Apple has seen a 20% decline over the past three trading days, wiping out around $640 billion in market capitalization.
This brings its current market value down to $2.762 trillion. At one point, Apple’s market cap had surpassed $3.8 trillion, sparking expectations that it would become the first company in history to exceed $4 trillion in market value.
However, Apple is currently struggling to weather the storm caused by the intensifying trade dispute.
While Apple is working to diversify its iPhone production, it still manufactures the majority of its devices in China, making it the U.S. company with the highest exposure to the Chinese market.
In this context, the escalating U.S.-China trade tensions have led to successive drops in Apple’s stock price.
On the same day, President Donald Trump announced on his social media that if China doesn’t rescind its 34% retaliatory tariffs, he would impose an additional 50% tariff, fueling concerns of further escalation in the trade conflict.