Apple (AAPPL) lost its title as the most precious public company in the world on Tuesday after the title has slipped the day before the steep prices on Chinese imports which were to take effect.
Apple’s shares fell 5% on Tuesday, pushing the market capitalization of the iPhone manufacturer at less than 2.6 billions of dollars, compared to 2.65 billions of dollars from the software manufacturer (MSFT).
Apple’s actions have lost more than a fifth of their value during the four sessions since President Trump announced that it would increase the rate of Chinese products by 34% from April 9. After China responded last week with its own 34% price on American products, Trump said it would increase prices on Chinese products by an additional 50%.
Apple, which brings together approximately 90% of its products in China, won exemptions during the American-Chinese trade war in the first Trump administration. It was unlucky this time.
The concerns concerning the dependence of the company with regard to China made its most efficient actions of the Magnifiment Seven last week. Tesla (TSLA), the second player in the group, has decreased by around 21.5% since the announcement of Trump’s price. Amazon (Amzn), NVIDIA (NVDA) and Meta Platforms (META) all decreased between 12% and 13% over the same period, while Alphabet (Goog) and Microsoft dropped by 7.7% and 7.2%, respectively.
Apple’s subsidence has suffered nearly $ 775 billion on the market value of the company. It is more than Tesla’s market capitalization and more than those of all American companies except seven (including Apple itself).
