The stocks of leading technology companies such as Apple (AAPL), Nvidia (NVDA), and Amazon (AMZN) are each down 5% after U.S. President Donald Trump announced a 34% tariff on Chinese goods.

Chinese imports were among the hardest hit as President Trump announced that a baseline tariff of 10% would be imposed on imports from most countries around the world. The European Union was slapped with a 20% across the board tariff, while India had a 26% duty levied on its products sent to the U.S.

However, it was news of the 34% tariff on Chinese products that prompted an immediate reaction in technology stocks. Apple, which manufactures its iPhones and other consumer electronics in China, saw its stock fall 7% in after hours trading as Trump announced the new trade levies.

China, whose cheap labor and manufacturing capabilities have earned it a reputation as the “world’s factory floor,” is where many technology companies either manufacture electronics outright or source many of their needed components. As such, the tariffs announced on China have caused chaos and uncertainty for many tech companies.

Other technology companies with a presence in China whose share price is down 5% or more on Trump’s tariff announcement include Tesla (TSLA), Meta Platforms (META), and chipmaker Broadcom (AVGO). It’s not clear which, if any, technology companies might be given exemptions from Trump’s tariffs, most of which go into effect immediately.

The stock of Apple has a consensus Moderate Buy rating among 32 Wall Street analysts. That rating is based on 17 Buy, 11 Hold, and four Sell recommendations assigned in the last three months. The average AAPL price target of $249.88 implies 11.61% upside from current levels.

Read more analyst ratings on AAPL stock

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