Apple shares fell over 3% on Monday after President Donald Trump announced new 10% tariffs on Chinese imports, where the company assembles most of its products. The decline was the sharpest among tech megacaps aside from Tesla.

Tesla was particularly battered as it joined Apple (-3%) and Nvidia (-3%), as American multinational companies with the highest proportion of sales in China.

Tesla’s stock fell 5% on Monday, the biggest drop for any member of the so-called “Magnificent Seven,” while Apple shares dropped 3%.

President Donald Trump's decision to impose tariffs on goods from China and Canada has resonated widely in the market. According to CNBC, Tesla and Apple recorded drops in their 5% and 3% stock values,