During trading on Thursday, Apple saw a significant drop of 0 billion in market value due to concerns that President Trump’s tariffs could severely impact supply chains, causing a sharp decline in the market.

The iPhone maker’s shares plunged by nearly 9% as Trump unveiled the heavier-than-expected levies on international trade partners.

That included a 54% tariff rate on goods imported from China, where Apple makes the vast majority of its hardware, as well as a 26% rate for India and 46% rate for Vietnam – two of its other key production hubs.

Apple is on track for its worst single-day losses since September 2020, according to CNBC. It remains the world’s most valuable company, with a valuation of more than $3 trillion.

The losses come despite CEO Tim Cook’s long-term effort to cultivate close ties with Trump, including attending his inauguration in January.

In February, Apple pledged $500 billion toward the US economy and said it would add 20,000 jobs as part of an effort to woo Trump.

Some officials have suggested that Apple could receive an exemption from the tariffs, but so far, Trump has not announced a decision.

Other “Magnificent 7” mega-cap companies also suffered in the market-wide rout. Amazon shares fell nearly 8%, erasing more than $163 billion in market value.

AI chip supplier Nvidia fell 5%, or the equivalent of about $140 billion from its valuation.

Mark Zuckerberg’s Meta plunged more than 7%, while Google parent Alphabet lost 3% and Microsoft lost 2%. Elon Musk’s Tesla continued its recent freefall with a 5% drop.

Trump and his allies say the reciprocal tariffs are necessary to rebalance unfair international trade agreements and encourage more companies to make their products in the US.

However, the tariffs announced this week were “worse than the worst case for tariffs” and “baffling for tech,” according to Wedbush analyst Dan Ives.

“Tech stocks will clearly be under major pressure on this announcement as the worries about demand destruction, supply chains, and especially the China/Taiwan piece of the tariffs,” Ives said in a note to clients.

“Apple produces basically all their iPhones in China and the question will be around exceptions/exemptions on this tariff policy,” he added.

The tech-heavy Nasdaq index plunged by more than 800 points or nearly 5% in early trading Thursday. The broad-based S&P 500 was down more than 200 points or nearly 4% and the Dow Jones Industrial Average fell 1,565 points or nearly 4%.