Apple market worth dropped by almost $250 billion on Thursday, with shares falling as high as 8.5% due to President Donald Trump’s trade war. As investors moved their money out of risky assets, tech stocks fell, giving the iPhone manufacturer one of the worst blows on Wall Street. Amazon’s stock dropped 7.2%, while Tesla, Nvidia, and Meta all saw 6% declines.

Trump announced broad tariffs Wednesday afternoon that will take effect on April 5 and are at least 10% higher overall and even more for certain nations (China’s total tariff rate increased to 54%). According to analysts at Wedbush Securities, the tariffs are “worse than a worst-case scenario ” for technology shareholders.

The White House maintains that the tariffs are required to support domestic industry and are not a negotiating ploy. The president described them as an attempt to “liberate” the American economy. Despite CEO Tim Cook’s attempts to appease the administration, Trump’s massive tariffs on goods that are imported to the U.S. impact all of Apple’s largest Asian suppliers and production centers, from China to Taiwan, India to Vietnam. This implies that all of Apple’s iPhone, iPad, Mac, and accessory models will be affected.

Tim Cook has the option of raising prices for customers or letting Apple bear the losses, which would eliminate tens of billions of dollars in potential earnings.