Trump's tariffs cause $2 trillion loss, Apple and Tesla drop, analyst warns of economic impact

From Yahoo Finance: 2025-04-07 10:17:00

The “Magnificent Seven” stocks plummeted, losing $2 trillion in value due to fears over Trump’s tariffs. Apple and Tesla shares dropped after Wall Street analyst Dan Ives warned of a “tariff economic armageddon.” Trump’s tariff stance led to Tesla shares falling 7% to $223, with the group losing $6 trillion overall. Apple, Alphabet, and Microsoft hit one-year lows, contributing to the S&P 500’s $5 trillion loss. Ives warned that tariffs could hurt Apple and Tesla, impacting supply chains and margins. He cut his Tesla target to $315 and Apple to $250, expressing concerns about price hikes and Chinese consumer preferences.



Read more at Yahoo Finance: Tariff storm ravages Magnificent Seven as Apple nears one-year low