President Donald Trump imposed 20% tariffs on China after taking office in January. Under a sweeping new plan aimed at stimulating U.S. manufacturing announced Wednesday, he added another 34% in reciprocal tariffs, bringing the total to 54%.

The iPhone maker faced its biggest one-day drop in five years as investors panicked over Donald Trump's heavy tariffs on its supply chain hubs.

Analysts have cautioned that President Donald Trump’s sweeping tariffs on countries across the globe could significantly reshape the dynamics of international trade, particularly affecting consumer goods such as iPhones.