Trump’s tariff war wipes $2 trillion from U.S. tech giants’ stocks in one day 

The so-called “Magnificent Seven” tech stocks include Apple, Tesla, Microsoft, Alphabet (Google), Amazon, Meta, and Nvidia.

This dramatic decline extends the tech sector′s painful slump, with these market leaders having now shed $6 trillion since their late 2024 peaks.

Tesla shares led the downward charge with a 7% plunge to $223. Apple, Alphabet, and Microsoft were trading around one-year lows, with the iPhone maker falling 4.8%, while other “Mag 7” members fell between 1.5% and 4.8%.

The group has accounted for a large chunk of the more than $5 trillion the S&P 500 index has lost in value over the past two trading sessions.

Meanwhile, President Donald Trump is not backing down on his plan to implement sweeping additional tariffs on dozens of countries despite outreach from trading partners eager to avoid the levies, while still signaling he could be open to some negotiations.

“We’re not looking at that,” Trump said on Monday while meeting with Israeli Prime Minister Benjamin Netanyahu in the Oval Office.

Trump said tariffs were “very important” to his economic agenda — and would generally remain — while opening the door to “fair deals and good deals with every country.”  

“There can be permanent tariffs, and there can also be negotiations because there are things that we need beyond tariffs,” he added.

“All talks with China concerning their requested meetings with us will be terminated!” he wrote on social media.

Meanwhile, the European Commission has proposed counter-tariffs of 25% on a range of U.S. goods, including soybeans, nuts, and sausages, though other potential items like bourbon whiskey were left off the list.