A day after President Trump's announcement of flat tariffs was announced, the value of the world's major tech companies' shares plummeted immediately after the market opened. At the time of writing, the decline in shares reached $2.5 trillion (~RM 11 trillion) with the impact being felt by other countries as well.
Apple shares, the company with the world's highest market value, fell almost 10%, with Amazon and Meta down almost 9%. TSMC and NVIDIA also fell almost 8%. Broadcom was hit the hardest with a 10.51% drop. Only Microsoft and Google managed to avoid extreme declines because they were not too affected by the increase in the cost of importing hardware. This was helped by reports that Microsoft had already canceled the construction of its data center in the United States.
Trump's tariffs were announced yesterday in retaliation for the "unfairness" of other countries that trade with the United States. But the data shared by the White House is inaccurate with Malaysia accused of imposing a 47% tariff on America.
What actually happened is that Malaysia exports more than it imports American products. This, in Trump's view, is unfair because he believes all world trade should be in a 1:1 ratio.