Apple shares were down as much as 9 percent for the week on Friday (May 10) in response to the U.S.’ escalating trade war with China. The fall represents the tech giant’s biggest weekly decline for 2019, with the company losing about $75 billion of its market value since Friday. Now, Apple has a market cap of a little less than $900 billion, putting it behind both Microsoft and Amazon.
Last week, it was revealed that the Trump administration was planning to impose trade tariffs on $200 billion in goods from China. Apple’s profits are believed to be vulnerable because of its reliance on China for production and sales, with the country generating almost 20 percent of its revenue last year.